Two major concerns of commission-based advisers who are compensated by commissions and fees are:
- What happens if I decide to leave the firm? and
- What happens if I want to retire?
We had pioneered the idea of vesting rights and have in place immediate vesting for all advisers in the company without any conditions. This means that, even if our adviser decides to leave the company and join another firm in the same industry, he will continue to enjoy receiving continuing payments of commissions and fees for policies and investments which he had sold. Details of our company’s vesting rights are available for all successful applicants.
Promiseland also has a Retirement Scheme for advisers which allows advisers to retire from the FA industry and still receive continuing payments of commissions and fees for policies and investments which he had sold. Details of our company’s Retirement Scheme are also available for all successful applicants.
COMPENSATION
CHOICE OF TWO SCHEMES
The compensation schemes of most companies favour either the advisers who concentrate more on insurance or investments.
For example, some companies have the old insurance agency’s structure of compensation of paying commissions and production bonus for insurance policies. This structure is suitable for advisers who concentrate on insurance as they would be able to enjoy usually full basic commissions and also production bonus for certain products. PromiseLand has one of the most competitive structures to suit advisers who concentrate on insurance.
Recently, a few companies have implemented the concept of adding the production for insurance and investments and paying a percentage of this to their advisers based on their production records. This has been called the BANDING STRUCTURE and is beneficial to very high producers, especially those who concentrate on investments. Promiseland has one of the most competitive Banding Structures to suit advisers who concentrate on investments.
We are probably the only company which gives the option to the adviser, which compensation structure he would like to be on, which means that the adviser who specialises in insurance only can be rewarded more under our Commission and Bonus Structure, and the adviser who specialises in investments can be rewarded more under the Banding Structure. Details of our company’s compensation structures are discussed with the applicants and they can exercise their option.
|
