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Life office manager salary tops 100k

More than a quarter of life office account managers will earn in excess of 100,000 plus benefits this year, according to financial services headhunters Paul Harper Search.

For most intermediary facing salespeople, 100,000 has been seen as something of a magical figure, having been achieved by only a few brokers, but this is becoming increasingly common among leading life offices, says the firm.

Principal Paul Harper says these amounts are not the market norm, with most firms keeping a tight rein on salaries in recent years, but for companies looking to expand, they must recruit and retain the best possible staff and reward them accordingly.

Harper says: “Companies investing for growth are paying attractive basic salaries and guaranteed bonuses as well as realistic targets to attract and recruit the best staff, then rewarding them when they achieve their targets. Those companies who do not reward success will lose their best staff to the magical 100,000-a-year employers.”

Philip J Milton & Company managing director Philip Milton says: “There is too much being taken out of the pot on certain product segments. Broker representatives seem to be creaming off a lot for themselves before returns are being distributed back to investors. It might sound cynical but often people sell the wrong products because they are the ones generating the biggest remuneration.”

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