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: FinancialCounselMorgan Keegan and Raymond James: Comparing the Retention Bonus Math to Transition Bonus Math Is Just the Beginning of the Analysis
By James Eccleston
Top producing transitioning advisers should expect to receive two and one-half to three and one-half times their trailing 12 month production, while top producing reps at Morgan Keegan reportedly are expected to be paid a mere 65% to 70% of their trailing 12. This disparity prompted Investment News this week, and several pundits, to begin speculating as to how many top producing reps will leave Morgan Keegan for greener pastures. Investment News went so far as to run a lead story on the matter, ?RJ Buy May Be Tough Sell to Keegan Reps.? No doubt, Investment News and the pundits may be right. Indeed, Raymond James has built in clawback provisions in the deal to remedy any rep departures.
But there is much more to the analysis than just the mathematical, bonus percentage comparison. Beyond comparing the math, one needs to compare the terms of the promissory notes, the new firm?s employment agreement restrictions on solicitation, competition, confidentiality, and, of course, termination and TROs (court injunctions). That?s the starting point, for an analysis that we frequently are retained to conduct on behalf of reps contemplating a move. A move may make sense, but only after careful attorney analysis, as well as negotiation with the new firm (well in advance of the move date) to improve upon the always-one-sided contract provisions that firms try to have unsuspecting reps sign.
Full post as published by FinancialCounsel on January 20, 2012 (boomark / email).
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Seeking cash to repay $3.5 billion in government bailout money it received, Regions Financial plans to sell its brokerage firm Morgan Keegan to Raymond James Financial.
Shell and BP "Retention Bonuses"
Shell and BP roiled their investors by announcing plans to pay huge, one-time ("one-off") "retention bonuses" to senior executives. They make no sense. A "one-off" retention bonus, once made, will not retain anybody once the bonus is paid...
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Attorneys representing Morgan Keegan customers in arbitrations claim that the firm did not turn over in discovery relevant internal documents in which Morgan Keegan employees questioned the level of risk in bond funds that lost most of their value in...
SEC Accuses Morgan Keegan Of Fraud
Memphis broker Morgan Keegan & Co. faces fraud charges by the Securities and Exchange Commission (SEC). The SEC announced the charges on April 7, accusing Morgan Keegan and two employees of defrauding investors by deliberately inflating the value of risky mortgage securities that cost investors more than $2 billion...
Indiana Children's Fund Hurt by Morgan Keegan Fraud
Indianapolis, IN: Long before the markets began crashing in the wake of the global credit crisis, investors were weathering their own Morgan Keegan stock crisis. Hundreds of investors who had purchased Morgan Keegan investment funds are alleging Morgan Keegan fraud, after investing in funds that were heavily promoted as safe and conservative, but were anything but.
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