Wachovia Securities Changes Recruiting Terms

The change was made at the company, a unit of Wells Fargo & Co. (see “Wachovia Leaves Citigroup at the Altar’), in order to get a more accurate reading of brokers’ production based on current market conditions, according to Dow Jones.

A report by Registered Rep said Wells Fargo is taking that three-month trailing production figure and multiplying it by four to get revised trailing 12-month number. The report noted that if that revised figure is not 85% of the rep’s actual trailing 12, then the bonus will be based on the revised figure and not the actual trailing 12 but if the revised figure is at least 85% of the actual trailing 12-month production, then the rep gets a “normal’ deal.