About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, May 23rd, 9:13PM
rss
Latest Headlines

Sovereign cans $1 million giveaway

Sunday, November 11th 2001, 11:11PM

Sovereign has backtracked on its plans to give one of its advisers $1 million next year as a reward for writing business.

The idea was that advisers who reached certain sales targets would go into a draw for major cash prizes - the more they sold, the more entries they would get in the draw. While the overall prize was $1 million - with no strings attached, there were also a number of other smaller draws.

Sovereign's new managing director Simon Swanson says the plan to give away more than $1 million to advisers as sales incentives was in its "conceptual stage".

At its roadshows last month Sovereign told advisers that instead of providing offshore trips as sales incentives, it would give away money instead.

The reason for the change is that advisers are not keen to travel offshore in the wake of the terrorist attacks on the United States. Consequently the company was going to use the money budgeted for those trips as prize money in a sales incentive programme.

"(The programme) will now not proceed to finalisation," he says.

"We regret that it has been misinterpreted prior to its finalisation and launch without the full facts being known."

He says reports on the giveaway have focussed on the amount of money and this "has seriously compromised the ability of the programme to succeed."

Swanson acknowledges that the idea has "the potential to cause anxiety amongst our customers and within our industry".

The sales promotion has been strongly criticised by some in the industry.

Insurance brokers Stone & Associates have called it "wasteful and excessive", while one fund manager has described it as " a significant setback to the professionalism of the advisory industry."

 

Earlier story: Who wants to be a millionaire


Editorial The cost of sales
What do you think?
« The Financial Planner of the Year...Sovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Life-Info founders want industry to take it over
    “Just to emphasise that we would like this to be regarded as an INDUSTRY resource as per the headline. We receive support...”
    1 day ago by dcwhyte
  • FMA acknowledges regulatory 'burden'
    “Very good and relevant points Brent, and you have been around well long enough to know. The GFC was 'hatched' from the largest...”
    4 days ago by Winka
  • FMA acknowledges regulatory 'burden'
    “Mr Gregory forgets the most important “cost” of regulatory burden and that is lower profitability of the finance sector....”
    4 days ago by Brent Sheather
  • Look twice at insurance applications
    “I couldn't agree more, this area of advice is lacking and is a massive contributor to non-payment of claims. Clean skins...”
    5 days ago by RiskAdviser
  • Wholesale rules a missed opportunity
    “Can someone tell me what the problem is about having a number of definitions for "wholesale" as far as advisers are concerned? Is...”
    5 days ago by Murray Weatherston
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.99 5.35 5.59
ANZ Special - 4.49 4.85 -
ASB Bank 5.80 4.85 5.14 5.49
ASB Bank Special - 4.45 4.74 5.09
BankDirect 5.80 4.85 5.14 5.49
BankDirect Special - 4.45 4.74 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.10 5.25 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.99 5.14 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.70 5.09 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.70 - - -
Kiwibank Special - 4.69 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.00 4.86 4.75 5.30
Lender Flt 1yr 2yr 3yr
SBS Bank 5.79 4.99 5.19 5.49
SBS Bank Special - 4.59 4.79 5.25
Sovereign 5.90 4.85 5.14 5.49
Sovereign Special - 4.45 4.74 5.09
The Co-operative Bank - Owner Occ ▲5.75 4.59 4.85 5.25
The Co-operative Bank - Standard ▲5.75 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.84 4.99 5.29 5.59
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.84 - - -
Westpac Special - 4.59 4.85 5.09
Median 5.80 4.85 5.14 5.38

Last updated: 19 May 2017 9:26am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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