Attrition from Morgan Keegan has been negligible as advisors wait for news that the firm has found a buyer, but recruiters warn that those looking for a big retention bonus may be disappointed.
Morgan Keegan has been on the market since June, when it finally paid $210 million to settle claims its subprime mortgage securities practices were "arbitrary" at best.
As it stands, some are staying in order to see whether they'll get a massive retention bonus.
What could that look like? Securities America reps only got 15% of their annual production for staying when their firm finally sold to Ladenburg Thalmann a few months ago.
Given the length of time we are looking at here, Morgan Keegan may be in a similar boat. It's a buyer's market out there and motivated sellers don't have much leverage.