Group Plan Advisor Guide for Fasat

Transcription

1 Group Plan Advisor Guide for Fasat June

2 Purpose of this guide Purpose This guide is intended to provide the information you need to understand Manulife Financial s compensation reporting from Fasat, our compensation system. How this guide is organized Questions The guide is divided into the following sections: New terminology Pay schedule Payments: thresholds and charges Other information you need to know How to read your compensation statement Sample statement Appendix A Transaction types on Fasat If you have any questions regarding your Manulife compensation statement or anything in this guide, please contact the Distribution Contact Centre at: Or comp_mfc@manulife.com 2

3 New terminology on your Fasat statement The following are new terms and acronyms you will see on your statement. Payment Controller The Payment Controller is an existing selling code that will be used to bundle financials and reporting for all statements and payments. The selling code selected to be the Payment Controller is based on an advisor s most recent contract: Advisor Selling Code Contract type Contract status Payment Controller Joe Producer Joe Producer Joe Producer Joe s Corp PAI ARA REP CORP Active Terminated Active Active PAI Producers Agreement Individual ARA Account Representative Agreement Rep Representative Corp Corporation Note: You will continue to use the same selling code(s) and sales office code(s) that you use today. Your statement will now be produced under the Payment Controller code, instead of IDENT. The Payment Controller helps to consolidate: compensation and other activity associated with more than one selling code in a single statement under the Payment Controller selling code. Statements produced will consist of statement pages for each selling code, detailing all of the activity during the statement period. compensation and other financial activity (e.g. deductions) so that you will receive a single payment based on all financial activity that occurred during the statement period. Negotiated debit Adjusted month If you have negotiated a repayment plan on a specific debit amount, it is referred to as a negotiated debit. The adjusted month is how we fit the calendar month and the pay periods in a month together. Since month-end is the last Tuesday of the calendar month, the adjusted month runs from the last Wednesday of one month to the last Tuesday of the next month. You ll find this on the Income and Expense Summary. 3

4 Weekly pay schedule Compensation paid from the Fasat compensation system is calculated every Tuesday evening and delivered every Friday for Manulife Financial advisors. The weekly compensation model has replaced the twice-per-month schedule from our previous compensation system. 4

5 Payments: thresholds and charges Payment thresholds Your compensation must reach or exceed a specific threshold amount to generate a payment and a statement. The thresholds are: $60 if you have your payments directly deposited into a bank account $100 if you receive your payments by cheque If your compensation for the week is less than the stated threshold amounts, the money will be held in your current balance until the minimum is reached. A statement will not be generated until you reach the minimum threshold amount. Please note: A statement will be generated if you are in a debit position at the end of a pay period. Printing charges for cheques If you currently receive cheques by mail, please be aware that there is a $10 fee charged to cover production costs. The fee is charged per cheque and will be applied to your account in the pay period following the period in which the fee is incurred. 5

6 Other information you need to know Account balance Interest charges on debit balances Your account balance as of the close of business on June 25, 2007 will be incorporated into your first statement from Fasat. The last Agency pay statement will be dated June 12 25, Interest will continue to be charged after your account has been in a debit balance for four consecutive pay periods. Multiple contracts If you have more than one contract with Manulife Financial (e.g. you also sell Manulife products through an MGA or National Account), you will receive separate payments and statements from Fasat. Cheque sort order number This is a series of numbers that appear on your cheque statement used by Manulife to sort cheques. Year-end statements The last statement you receive in the year is considered your year-end statement, whether it is generated at the end of December or earlier in the year. A year-end statement is not generated at the end of the year if you did not have production in the last pay period. 6

7 How to read your Compensation Statement Statements Summary Page This page includes Statement and Year to Date totals for all activity associated with the selling code for that statement period Header section 1. Compensation Summary This indicates which part of the statement you are looking at and the period to which the statement applies. 2. Name and address Your name and mailing address. 3. Sales office name This refers to the sales office with which you are associated. 4. Summary for payment controller code This indicates the payment controller to which the summary page applies. This page provides the summary of all activity for all selling codes under this payment controller. Summary page body 5. Life/Living Benefits summary table Not applicable to Group Benefits or Group Savings and Retirement. 6. Interest charges Shows the annual interest rate that is calculated on debit balances 7. Tax registration numbers MLI GST R and MSIL GST R are the GST registration numbers for Manulife Financial and Manulife Securities Statement summary box 8. Summary for Manulife Selling Code(s) Bundled Under Payment Controller 9. First Year Commission 10. First Year Override 11. Renewal Commission This summary box shows total financial activity for your current statement and the year to date. First Year Commissions for all lines of business. Not applicable to Group Benefits or Group Savings and Retirement Renewal Commission for all lines of business. 12. Renewal Override Not applicable to Group Benefits or Group Savings and Retirement 7

8 13. Life/LB Sales Credits Not applicable to Group Benefits or Group Savings and Retirement 14. Miscellaneous Miscellaneous compensation and adjustments, bonuses, and deductions, as well as any applicable taxes. 15. Deductions Transactions related to requirements to pay, such as garnishments and court orders. 16. Transfers These transactions are used to indicate balances that move from one selling code to another. 17. Capping Account Not applicable to Group Benefits or Group Savings and Retirement 18. Rolled Debit Not applicable to Group Benefits or Group Savings and Retirement 19. Payments Amount already paid appears with ( ) in the summary box. 20. Taxable Benefits Taxable benefits, such as conferences. 21. Taxable Earnings Taxable earnings. 22. Policy Count Not applicable to Group Benefits or Group Savings and Retirement 23. Capping Forward Not applicable to Group Benefits or Group Savings and Retirement 24. Capping Balance Not applicable to Group Benefits or Group Savings and Retirement 25. Rolled Debit Forward 26. Rolled Debit Balance Not applicable to Group Benefits or Group Savings and Retirement Not applicable to Group Benefits or Group Savings and Retirement Footer section 27. Sort order / order of hierarchy This is a series of numbers used by Manulife to group statement pages within a statement. 28. Negotiated Debit Forward 29. Negotiated Debit Transferred Not applicable to Group Benefits or Group Savings and Retirement. Not applicable to Group Benefits or Group Savings and Retirement. 30. Negotiated Debit Not applicable to Group Benefits or Group Savings and Retirement. 8

