about to go to state regulators, the firm won't say whether brokers will be allowed to take initial allocations.

In the meantime, This year, Prudential Securities sweetened its year-old MasterShare deferred compensation program. Through MasterShare, Pru brokers were able to buy shares of a Standard & Poor 500 Index fund at a 25 percent discount through payroll deduction. In January, Pru increased its contribution to as much as 200 percent of a broker's contribution. The catch is a longer vesting period; instead of the initial three-years, enhancements now fully vest at the end of eight years. More than 55 percent of the company's 6,000-plus U.S. brokers - and about 85 percent of its biggest producers - have signed on so far. Vesting on the new match begins after four years.

The 200 percent match will go to reps in the firm's top production quintile who have boosted their production by 26 percent over the past three years. On the low end, Pru will match 62.5 percent of contributions put in by third quintile brokers who have increased production at least 9 percent in the last three years.

Raymond James and Associates

Raymond James and Associates is sticking to its grid; the firm last changed payouts in July 1998.

Top payout for million-dollar reps is still at 44 percent. But that rate can climb even higher, to between 50 and 53 percent (including deferred compensation) for products such as mutual funds, insurance and annuities, and managed accounts.

Production	Payout
$0-$149,999	25%
150,000-224,999	35%
250,000-299,999	38%
300,000-499,999	41%
500,000-749,999	42%
750,000 Ð999,999	43%
1 million-plus	44%
Grid is for agency listed and Nasdaq stocks. Raymond James pays 6 to 9 percentage points higher for mutual funds, insurance, annuities, financial planning and managed accounts. Source: Raymond James

Deferred comp also is unchanged. The firm's deferred compensation plan vests on a rolling five-year schedule, so that each broker is 100 percent vested only on retirement.

The complex plan requires broker production of at least $175,000 a year to participate. The deferral is 2.5 percent of production up to $450,000. For production between $450,000 and $700,000, the rep receives 3 percent, plus 75 basis points. Over $700,000, reps receive an additional 75 basis points.

Salomon Smith Barney

Like other major firms that reward large producers, the nation's third-largest wirehouse sliced the payout of reps who generate less than $300,000 in commissions. Brokers producing under $175,000 took a 1 percent haircut. From $175,000 to $200,000, the firm took a 3 percent cut, and those between $200,000 and $300,000 saw a 1.5 percent trim.

On the other hand, Salomon Smith Barney is making itself more attractive to productive brokers who choose to stay with the firm. Its primary deferred comp program, the Capital Appreciation Plan, or CAP, allows brokers to defer up to 25 percent in pre-tax earnings and buy Citigroup stock at a 25 percent discount. Full vesting requires two years.

Production	Payout
$0-$124,999	25%
125,000-149,999	27%
150,000-174,999	31%
175,000-199,999	33%
200,000-249,999	35%
250,000-299,999	37%
300,000-399,999	39%
400,000-499,999	39.5%
500,000-749,999	40.5%
750,000-999,999	41%
1 million-plus	42.5%
This is the payout grid for agency and principal trades, wrap fees, and the firm's asset-based account. Source: Salomon Smith Barney brokers

"All of the firms' deferred comp plans have good bells and whistles," says one recruiter. "But the big difference is that CAP vests in just two years, while Merrill's FCAAP and PaineWebber's Turbocharge vest in 10."

Salomon Smith Barney also pays an asset-gathering and production bonus that's deferred for five years plus one business day. The bonus ranges from 2 percent to 8 percent of gross production, with the highest percentage paid to brokers who produce more than $1.35 million a year.

The firm would not comment on a new longevity bonus that reportedly will be paid to brokers who stay longer than seven years.

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