Manulife | Aligning Insurance compensation to servicing advisor for client-requested advisor changes
As part of Manulife’s focus on becoming a more customer-centric organization, we are continually looking for ways to enhance the service and value we provide to our clients and advisors.
After careful consideration and with our clients’ best interest in mind, starting January 1, 2016, when Manulife receives a client request for a new agent of record on an Insurance policy, Manulife will assign both servicing and commissionable rights to the newly-appointed advisor for policies or coverages with an effective date of January 1, 2016 or later. The servicing advisor’s MGA will also receive any applicable Life Renewal Override. Policies or coverages with an effective date of December 31, 2015 or earlier are not impacted by this change.
If an Agent of Record change request is received for a policy that is still in its first 24 months, the new servicing advisor information will be updated and the commissions will remain with the original advisor until the 24th month following policy issuance, at which time the commissionable agent information will be updated to the Servicing Advisor.
Manulife is committed to ensuring our customer’s needs are served. The alignment of the compensation with the servicing advisor recognizes the important role the servicing provider plays in ensuring quality advice and ongoing guidance to our clients.
This update does not impact advisor block transfers as policies are already transferred to the new advisor for both servicing and commission rights.
The provisions contained in Manulife’s Schedule of Commissions, Override Credits and Recognition Credits will be updated to reflect this change effective January 1, 2016 and will be made available to you 30 days prior.
As part of the preferential support we offer Elite members, we will be sending an advance notice of this information to your Elite members prior to posting an article on Repsource later this week.