St Louis-based broker AG Edwards has introduced a referral programme to give its financial advisors a bonus of up to $50,000 for luring high...

St Louis-based broker AG Edwards has introduced a referral programme to give its financial advisors a bonus of up to $50,000 for luring high-net-worth brokers to join the US regional firm. AG Edwards brokers will be rewarded under the scheme if they help recruit advisors who produce at least $300,000 in annual commissions and fees. The bonuses will be scaled according to the productivity of the recruits. The firm will pay out bonuses of $15,000 for recruits who produce at least $300,000 a year, rising to $37,500 for those who produce at least $525,000 a year and $50,000 for those who produce at least $800,000 annually. The referral bonuses will be paid half in cash and half in restricted stock after a year, provided certain targets are met. Since January of this year AG Edwards has lost 158 brokers, or 2 per cent of its work force of more than 6,600. The firm does not offer upfront bonuses to the new joiners themselves.