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The largest U.S. brokerage by sales force Morgan Stanley told its top brokers on Thursday that if they commit to handing off their clients to another broker at the firm when they retire, they can score bigger retirement bonuses.
Starting in 2019, the firm is offering to contribute 10 to 50 percent of the revenue top brokers produce in their final year to their post-retirement bonus, according to a memo Vince Lumia, Morgan Stanley wealth's head of field management, sent to staff.
To earn the additional bonus in what the firm called its enhanced former adviser program, brokers must produce $2 million in fees or commissions annually and must agree not to work at another financial services for 90 days after they leave.
The program, which was reported earlier in the day by the wealth management news website AdvisorHub, is optional and will be open to around 800 of Morgan Stanley's roughly 15,600 brokers.