Edwards, Wachovia reps get package details

Brokers at A.G. Edwards and Wachovia Securities got details of their retention packages today.
JUN 15, 2007
By  Bloomberg
Brokers at A.G. Edwards & Sons Inc. and Wachovia Securities got details of their retention packages today. A.G. Edwards reps will get awards ranging from 20% to 100% of trailing twelve months production, according to Wachovia spokesman Tony Mattera and brokers at both firms. The payouts come in two pieces-a base award and an extra incentive based on performance. The base award is in the form of a six-year forgivable loan. The incentive piece is paid out in cash after five years, assuming production is maintained. Million-dollar Edwards producers will get a base award equal to 70% of production and an incentive of 30%. At the bottom end, $100,000 qualifies a rep for a 20% incentive award. Reps can also take the base award in equal cash increments over six years, or choose a combination of cash and deferred payments. Wachovia reps will be receiving 10% to 35% of trailing 12 months production. Their awards go into the firm's deferred compensation plan. Assets in the plan vest in one-third increments after seven, eight and nine years. The upfront awards for A.G. Edwards reps will be paid in November. Wachovia brokers will receive their bonuses in January 2008. St. Louis-based A.G. Edwards and Charlotte, N.C-based Wachovia Charlotte, N.C announced a merger at the end of last month.

Latest News

Trio of advisors switch for 'Happier' times at LPL Financial
Trio of advisors switch for 'Happier' times at LPL Financial

Former Northwestern Mutual advisors join firm for independence.

Indie $8B RIA adds further leadership talent amid growth drive
Indie $8B RIA adds further leadership talent amid growth drive

Executives from LPL Financial, Cresset Partners hired for key roles.

Stock volatility remained low despite risk events
Stock volatility remained low despite risk events

Geopolitical tension has been managed well by the markets.

Fed minutes to provide signals on rate cuts
Fed minutes to provide signals on rate cuts

December cut is still a possiblity.

Trump's tariff talk roils markets, political leaders
Trump's tariff talk roils markets, political leaders

Canada, China among nations to react to president-elect's comments.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound