Teachers Insurance and Annuity Association of America (TIAA) has filed a lawsuit against former wealth management advisor Jesse Dusablon, alleging he violated a non-solicitation agreement by actively soliciting clients from his former book of business valued at over $400 million. The case, filed in the U.S. District Court for the Middle District of Florida (Case No. 3:26-cv-01101), underscores the high stakes involved when advisors move to competing firms.
Dusablon joined TIAA in November 2017 and signed a Confidentiality and Non-Solicitation Agreement on November 2, 2017, which prohibited him from interfering with TIAA client relationships for 12 months after his departure and from misusing confidential information. He resigned on March 2, 2026, with his last day on April 1, 2026. Within a week, TIAA alleges, Dusablon contacted a client. The firm sent a reminder letter on April 8, 2026, outlining his obligations.
In his April 9, 2026 response, Dusablon stated he could not recall speaking to any specific client and claimed that clients had found him through general marketing efforts. He asserted, "I am not soliciting any clients." However, TIAA contends that this assurance was contradicted by subsequent events. On April 16, 2026, a second client reported that Dusablon had reached out. On April 22, 2026, a third client emailed TIAA, expressing surprise at receiving a call from Dusablon, who cited reasons for leaving TIAA, mentioned that another advisor from the Ames, Iowa office had departed the same week, and noted that someone else in wealth management had been let go. The client wrote that Dusablon "offered his services with a new, smaller company" and contrasted his behavior with other former advisors who had honored non-compete clauses.
TIAA has filed three claims: 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 and 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, highlighting how quickly former employers can act to protect client relationships. The written denial of solicitation by Dusablon has become a central piece of evidence in the lawsuit. For context, similar disputes have arisen in the industry, such as when LPL Financial Recruits UBS Veteran with $250M; &Partners Adds Three Teams Totaling $1.6B, illustrating the competitive dynamics in advisor recruitment.
The lawsuit also reflects broader trends in wealth management, where non-solicitation agreements are rigorously enforced. In another recent development, Modern Wealth, Arax, Waverly Execute Three East Coast Acquisitions Totaling $1.35B, showing how firms are consolidating and protecting their client bases. Additionally, Affinity Groups Drive Retention, Revenue at RIAs: Three Case Studies highlights strategies firms use to retain advisors and clients.
For financial advisors, the TIAA case is a stark reminder that even a verbal or written denial of solicitation can be used against them in court. The industry's reliance on non-solicitation agreements means that advisors must carefully navigate their obligations when transitioning to new firms. The outcome of this lawsuit could set a precedent for how such agreements are enforced in the future.
