Now that the future of Morgan Keegan as a firm has been decided, new owner Raymond James needs to boost morale among the 1,000 advisors it just bought.
CEO Paul Reilly is geared up to offer up to $215 million in retention bonuses -- maybe $200,000 per advisor -- to keep them.
Naturally, they really want the top producers to stay, so the bonus pool will probably not be allocated evenly.
Some advisors looking for a change may be out the door no matter how much their new corporate overlord offers. And some less-than-stellar advisors in the Morgan Keegan stable may be afraid to leave on any basis other than "feet first."
The advisors are being folded into Raymond James & Associates, so all will have to move their clients to the new relationship in any event.