Edwards, Wachovia reps get package details

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.