Hundreds of the more than 1,200 brokers in Morgan Keegan’s private client group have lined up job leads, according to a Tuesday Reuters story citing multiple executive recruiters.
Reuters cited one New Jersey-based recruiter who said all of the 100 or so advisers she’s talked to have job opportunities lined up.
Recruiter Ron Edde told me “the vast majority of the (Morgan Keegan) advisors I’m working with (in excess of a dozen at the moment) are leaving because they are tiring of reading the stories about the uncertainty surrounding the company and their own situation as a result of that uncertainty. Also, a number of them tell me that their customers are getting squeamish and want the situation stabilized.
“Can’t say I blame the clients, or the advisors, for feeling that way. In the firm’s defense, it’s not Morgan Keegan’s fault that Regions announced publicly that the firm was being put up on the block.”
He said he’d “bet the farm” that several of his clients will move within the next 30 days.