About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, October 17th, 4:35PM
Check out GoodReturns TV now! Dismiss
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
  • KiwiSaver fees: Paying for performance
    “ANZ just don’t give up do they….actually not surprising as there is little downside to fake news in the NZ finance scene....”
    4 days ago by Brent Sheather
  • Entity licensing 'boosts risk'
    “Pretty much the theory about entity responsibility in Australia in 2004, Baz. Results? EUs for just about every VIO. Remains...”
    5 days ago by dcwhyte
  • Insurance cover and suicide rates
    “Good on you Richard for raising awareness. From my perspective mental health is often (thought not necessarily always) a...”
    5 days ago by Paul J Burns
  • Advisers lack client files
    “Sounds like every "vertically integrated" business model. I am yet to see a client who got a report from the bank outlining...”
    5 days ago by Bikedude
  • 'Adviser cull' could hit NZ
    “Thanks, David, for the calming voice...as to the much touted 'drop in risk commissions' that is, I sincerely trust, going...”
    5 days ago by Majella
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 Web Developer and eyelovedesign.com