Commonwealth offers $1m prize for advisers

advisers AXA amp

20 November 2001
| By Phil Macalister |

ByPhilip Macalister

COMMONWEALTH Bank's New Zealand subsidiary, Sovereign, is offering to make one adviser a millionaire next year.

Advisers who sell business for the company will be offered entries into a prize draw with a $1 million jackpot. This competition replaces the traditional offshore trips Sovereign has offered advisers.

The company says advisers aren't keen to travel offshore since the terrorist attacks in September, so it was looking at other ways of spending the money budgeted for trips. Sovereign head of marketing Vena Crawley says the company also wants its reward scheme to stand out from the pack.

"Everyone does group travel. We’re trying to move away from the pack," he says.

The $1 million scheme runs until June 30. Advisers will earn entries based on the amount of business they write. The more business they write the greater number of entries they get in the draw.

Second and third prizes are $100,000 and $50,000 respectively and there will be six $25,000 prizes. Monthly prizes of $10,000 will also be offered.

The money will be paid to an adviser or an advisory firm, depending on the contractual arrangements, Crawley says.

Although there’s no strings attached to how the money is used, Sovereign is encouraging advisers to spend it building up their businesses.

As part of the promotion, Sovereign will also give away $100,000 to five charities, using a vote by advisers to decide what proportion should go to each one.

Other firms, including AXA and Royal & SunAlliance are continuing with plans to take advisers offshore. AXA is planing to take about 250 advisers to a conference in Tahiti in April and Royal & SunAlliance is planing to take advisers to Singapore and Thailand next year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

20 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 1 hour ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 23 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 2 hours ago