9 Statements Income and Expense statements These pages provide a summary of the income and expense information provided in the details pages of your statement: The Income section summarizes the following by product type or description: first year commission and first year override renewal commission and renewal override service fees and miscellaneous income. The Expense section summarizes the following by description: sales taxes deductions and miscellaneous charges. Header section 1. Income and Expense Summary 2. Name and address 3. Contract information 4. Payment controller This indicates which part of the statement you are looking at and the period to which the statement applies. Your name and mailing address. Contract information associated with the selling code including: the group office with which you are associated your branch your contract type and your status This indicates the payment controller to which the income and expense summary applies. Income summary details 5. Income Shows the type of income 6. Description Provides the product type or description 7. Last Name, First Name and Selling Code 8. Period Amount ($) 9. Adjusted month Amount ($) 10. Year to Date Amount ($) These sections provide the advisor s name and selling code. The income amount for the current period The income amount for the adjusted month The amount earned year to date. The year-to-date information in the summary is for the calendar year. 9

10 11. Subtotal Subtotals are provided for each income type. 12. Income Grand Total A grand total is provided at the end of the income section. Expense summary details 13. Expense Shows the type of expense 14. Description Provides a description of the expense 15. Last Name, First Name and Selling Code 16. Period Amount ($) 17. Adjusted month Amount ($) 18. Year to Date Amount ($) These sections provide the advisor s name and selling code. The expense amount for the current period The expense amount for the adjusted month The expense amount year-to-date. The year-to-date information in the summary is for the calendar year. 19. Subtotal Subtotals are provided for each expense type. 20. Income Grand Total A grand total is provided at the end of the expense section. 10

11 Statements Selling Code specific detail page This page includes: Details of financial activity by product line Statement and year to-date totals for all activity associated with the selling code for that statement period Life/Living Benefits Sales Credit totals year to date only Header section 1. Compensation Statement This indicates which part of the statement you are looking at and the period to which the statement applies. 2. Name and address 3. Contract information 4. Payment controller Your name and mailing address. Contract information associated with the selling code including: the group office with which you are associated your branch your contract type and your status Identifies the payment controller to which the selling code is associated. This payment controller line is repeated at the top of all detail pages. Details banner 5. From/To Producer Indicates selling code related to the transaction. This shows on both statements for the To producer and for the From producer. 6. Client Name The name of the policyholder 7. Policy # The policy number for which the commission was generated 8. Acct/ Fund # Account is a secondary code defining the policy number. 9. Product Refers to the plan type 10. Prem # / Mode / Date 11. Transaction Type 12. Compensation Base $ Premium number and Mode are not applicable to Group. Date is the day the transaction was processed. Describes the type of financial activity. Any taxes applied to these transactions will be totaled under the appropriate acronym, [e.g. GST, HST, TVQ and / or PST. (See Appendix A for details about transaction types.)] Represents the basis used to calculate the compensation amount. 13. Split % Not applicable to Group Benefits or Group Savings and Retirement 11

12 14. Share % If business is split between more than one selling code, your share percentage will be indicated here. 15. Rate % Rate used to calculate the compensation amount. 16. Compensation Amount $ Dollar amount of commissions earned. 17. Balance $ A running total of the compensation for this statement period. Details section 18. Balance Forward Balance amount carried forward from the last time a statement was generated. If your account is in a debit position, the debit amount is reflected in the Balance Forward column. 19. Detailed statement activity section 20. Summary for Selling Code Includes all activity associated with the selling code for that statement period. Sub-headings are used for each type of compensation, such as First Year Commission. Within each sub-heading is a breakdown of the product groupings, such as Group Benefits or Group Savings and Retirement, for ease of reading. The summary box shows totals for this selling code. 12

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20 Appendix A transaction types Some transactions used on the Agency system have been combined for ease of processing. Fasat Compensation Statement Description Agency Compensation Statement Description GST HST TVQ PST (System limits this reporting field to 14 characters) Branch Services BRANCH SERVICE FEES Yes No Branch Services COURIER SERVICE No No Branch Services POSTAGE No No Branch Services SUNDRY EXPENSE No No Comp. Chq. Fee FEE FOR CHEQUE Yes No Comp. Chq. Fee FEE FOR CHQ. Yes No Court Order GARNISHMENT No No Crt Ord Adjustment GARNISHMENT No No Crt Ord Arrears GARNISHMENT No No Debit Bal. Int. INTEREST CHARGES-DEBIT BAL No No Family Support GARNISHMENT No No Family Sup Adj GARNISHMENT No No Family Sup Arrears GARNISHMENT No No Gr Bonus Grwth GROUP BENEFITS BONUS - GROWTH No No Gr Bonus Sale GROUP BENEFITS BONUS - NEW SALES No No Gr Pen Bonus PENSION BONUS No No Group Life Ins GROUP LIFE INS No No GST GST ON FEES No No HST HST ON FEES No No Revenue Can Adj GARNISHMENT No No Revenue Can Instal GARNISHMENT No No Revenue Can Pymt GARNISHMENT No No 20