Teachers Insurance and Annuity Association of America (TIAA) has filed a lawsuit against a former wealth management advisor, alleging he breached a non-solicitation agreement by contacting clients after his departure. The case, filed in the U.S. District Court for the Middle District of Florida, underscores the high stakes involved when advisors move to competitors and the legal protections firms enforce to safeguard client relationships.
Jesse Dusablon, who resigned from TIAA in March 2026, joined MBM Wealth Consultants, a smaller rival firm. According to the complaint, Dusablon had signed a Confidentiality and Non-Solicitation Agreement on November 2, 2017, which prohibited him from interfering with TIAA's client relationships for 12 months after leaving and from using the firm's confidential information. TIAA claims Dusablon managed a book of business representing over $400 million in client assets.
The timeline of events, as detailed in the filing, shows a rapid sequence of alleged violations. Dusablon gave notice on March 2, 2026, and his last day was April 1. Within a week, TIAA asserts, he contacted a client. The firm sent a reminder letter on April 8, to which Dusablon responded on April 9, stating he could not recall speaking to any specific client and that clients had found him through general marketing. He explicitly wrote, "I am not soliciting any clients."
However, TIAA alleges that this assurance was contradicted by subsequent client reports. On April 16, a second client informed TIAA that Dusablon had reached out. On April 22, a third client emailed TIAA, expressing surprise at receiving a call from Dusablon. In that email, the client noted that Dusablon cited reasons for leaving TIAA, mentioned that another advisor from the Ames, Iowa office had departed the same week, and that someone else in wealth management had been let go. The client added that Dusablon "offered his services with a new, smaller company" and that other departing advisors had honored non-compete clauses.
TIAA has filed three claims against Dusablon: breach of contract, breach of the duty of loyalty, and unfair competition. The firm is seeking an injunction, compensatory and punitive damages, liquidated damages, and attorneys' fees. The agreement is governed by New York law, which allows TIAA to pursue emergency relief and expedited discovery upon suspicion of a breach.
This case serves as a cautionary tale for advisors considering a move. It highlights how quickly former employers can act to protect client books and how written denials of solicitation can become central evidence in litigation. The allegations have not been tested in court, and Dusablon has not yet filed a response. No judge has ruled on the claims.
For context, the wealth management industry has seen several high-profile advisor moves recently. For instance, LPL Financial Recruits UBS Veteran with $250M; &Partners Adds Three Teams Totaling $1.6B, and Modern Wealth, Arax, Waverly Execute Three East Coast Acquisitions Totaling $1.35B. These moves often involve complex legal agreements and potential disputes over client solicitation.
Advisors should be aware that non-solicitation agreements are strictly enforced, and even a single client contact can trigger legal action. The TIAA case demonstrates that firms are willing to pursue litigation to protect their client relationships and confidential information.
