Over the past six months, JBWere has been undertaking a thorough review of its remuneration structure to ensure it has the right framework in place to support its strong future growth plans.
Following this process, which was undertaken in consultation with senior leaders and advisers in the business, JBWere is making several changes to its remuneration framework.
JBWere Chief Executive Officer, Justin Greiner, said “We believe these changes will cement our strategy, align the business around our strong growth plan, and importantly leverage our partnership ethos, which has been integral to the success of this 175 year old organisation”.
“Under the changes, we will be establishing a new out performance incentive pool to reward advisers and senior leaders across the firm who make a significant contribution to our business. This will be funded from a percentage of profits.
“We recognise that our clients benefit from specialist support in the form of Philanthropic Services, Investment Strategy and Capital Markets. We will be taking the opportunity to further invest in these areas.
“In order to align our shareholders’ interests, the firm will be retaining a small portion of revenue from clients referred to JBWere advisors from the NAB network. “Advisor commission rates will also be reduced by up to 1.5%.
“JBWere is also taking a leading industry position in recognising the domestic and global regulatory environment, and the value that is placed on deferral of incentive based compensation as a mechanism for risk management. From 1 October, a small component of advisor incentives will be deferred.
“JBWere is a profitable business with a clear strategy for growth. “We are uniquely positioned because of our rich 175 year old heritage and the backing of Australia’s business bank, NAB.
“Making these changes will allow the business to support our strong growth plan.’’