PLAN's member survey is out and their members, apparently, love them. Overwhelmingly, in the categories selected by PLAN, the results show that 90% members either consider PLAN "Excellent" or "Good". Even in the typically troubled area of commission payments only 6% of members consider timeliness, for example, to be "Poor".
Managers of administrative areas in life companies will want to study the results closely as commissions and systems areas are usually fraught with opportunities to disappoint, and bereft of opportunities to astound - in short they are hygiene factors, where performance can only be OK, or substandard (you are doing something very wrong if the commission arrives before it should after all, so 'super-timeliness' is usually had to achieve).
But it does make you think: The strategy basics of commissions should be these:
1) Straightforward calculation - so advisers can pretty near do the math in their heads.
2) Speed - if its ready to pay it is paid - daily.
3) Simplicity of structure - too many options, codes, and accounts and mistakes are bound to occur.
4) Separation of adviser management records from payment records - the data is different, and commission systems masquerading as CRMs are destined to fail all their customers
5) Good audit trail
6) Good statements and reporting systems open to advisers