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With the CHOICE Act poised to strengthen non-competes in Florida, advisors may face a shrinking window of opportunity.
Florida is about to become ground zero in the national tug-of-war over non-compete agreements. On July 1, 2025, the state’s new CHOICE Act takes effect — granting firms broader power to restrict where and when high-earning professionals, including financial advisors, can work after they leave.
While the Federal Trade Commission aimed to ban non-competes altogether, its rule was blocked in federal court. Florida, meanwhile, is heading in the opposite direction — offering employers expanded legal muscle to enforce restrictive covenants.
For advisors thinking about a transition, the question is no longer if this will impact you. It’s when — and how much.
A Law That Tips the Scales
The CHOICE Act introduces several advisor-unfriendly provisions:
- Up to four years of enforceable non-compete restrictions for high earners (over twice the county wage average — typically $140,000+).
- Mandatory preliminary injunctions — meaning advisors could be sidelined before a judge even rules.
- Presumption of enforceability — it’s now up to you to prove the non-compete is unreasonable.
- Geographic expansion — firms can apply these restrictions more broadly, potentially locking advisors out of whole markets.
It’s the kind of law that can stop a career change cold — especially for advisors thinking of joining a new firm, going independent, or taking clients with them.
A Fork in the Road
What makes this moment unique is the timing. Advisors have until July 1 to leave under the current legal framework. After that, they’ll be fighting uphill battles in courtrooms shaped by the CHOICE Act’s employer-first language.
This could have a chilling effect on advisor mobility — or, more likely, it could accelerate it. If you’re already weighing your options, this might be the last best moment to move without risking the legal quicksand the CHOICE Act promises.
Think National, Act Local
The broader trend has been toward greater freedom for advisors. States like California and Washington ban non-competes outright. The FTC’s now-stalled effort reflects growing national recognition that restricting movement hurts innovation, competition, and clients.
Florida’s move is an outlier — and advisors should take note. If your ability to serve clients and grow your practice matters, so does jurisdiction. Waiting could mean more legal risk, less leverage, and fewer options.
Don’t Let the Law Choose for You
Transitions are always about timing. But with the CHOICE Act taking effect in just weeks, the window for a clean break is narrowing fast.
At 3xEquity, we help advisors confidentially explore their transition options, compare offers, and move on your terms — not your firm’s. If you’ve been waiting for a sign, this could be it.
If you are a Florida advisor who has been considering a move, you might want to expedite your timeline — significantly. Although most transitions take months, we’ve worked with advisors to move them in just a few weeks.
Get started now by securing multiple offers, all while you remain 100% anonymous.
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