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Consultants could be losing out on bonuses

Broker consultants are earning high basic salaries but could be losing out

overall as companies slash bonuses.

Providers say higher basic salaries are what new broker consultants are

looking for and that a balance weighted towards basic salary can separate

the best employees from the worst.

National Mutual has changed the balance of salaries for broker consultants

in favour of basic rates rather than commission. Previous broker

consultants could earn up to three- quarters of their basic salary but this

has dropped to half.

Deputy managing director Graeme Laws says: “If the pay structure is too

heavy on bonuses, it ends up managing broker consultants for you.”

But Paul Harper Search & Selection director Paul Harper says: “Some

companies are increasing basic salaries for broker consultants to maintain

the best field staff but the aim in some cases is to decrease overall

earnings.

“We think the effect of this will be that the best broker consultants will

still demand high salaries but there will be fewer of them.”

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