SSB Reps Lukewarm About Bonus Annuity PaySSB Reps Lukewarm About Bonus Annuity Pay
Salomon Smith Barney producers are mildly supportive of a bonus plan the firm instituted for annuity sales at the beginning of the year. Brokers can earn nonretroactive gross commission bonuses of 5% to 20% based on annuity production (see Bonus Annuity Pay, right). The extra juice rewards sales of both internal and external products, and will be credited in the month following every quarter April,
May 1, 2001
Rick Weinberg
Salomon Smith Barney producers are mildly supportive of a bonus plan the firm instituted for annuity sales at the beginning of the year.
Brokers can earn nonretroactive gross commission bonuses of 5% to 20% based on annuity production (see “Bonus Annuity Pay,” right). The extra juice rewards sales of both internal and external products, and will be credited in the month following every quarter — April, July, October and January.
“I'm all for getting paid more,” says one Midwest rep. “But I don't consider it an incentive to do more of that kind of business if it's not appropriate for the client.”
| For Total Annuity Production of … | Brokers Get a Bonus Gross Credit of … |
|---|---|
| $35,749-$74,999 | 5.0% |
| $75,000-$124,999 | 7.5% |
| $125,000-$249,999 | 12.5% |
| $250,000 and up | 20.0% |
| SOURCE: SSB BROKERS | |
“For brokers who do a lot in annuities, it's a good enticement to know you get a 12.5% bonus on the commission you generate by cracking $125,000,” adds a Florida-based rep. “But to get the highest bonus level, you have to do about $5 million in sales” at 5% gross. “Obviously, that's a lot of product.”
SSB confirms that the bonus began Jan. 1, but would not comment on specifics.
