When Bank of America bought Merrill Lynch's Thundering Herd, it had to work hard to retain the top producers. In the end, it did an enviable job. Right now, Smith Barney brokers, the big producers anyway, may know they are holding a strong hand. Morgan Stanley will be faced with demonstrating to its newly acquired brokers and advisors that they ought to stick with the new firm, even as the independent route strikes many as more attractive, notes Bloomberg.

You can bet there is a lot of posturing and recruitment, soft and hard, going on already. The issue is whether sticking with a big brand name is still worth it at a time when such brands mean less to the public. In the end, it will come down to product, technology and especially payouts. Morgan Stanley will have to make it worth their while. 

For more:
- here's the Bloomberg article

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