After buying Morgan Keegan’s brokerage house, Raymond James expects that most of the 1,000 financial advisors will stay with the company when the two firms merge their business, AdvisorOne reports. This, even though some have grumbled that the retention package Raymond James is offering the Morgan Keegan advisors is not quite enticing enough.

Tash Elwyn of Raymond James, told AdvisorOne that “within 30 days of the timing of the announcement of the acquisition” on January 12,” we can say that we will have hosted visits with close to 50% of the Morgan Keegan advisors at our home office in an effort to immediately acquaint them with the fit and match of our two firms.” Elwyn said that while “many firms do a dog-and-pony show in some major cities and share a steak dinner,” Raymond James’ ”effort is about the compatibility of the combined culture and the story we can share.”

Yet some recruiters say that Raymond James ‘offers of seven-year deals, offering 40% to70% of production to the advisors who bring in $300,000 or more in commissions or fees may not be enough. Rick Peterson, a Houston-based recruiter, told AdvisorOne that “Raymond James will have to make an extremely compelling case,” given that “the retention deal is not even close to what the full-service competition is offering.”

Some say the company has done just that, given that they offer better technology and marketing services than Morgan Keegan advisors used to have.  In addition, Elwyn says, “Although I’m sure the Morgan Keegan advisors have been making a Plan B, C and D over the past six months and have had plenty of opportunity to execute such plans, I’m confident that these advisors will continue to be just as loyal.”

Written by Lisa Swan