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.”
Bradford & Bingley is launching a guranteed combi bond tracking the performance of the stock exchange but not investing in it – so the capital is secure. The new bond is a deposit-based savings account splitting the customer’s investment in half.Half is invested in a one year fixed term bond paying 7.00 per cent gross […]
The zero-dividend preference share market continues to throw up opportunities despite shrinking by a quarter in the last three years, says F&C. The asset class has fallen out of favour since the high-profile problems in the split-capital investment trust market, shrinking from 2.7bn in 2002 to 2.1bn in 2005, but new zeros are now being […]
The ABI is not speaking for its members and should follow Scottish Widows, Axa and NU by advocating a universal pension and scrap S2P, say the LibDems. LibDem pensions spokesman Lord Oakeshott says the ABI should listen to its members and change its stance on pension reform. The ABI’s current position is that the contracting-out […]
Standard Life’s board has given the green light to demutualisation and the campaign for the yes vote is now officially under way.
The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]
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Justin Modray says the RDR will make little difference in the way most advisers are paid.
M&G is merging its Global Leaders fund into the Global Themes fund in the wake of a review resulting from fund manager Aled Smith’s decision to step down. The proposed merger has been approved by the regulator but is still subject to approval from shareholders. The Global Themes fund will continue to be managed by […]
Face-to-face advice still holds a firm place in serving clients, despite an increasing demand for mobile and remote services in adviser practices. Research from consolidator Fairstone from November shows there has been a 10 per cent decrease in the use of face-to-face financial advisers over the past seven years. However, advisers speaking to Money Marketing […]