About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, March 30th, 4:30PM
rss
Latest Headlines

AXA ups commissions by 33%

To remain competitive in the broker market AXA is upping its commission rates by a third

Monday, July 16th 2001, 6:21AM

Axa New Zealand has raised some commissions by a 33% and is offering loyalty bonuses as it seeks to win the allegiance of financial advisers.

The new business commissions on life and other risk products brings them into line with market rates.

From October a range of new benefits will also be offered to aligned Axa advisers, including a loyalty bonus, in return for them meeting loyalty commitments and minimum business levels.

As part of the change, advisers face new eligibility criteria to be recognised as aligned Axa advisers.

Renewal commissions have also been standardised.

Axa sales general manager Greg Campbell says the new remuneration terms reward advisers for using Axa products and recognised both new and retained business.

Feedback from advisers had been positive, he says.

Axa advisers group president Bob Edwards, welcomed the increases, saying the company had listened to advisers’ requests to bring commission rates up to market rates.

Axa spokesman Ryan Day says the new commission structure affected only risk products, not superannuation of investment offerings.

To qualify as aligned Axa distributors and earn the loyalty bonuses advisers had to reach certain sales targets and training standards, Day says.

"Our changes have made us extremely competitive," he says. However, Axa was not going to pay an "unwise" amount of commission.

Day says the company has no plans to raise its premiums to cover increased premiums.

The company’s next profitability review, due in 2002, would cover issues including premiums, mortality and claims rates, he said.

Some premiums might increase, other might decrease.

"I can’t say we will not increase premium rates. Whether that would be to do with commissions is a different point."

« Club Life comes to lifeAIA cuts ties with Sovereign »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts
News Bites
Latest Comments
  • What is the value of CPD?
    “With respect Pragmatic and JM, in this instance, G.Lindsay's point is fair. Where does a Risk Specialist AFA go for relevant...”
    3 days ago by dcwhyte
  • Clients complain about adviser fees
    “All quite good comments really. The issue about not getting paid is clear communication/disclosure to clients. How do...”
    4 days ago by gavin austin adviser business compliance
  • Trauma problematic, Fidelity boss says
    “New product? This seems nothing more than the old Lifecare product Fidelity has had for ages, just now available on a standalone...”
    4 days ago by Tash
  • What is the value of CPD?
    “Even though I was waiting for it, I still get heartily sick of assertions that pension funds are the only way, and nobody...”
    4 days ago by Dirty Harry
  • Watch out for the newly promoted income protection client
    “The design aspect cuts both ways, presently it usually works in favour of the client as they often have a drop off in income...”
    4 days ago by RiskAdviser
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com