Carrick Wealth pioneers Departure Enrichment Agreement for advisers

Craig Featherby

Carrick Wealth today announced its pioneering Departure Enrichment Agreement (DEA), a programme that it believes would benefit the financial services sector.

Carrick Wealth Chief Executive Officer Craig Featherby said the company was constantly looking for innovative ways of attracting and retaining the best people in the business. In addition, he said Carrick wanted to raise the benchmark for the industry in general by setting employment standards and offerings that were mutually beneficial to the employer and the employee — and ultimately the client.

“As a company we recognize excellence, but more importantly we identify the need to recognize and reward the very individuals who have assisted and will continue to assist the development of this business,” said Featherby.

Carrick Wealth Managing Director Greg Stockton said that one of the biggest challenges facing the sector was attracting top talent, and that remuneration structures were a crucial part of the solution. He pointed out that currently a lot of advisers relied on an upfront commission structure, which focused on the here-and-now, rather than their future income.

“The DEA creates an opportunity for our advisers to build an exit strategy so that, when they do eventually decide to “call time” (be that of the industry or Carrick), there is a lump sum payment and an annuity income for a period of time.”

Stockton explained that the scheme lays out provisions in the terms and conditions of the adviser’s employment contract, which if met, would result in Carrick applying the DEA. It allows for more freedom of choice and, more importantly, having something of value in hand when they choose to exit.

“This is a first for the industry, and one which we are proud to be pioneering,” he said.

“At Carrick, we are obsessed with thinking about the future. It’s what our clients expect of us. We also believe is important for potential employees to think about their future when it comes to making a decision to join our team.”

Featherby added that while Carrick believed that this offer would enhance its efforts in attracting the best people to the sector, the scheme was also in the best interest of the clients.

“Being able to recruit and retain the best advisers goes to the heart of our philosophy of building long-lasting and durable relationships with our clients,” he said. “We remain committed to changing the face of financial services, and the Board believes the Carrick Departure Enrichment Agreement is just one part of this on-going mission.”



Latest


21 Sep 2020
Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the…

Women are lagging in retirement savings and are debilitated by stress

In a recent study of their client base, Momentum Corporate revealed that almost half (41%) of the employees on the FundsAtWork Umbrella Funds are women. With an almost 50/50 gender split across the client base, a one-size-fits-all approach to advice on employee benefits simply won’t cut it. This is according…

15 Sep 2020
Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors…

Despite COVID-19, SA investors expect higher future returns

Even as COVID-19 halted the longest economic expansion on record and plunged the world into deep recession, South African investors expect to make an average annual total return of 12.67% – almost 2% higher than the global average predicted returns of 10.9%. This was revealed in the recently released Schroders’…

15 Sep 2020
Are cryptocurrencies here to stay?

The recent news that cryptocurrency giant, Digital Currency Group, has acquired cryptocurrency exchange company, Luno, has once again highlighted the…

Are cryptocurrencies here to stay?

The recent news that cryptocurrency giant, Digital Currency Group, has acquired cryptocurrency exchange company, Luno, has once again highlighted the rise of cryptocurrencies as a possible alternative to the current global financial system. According to Old Mutual Investment Group Director of Investments, Hywel George, Bitcoin, as well as a number…

10 Sep 2020
How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key…

How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key that dubbed America “The land of the free”, which stuck, to the unforgettable Mel Gibson monologue where an army of painted Scots were willing to trade their lives for the…


Top stories


10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.

11 Apr 2020
Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the…

Finding investment opportunities among the many COVID-19 risks

With many countries around the world in lockdown as they try to contain the spread of the COVID-19 virus, the global economy is facing an unprecedented situation of balancing health against financial livelihoods.


Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za