Morgan Keegan Losing Advisors With No Firm Buyer In Sight

Monday, December 19, 2011 09:11
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Morgan Keegan Losing Advisors With No Firm Buyer In Sight

Tags: breakaway brokers | recruiting

Another $1 million team has jumped from Morgan Keegan as the long wait to find out who -- if anyone -- will step up to buy the firm drags on.

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In just the last few weeks, eight of the independent broker-dealer's roughly 1,200 registrants have reportedly jumped.

 

Most have gone to regional rivals or back to wirehouse environments.

 

While the recent losses are not exactly crippling, they do continue what must -- for parent company Regions Financial -- be a disturbing pattern of defections stretching back months.

 

Regions had private equity buyers lined up to take over Morgan Keegan, but they backed out in early November when the MF Global debacle dried up financing throughout the industry.

 

Now that the only publicly known serious bidder left at the table is Stifel Nicolaus, Morgan Keegan's reps aren't happy.

 

The long-term future of their firm is up in the air and the most likely scenario is that they get absorbed into a much larger competing network. No wonder they're leaving...or at least watching the exits.

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