It looks like not everything is smooth sailing at Morgan Keegan these days, as the brokerage house becomes part of Raymond James. RegisteredRep.com reports that despite the retention offers Raymond James has put on the table to keep Morgan Keegan’s financial advisors in the fold, seven advisors have left since December, according to FINRA records. That’s not all – Morgan Keegan lost around 190 advisors in the six months before, the publication notes, after Regions Financial Corp put the brokerage up for sale. All told, Morgan Keegan has lost 15% of their advisors since they first went up for sale. In some of the recent defections, the people leaving were already planning on going elsewhere before Raymond James agreed to buy the company. This includes folks like Terrence Puricelli, who moved on to Wells Fargo Advisors, and Charles Allain III, who departed for LPL Financial. Other advisors left in January, with one going to Wells Fargo, two going to JP Morgan Securities, one departing for Wunderlich Securities, and another moving on to Ameritas Investment Corp. Ron Edde, a senior executive recruiter for Armstrong Financial Group, claimed that those who left in January were what RegisteredRep.com characterizes as “average or below-average producers.” He also said that the retention offers Raymond James put on the table would vest at the end of March, and were only for big producers. Edde also said that those financial advisors who brought in $200,000 or less did not have much of a future elsewhere. “A prostitute will have a better chance of getting a job at the Vatican,” Edde argued.
Written by Lisa Swan