stock in the brokers' accounts. We're getting a 35 percent haircut over the five years," he complains.

This year, brokers may take stock options instead of common shares as payment. Next year, according to one rep, the company is considering that half of a rep's bonus consist of MSDW stock options that will take five years to vest.

"That means if the stock doesn't do well, you could be left with nothing," he continues. "An option is a lot more risky than a stock. Basically, it was a salaried plan that's gone way over on the risk scale. It's a handcuff."

PaineWebber

PaineWebber was too busy in 2000 to change its payout plan for 2001. Over the past eight months, the firm digested regional J.C. Bradford & Company, and then was acquired itself by Swiss banking giant UBS.

After paying almost $120 million to retain Bradford's 900 brokers and $46 billion in assets, PaineWebber executives convinced UBS to pay impatient PW brokers $875 million in retention bonuses. Two hundred of PaineWebber's 7,576 biggest producers received restricted stock worth 35 percent of their annual commissions, plus 2,000 UBS stock options. Lesser producers received 25 and 30 percent of yearly production, plus options. The bulk of the firm's reps got stock equivalent to 10 percent of their commissions, but no options.

Production	Payout
$0-$137,499	29%
137,500-149,99	30%
150,000-164,999	31%
165,000-177,999	32%
180,000-197,999	33%
198,000-274,999	34%
275,000-299,999	35%
300,000-329,999	36%
330,000-384,999	37%
390,000-399,999	38%
400,000-439,999	39%
440,000-824,999	40%
825,000-999,999	41%
1MM-1,099,999	42%
1.1MM-1,374,999	43%
1,375,000-plus	44%
Source: PaineWebber

The firm's deferred compensation plan doesn't seem to have been affected by the mergers. PaineWebber's Partner Plus deferred comp program - sometimes referred to as the Turbocharge Plan" - has a 10-year vesting horizon. Financial consultants qualify by producing at least $300,000 in gross commissions, or by being included in one of the PaineWebber recognition clubs. The firm contributes to the program based on the broker's assets under management and gross production. (A spokesman said the company would not disclose its formula.)

In addition to company contributions, PaineWebber reps also may make voluntary contributions to Partner Plus. Voluntary contributions are always vested and may be withdrawn at any time; firm contributions begin to vest in year six. At that time, firm contributions and interest earned on firm and Financial Advisor contributions, if made, begin to vest at the rate of 20 percent a year through year 10. Until then, firm and voluntary contributions accumulate at a rate tied to a benchmark - the 30-day UBS Warburg commercial paper rate. In years one through four, the so-called turbocharge" kicks in, and the person's account balance grows by four times that rate. In years five through 10, balances are compounded at the prevailing commercial paper rate.

Prudential Securities

After losing long-time chief executive Hardwick "Wick" Simmons and most of its remaining investment banking business, Prudential brokers are looking forward to another event that will rock the firm - the pending initial public offering of parent Prudential Insurance.

Annual Production	Payout*
$0-$99,999	20%
100,000-149,999	25%
150,000-174,999	28%
175,000-199,999	30%
200,000-224,999	33%
225,000-274,999	35%
275,000-324,999	37%
325,000-374,999	38%
375,000-499,999	39%
500,000-749,999	40%
750,000-1.249 million	42%
1.25 million-1.59 million	43%
1.6 million-plus	45%
* Brokers with fee-based and annuities business receive five additional points. Source: industry sources

If it takes place in the fall, as planned, it may be the largest IPO ever. What this may mean for Prudential brokers is still unknown. A spokesman for Prudential Insurance says the company's board wants "employee participation at all levels," but with a demutualization plan (cont.)

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