Bonus commission rates of up to 40% will be paid to financial advisers selling AIA New Zealand’s Living products until September says the firm.
The company had earlier increased its basic initial commission on Living products from 10% to 20% to promote the use of its eApp and online quoting tool. But as a result of today’s Small Business Support Package, commission for Living products will be increased by a further 20%.
AIA NZ says it will pay an additional 20% basic initial commission on AIA Living applications submitted via its eApp system between 2 June and 1 September 2020.
AIA New Zealand CEO, Nick Stanhope, says the scheme is being introduced to provide increased support for financial advice firms.
Community grants
Independent financial advisers can also apply to the firm for a share of $500,000 through its AIA Vitality Community and Business Grant Programme.
Stanhope says the programme has been designed to encourage advisers to develop, design and implement initiatives to support community wellness and raise awareness of the importance of health and wellbeing to overall financial resilience.
Details of the programme’s competitive application process are to be released by the firm.
Stanhope says: “Financial advisers play a crucial role in increasing the financial resilience of New Zealand households which is now more important than ever.
“Because of this we wanted to do our bit to support financial advisers and customers at this time, in line with our purpose of ‘making a difference’ in people’s lives.”
AIA New Zealand’s Chief Partnership Insurance Officer, Sam Tremethick, says he hopes the support packages will go some way towards cushioning the effects of these difficult times on the financial advice sector.