where are Morgan Stanley Smith Barney retention Brokers To Get Stay Bonuses?
The top advisors of the Morgan Stanley/Smith Barney joint venture will be getting retention bonuses that could total up to $3 billion, according to a company spokesman. The bonus monies will be paid from revenue generated by the joint venture and not the federal Troubled Asset Relief Program (TARP), said James Wiggins, a Morgan Stanley spokesman. Industry sources offered mixed reactions to the details of the plan, on one hand calling it generous, while on the other, noting that it might dampen enthusiasm among advisors. The bonus program comes with a couple of conditions. An advisor must stay with the firm for nine years to get the full amount. If he or she leaves before the loan is amortized, a claw back feature requires the advisor to repay any unforgiven amount. “We estimate that 6,500 out of 20,000 [advisors] will be eligible for the retention,” said James Wiggins, a spokesman for Morgan Stanley. Branch management, senior executives and support staff are not eligible for the retent
