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Lifetime puts all advisers into salaries

Adviser group Lifetime has changed its remuneration structure, moving advisers onto an annual salary following its merger with Camelot NZ last year.

Friday, October 11th 2019, 4:41PM

TMM Online can reveal that Lifetime advisers have agreed to move to a salary structure with share bonuses.

The new structure sees Lifetime adopt a model used by Camelot advisers for several years.

Peter Cave, Managing Director of Lifetime, said the move was part of the integration process between the two groups, which announced a merger in April last year. 

Cave believes the pay structure is more "client-centric", and will be better suited to the new regulatory environment, placing more focus on customer outcomes, and less on sales-driven targets.

He said: "The driver was putting the two models together and working out the right one going forward. With a close watch on what's going on globally with the Royal Commission, and saying where do we add value? In the client service model. It was a natural fit for us."

Cave added: "We sat down and looked at how we manage advice relationships on behalf of clients. It's far easier with this structure than with commission-sharing arrangements. We are giving our board comfort that clients are going to be best looked after."

"We wanted a more corporate model in this new regulatory framework. We thought, instead of working silos, let's put them into a team environment with group performance and remuneration," Cave said.

Lifetime will be a FAP under the new regime with advisers working underneath the licence.

Cave believes lenders will prefer a "central management structure" under the new regime, rather than "dealing with individuals one on one": "We've had good support from suppliers, acknowledging that this is a structure that makes sense for them as well."

Cave said not all advisers agreed to the model, and subsequently, "a few decided it wasn't the model for them": "Some have gone out on their own, but the majority have stayed," he said.

 

 

 

 

Tags: camelot Lifetime

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
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BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
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Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
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Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
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TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

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