So long, Morgan Keegan

Raymond James retires brand ahead of schedule

Feb 26, 2013 @ 4:16 pm

By Andrew Osterland

Raymond James, Morgan Keegan
+ Zoom

Raymond James Financial Inc. has completed the integration of Morgan Keegan advisers and their clients to the company's technology platform ten months after closing on the acquisition of the brokerage. It simultaneously announced the retirement of the Morgan Keegan & Co. Inc. brand a year ahead of expectations.

“Morgan Keegan [employees] were rightfully proud of their heritage and brand, but they have approached the opportunity to be Raymond James —one firm, with excitement,” said Tash Elwyn, president of the private- client group at Raymond James & Associates.

In contrast to troublesome tech integrations seen in large brokerage mergers — notably Morgan Stanley's acquisition of Smith Barney — the conversion of roughly 900 Morgan Keegan advisers to the Raymond James platform appears to have gone smoothly.

“Having been through a number of large and complex integrations, I can honestly say this was a far superior experience,” Bella Allaire, executive vice president for technology and operations at Raymond James, said in a statement.

The brokerage's management said the company had retained about 95% of the revenue associated with Morgan Keegan advisers who were offered retention packages after the acquisition. Raymond James acquired Morgan Keegan from Regions Financial Corp. last year. More than a dozen senior executives at Morgan Keegan, including former chief executive John Carson, also joined the company.

Mr. Elwyn credits a technology staff of 100 specialists for the training and smooth transition of Morgan Keegan advisers. Along the way, the company managed to incorporate some parts of Morgan Keegan's systems, add new capabilities and implement enhancements to both adviser and investor access to the system, he said.

“We had a phenomenal year converting Morgan Keegan advisers to a new platform and deploying new technology for existing advisers,” Mr. Elwyn said.

With the transfer to the Raymond James platform, legacy Morgan Keegan advisers have dropped the name of their old firm. Raymond James initially expected to keep the Morgan Keegan name on the fixed-income side of its business for another year. The brokerage brought a substantial municipal bond underwriting and trading business to Raymond James. According to the company, however, Morgan Keegan executives asked for the brand to be retired sooner.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Carson Group's Schaben: Making sense of millennials

Lazy, entitled, the trophy generation: These are stereotypes most often associated with millennials. But why are these myths and not realities. Carson Group's Aaron Schaben explains.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

How does your advisory firm stack up?

Comparing a firm's pay to the competition can point out vast flaws.

10 signs your client is cheating on you

Sure signs that clients may be on the way out the door.

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

Flows to advisory accounts, while still higher than the start of 2016, dropped off more than 20% from Q2 and were the lowest in a year.

How adviser salaries stack up to other jobs

Median compensation hovers just under $100,000 on the low end and reaches nearly $300,000 for bosses.

Finra ranking brokers in effort to crack down on industry's bad apples

All 634.403 reps have been ranked based on factors such as prior regulatory disclosures, disciplinary actions and employment history.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print