Macquarie sent a memo to its private wealth advisers last week telling them they don’t get bonuses any more unless they make the bank enough in portfolio management fees.
There was no hurdle previously, and the change is designed to shift the focus away from full-service stock broking, according to the AFR.
Now, according to the Fin, if you’re a private wealth adviser at Macquarie who does not make $250,000 a year in management fees, or fails to grow fee revenue by $10,000, then no bonus for you.
Read more here.
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