Non-compete reform could boost adviser recruitment

Financial advice CEOs and M&A specialists say the prime minister’s proposed curb on non-compete clauses could make it easier for advisers to move between firms, boosting recruitment. The proposal could remove a barrier that discourages professionals from leaving their current employer, although the scope of the reform has yet to be confirmed.

See Citywire: Advisers say Burnham’s non-compete ban would boost recruitment, Oct 22, 2026.

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Welcome news. But there is another recruitment opportunity the profession should recognise.

Moving between financial intermediaries is not the only career path available to a financial planner. There is also a different proposition: helping people understand their whole financial lives, explore choices and operate their own plans, without selling or arranging financial products.

For someone unhappy in their current role, that distinction matters today. A genuinely different, non-competing service may already fall outside their non-compete clause, depending on the contract and the work involved. Get the wording checked rather than assume the door is closed.

The chilling effect matters too. A clause does not have to be enforceable to discourage someone from leaving.

Reform would be welcome. So would greater recognition that financial planning skills have a future beyond financial intermediation.

Agency matters for planners as well as their clients.