Darin Manis
Morgan Keegan advisors compare Raymond James to other recruiting optionsPosted by RJ and Makay on Jan 17, 2012 |
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Raymond James Financial Inc. announced yesterday that it would acquire Morgan Keegan brokerage from Regions Financial Corp. for $930 million. As part of the deal, Morgan Keegan will pay a $250 million divided to Regions, bringing the total transaction to $1.8 billion. The acquisition will create one of the largest wealth management and investment banking firms away from Wall Street.
A TD Ameritrade survey of 502 Registered Investment Advisors (RIAs) has found that only 40% of respondents said that they have a finished succession plan in place. A 2010 survey last year showed a similar percentage. This year, 22% said that they are developing a plan, up from 4% last year. 50% of survey recipients said they would like to retire within 15 years.
Morgan Stanley Smith Barney (MSSB) announced yesterday that it has recruited one of Merrill Lynch’s largest broker teams in New York City, a group that generated more than $14 million in annual revenue and oversaw more than $1 billion in client assets in the past year. Harvey Kadden, a 30-year Merrill Lynch veteran, is joining MSSB along with Mihir Patel, Randy Knopp, Tim Baker and Chris Barber.
