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WMAs New Bonus Scheme For 2012
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Date: 24th Jan 2012
The new bonus scheme for WMAs is transitional with the aim being to introduce a new Advice Based Incentive Scheme by the end of the year for the whole of UK Wealth. An integral part of that new Scheme, which is still being developed, is a move from short-term bonuses to higher basic salaries. The aim would be to have that element of the new reward system in place for WMAs for Q3 & Q4 2012. When the transitional scheme was announced just before Christmas it was intended that Line Management would be in a position to sit down with their WMAs to discuss how the scheme, particularly the new adviser based Balanced Scorecard, would affect them personally and what they would need to do in order to earn bonuses under the new scheme. The lack of communications, particularly in respect of the transition arrangements from the old to the new bonus scheme, has caused a great deal of unnecessary anxiety.
Members have asked about some of the remaining payments under the 2011 scheme and when those will be paid. November 2011 (based on September, October and November) and December 2011 (based on October, November and December) performance bonuses under the 3-month rolling scheme will be paid in January 2012 and February 2012 respectively. The Q1 2012 payment based on performance between the 1st January and 31st March 2012 will be paid in May. This week Line Managers will sit down with WMAs to take them through the new Scorecard and explain how the new scheme will affect them personally.
For more details see our latest Salesforce Newsletter called 'New Bonus Scheme for 2012.
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