Wells Fargo Advisors has implemented a garden leave policy for branch and complex managers, as well as other employees holding specific corporate titles, according to AdvisorHub. The policy requires covered employees—whether departing voluntarily or involuntarily—to wait 30 to 90 days before starting a new employment position. Producing managers who also service client accounts are exempt from the requirement.

The new notice periods, ranging from 30 to 90 days, will also apply to certain roles outside of the Private Client Group.

A Wells Fargo spokesperson confirmed the move to AdvisorHub, stating that the policy "applies to certain Wells Fargo employees with specific corporate titles" and is intended "to better manage business continuity and facilitate an orderly transition when employees resign or retire, consistent with others in the financial services industry."

AdvisorHub reports that competitors such as Merrill Lynch and UBS have long included similar provisions in employment agreements for middle managers.

The change follows Wells Fargo's recent inclusion of non-solicitation terms in $2,000 company-wide bonuses, though departing advisors still will have the protections of the Protocol for Broker Recruiting.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.