This year brought an altered compensation package for Ivy Funds' wholesalers. Previously, wholesalers' compensation consisted of base salary and override. This year, in addition to those two, Ivy is tying compensation to a bonus program, said Brad Ross
, executive vice president
and national sales director at Ivy Funds Distributor
"About 20 to 30 percent is tied to the bonus program," Ross said.
The program takes into account three factors: product diversification,
territory management and whether a wholesaler hit his or her goal.
"When we sat down to structure our compensation package for this year,
the world was falling apart," Ross said. "We didn't know how the market will do
in 2009." The structure, he added, enables Ivy to "smooth out the choppiness" in the market.
"We want them to look at their territories the same way we look at P&L
as a firm," he added.
Asked whether Ivy will adopt the structure beyond 2009, Ross said it will
serve as a "framework" for the future.
Stay ahead of the news ... Sign up for our email alerts now