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RCAP sets aside $50M retention pool for Cetera’s advisers

Name: Second Annual Blue Vault Broker Dealer Educational Summit 2016
Item: Broker Dealer Educational Summit 2016
Rating: 5
Author: Derek Hayes

February 2, 2016

Company doesn’t release any other details of the plan, including how many of its 9,000 brokers will qualify

Feb 1, 2016 @ 1:06 pm | By Bruce Kelly | Investment News

As part of its Chapter 11 bankruptcy, RCS Capital Corp. has set aside at least $50 million for retention bonuses slated for some of the 9,000 financial advisers affiliated with the broker-dealers that comprise its Cetera Financial Group, according to the firm’s bankruptcy court filing.

RCS Capital, or RCAP, gave no details in the court filings, filed in federal bankruptcy court in Delaware on Sunday evening, as to how that bonus pool would be doled out to its financial advisers.

Cetera advisers, as well as competitors and third-party recruiters, have been wondering since RCAP said it intended to file for bankruptcy at the beginning of January what a retention package would look like.

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