Pension sales managers are the lowest-paid intermediary sales managers,
earning £12,000 a year less than their investment counterparts thanks
to stakeholder pensions.
Recruitment specialist Paul Harper Search & Select findings interviewed
136 intermediary salespeople in 22 companies for its Senior & Specialist
Intermediary Salary Survey May 2001.
It showed stakeholder has eroded margins on pension products and cut the
number of posts available.
The average basic salary for a pension sales manager is £34,423 and
total remuneration is £60,833 compared with £60,750 and
£72,940 for investment sales managers.
The demand for investment sales managers from investment houses expan-ding
their retail sales teams by cherrypicking sales staff from major life
offices has led to relatively high salaries.
But the report says: “It will be interesting to see how this changes in
the next year if the current stockmarket downturn continues.”
Another finding is that IFA managers earn about £62,400 in total and
have a basic salary of £51,200 while sales managers employed by
product providers earn £65,692 and have a basic salary of £43,423.
The survey says this difference stems from because bonuses forming a much
lower percentage of the IFA managers overall package.
Basic salaries start at £27,700 and reach £60,000. National
account consultants and broker consultants have the lowest basic in the
£26,000 to £30,000 range.