RJ unit gives bonuses to big producers

In an effort to charge up its top registered representatives and financial advisers, Raymond James Financial Services Inc. is giving bonuses to its biggest-producing brokers. In the style of a 401(k) plan, the new deferred-compensation program gives a bonus this year of 1% to affiliated reps who produce $450,000 in fees and commissions, a 2% bonus for $750,000 producers and 3% for reps and advisers who produce $1 million. After that, the bonus, which will affect about 500 of the firm’s 3,600 reps, increases one percentage point for every additional $500,000 in production, topping out at 10% for reps who produce $3.5 million in fees and commissions. That pushes those elite reps’ payout to 100% — or even more — of their production, according to the company. For the full report, see the upcoming June 18 issue of InvestmentNews