To receive the bonus, brokers must be employed at Dain in February of the year following production.

Dain Rauscher's deferred compensation also is being revised in connection with the acquisition. The plan, now suspended, was called the Wealth Accumulation Plan Stock Bonus. Under the plan, Dain had contributed between 15 and 50 percent worth of company stock to producers who generated more than $300,000 a year in revenue. The annual contribution varied, depending on company performance.

Also being rethought is the firm's Length of Service Stock Bonus. For brokers with at least six years at Dain and $300,000 or more in production, that plan paid a bonus of 0.5 to 2.5 percent, depending on years of service and production.

A.G. Edwards

A.G. Edwards does not rush to make compensation changes. The firm has not changed its payout schedule since 1996, when it pushed the top payout on agency trades to 44 percent from 42 percent. It was only a year ago, in fact, that the company introduced fee-based pricing.

But things may be changing. In January, chairman Benjamin F. Edwards III announced his retirement. In 1997, then-branch chief Bob Bagby, who is the incoming chairman and CEO, notified reps that those grossing less than $225,000 should "consider a different career." Nothing has happened to those brokers, yet.

A.G. Edwards does not have a payout grid. It pays the following commissions, based on ticket size, for the following products:

A.G. Edwards does not have a payout grid. It pays the following commissions, based on ticket size, for the following products:
Stocks and bonds	25-44%
Mutual funds	20-44%
Annuities	45-50%
Fee-based advisory programs	40%
Financial consultants are eligible to receive an annual bonus of up to 7.5 percent of annual production exceeding $275,000. Bonus is retroactive to $150,000. Source: A.G. Edwards

The firm's deferred comp plans also may come in for review. Currently, A.G. Edwards' plans include 401(k) and profit-sharing programs. The firm matches employees' contributions dollar-for-dollar in 401(k) plans, up to 3 percent of annual earnings (subject to IRS limits). The firm also makes discretionary contributions to plans based on Edwards' annual profitability and a rep's annual earnings.

In addition, the company, through its annual stock purchase plan, allows employees to buy company stock at a discount of at least 15 percent, subject to IRS limits.

Edward Jones

Edward Jones, whose payouts are based solely on product categories, lowered the rate it pays brokers for selling mutual fund and annuity shares. This is meaningful for Jones brokers because sales of A-share annuities, for example, grew by 20 percent last year, to nearly $400 million. In a typical year, about 40 percent of the firm's more than three million accounts don't generate commissions because most Jones customers are long-term holders of mutual funds, bonds and annuities.

Product	Payout
Stocks	30%-45%, depending on ticket size
Discounted stock trades	15%-40%
Fixed-income products, CDs	40%
Mutual funds (A-shares)	40% equity funds, 39% bond funds
(B-shares)	35%
(C-shares)	30% (35% if converted to A-shares in 10 years)
Annuities (A-shares)	40%
(B and C shares)	20%-40% based on trade size up to $1 million.
Edward Jones pays a bonus every four months based on firm and office profitability. Bonuses per broker ranged from zero to several hundred thousand dollars in 2000. In addition, associates also receive an annual profit-sharing contribution to their deferred savings plans. In 2000, that contribution was 5.17 percent of eligible earnings, up to a maximum of $8,789. These contributions vest immediately. When a broker's profit-sharing distribution exceeds IRS limits, he receives the difference by check. Source: Edward Jones

As one of the last nationwide Wall Street partnerships, Jones lets brokers participate in the profitability of the firm. The size of the annual bonus pool is determined by firm profit and calculated on a grid. The higher the profit margin, the greater the amount the firm contributes to the bonus pool.

On average, a broker needs to make $180,000 in gross commissions to be eligible for the three-times-yearly bonus pool. In 2000, Jones paid bonuses to 2,275 brokers. In addition, Jones contributes to a profit-sharing plan. (cont.)

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