Raymond James (RJF) has met with more than 550 Morgan Keegan advisors and employees as part of its efforts to retain them, the St. Petersburg, Fla.-based firm said late Friday. In addition, the company said Tuesday it has raised nearly $360 million for the Morgan Keegan deal through its recent public offering.
“After answering many of their questions, I truly believe the Morgan Keegan professionals have been reassured of Raymond James commitment to client service and to an advisor-focused culture,” said Chet Helck (left), CEO of Raymond James’ private-client group, in a statement.
“The introduction of our ‘families’ has been most productive and well received,” Helck added. “I am very impressed with their engagement and enthusiasm, and look forward to a smooth and successful integration of our two firms.”
The $930 million Morgan Keegan acquisition, which was announced in January, is expected to close in April.
“These meetings have been very productive and have helped demonstrate to our advisors just how similar in terms of culture and values Raymond James is to Morgan Keegan,” said Bill Geary, co-head of PCG for Morgan Keegan, in a press release. “We’re confident that this is the kind of environment where our financial advisors and in turn, their clients can be very satisfied.”
Some recruiters, though, say that while there are some strong synergies between the two firms, it’s too early to know if Raymond James can retain the bulk of Morgan Keegan’s 1,000 financial advisors.
“Initially all the comments I’ve heard indicate that there’s a lot of due diligence going on,” said Houston-based recruiter Rick Peterson in an interview with AdvisorOne. “The jury is still out, and every one of them has other offers elsewhere.”