Sovereign offers advisers’ cross-selling bonus

Sovereign has launched a time-limited campaign offering bonus commission on all TotalCareMax risk policies cross-sold with a Sovereign home loan.

Wednesday, August 3rd 2011, 7:10AM 5 Comments

Sovereign's general manager, adviser distribution, Patrice de Marigny, said the bonus would provide advisers "a substantial uplift."

"We take our commitment to advisers seriously, and we're always looking at ways to better support them and help maximise business opportunities," he said.

The bonus offer campaign runs from August 1 to October 31, 2011, and is part of an outreach from Sovereign to advisers as it seeks to grow its home loan business.

The offer is part of a range of enhancements Sovereign has announced including lending up to 95% loan to value (LVR), improved lenders mortgage insurance rates and a lower servicing rate for approvals less than 80% LVR.

"It's in the spirit of this drive for continuous innovation that we've introduced a number of enhancements to our lending package. We want our advisers to know that we will do all we can to help build the value of their business."

Sovereign also reaffirmed its commitment to the adviser market by pointing out it remains the only lender to offer trail commission, "further helping advisers increase their business value and assist in retaining client ownership."

Also for de Marigny, the offer is a chance to introduce some good news to the market.

"There's so much negative talk in the market, it's time for some positive talk. Positive talk becomes positive thoughts, positive thoughts become positive actions."

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Comments from our readers

On 4 August 2011 at 9:39 am Tony said:

The statement that Sovereign are the only lenders to offer trail commissions is untrue and misleading. Some accuracy would enhance the credibility of the story rather than it being seen as what it is, a marketing ploy by Sovereign.

On 4 August 2011 at 2:09 pm Philip said:

As we understand it Kiwibank is the only mainstream lender that pays trails and generally that is only available to their tied sales force.

On 4 August 2011 at 9:33 pm Vinnie said:

Tony - you maintain that Sovereign are not the only lender to offer trail commissions and that comments made in the article are misleading and inaccurate. I would be keen to know what other mainstream lenders continue to pay trail commissions, or are you referring to second tier
lenders?

On 5 August 2011 at 2:00 pm Tony said:

AMP Home Loans pay trail. Probably in line with Phillips comment above as it is a Kiwibank manufactured product but available through a large number of intermediaries.

On 5 August 2011 at 4:51 pm Jones said:

Just checked AMP Home Loans website, last interest rate update was Nov 2010 so i,m not sure if they could be classed as mainstream or even existent.