$100,000. The bar previously had been at $20,000. Reps still can earn fees from all fee-based accounts. (Brokers in their first two years get some slack; they receive 10 percent commissions for transaction business, and 50 percent for fee-based business.)

Production	Payout
$0-$199,000	30%*
300,000-349,999	33%
350,000-399,999	34%
400,000-549,000	35%
550,000-849,999	36%
850,000-999,999	37%
1 million-1.749 million	38%
1.75 million-2.49 million	40%
2.5 million and above	41%
* Except for brokers with less than four years of service, for whom payout is 32%.
Source: Internal documents, brokers.

Customers with account balances below $100,000 are now sent to call centers, where they're helped by licensed investor service reps who are compensated through salaries and incentive pay based on service and number of calls handled.

For traditional brokers in training, Merrill has a new target: they're required to gather at least $12 million, not $15 million, over their first two years. And credit accounts - such as mortgages - count as much as assets. Last March, Merrill launched a federally-insured bank account (minimum opening balance, $20,000) on which brokers receive a monthly bonus of 10.5 basis points. Instead of receiving a salary and bonus, rookies receive a salary - set by the manager at the time of hire - plus incentive compensation based on production credits and compensation based on money fund balances. After 24 months, they also receive compensation based on overall production that is applicable to the deferred compensation plan. It assumes that by the twelfth month they will have attained the in-house financial planning designation.

In January, Merrill Lynch also changed branch manager compensation. Out went a system based on recruitment, revenue growth, financial plans sold and growth in affluent households. In came a system based on four equal criteria: year-over-year increase in branch profitability, net new client assets in the branch, increased market share, and leadership (which heavily involves recruiting, developing and motivating a diverse group of brokers).

Deferred compensation at Merrill is largely unchanged for 2001. Merrill's principal deferred compensation (cont.)

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