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Quilter offers bonus for moving assets onto ‘matrix’
By Daniela Esnerova 7
th January 2021 7:00 am
Quilter offered an adviser joining the firm a bonus to move client assets onto its approved panel of products, court documents show.
During a dispute between a departing planner and the vertically-integrated wealth manager, evidence was provided that shows that Quilter offered a bonus estimated to amount to £5,000 in a year for moving clients to products on Quilter’s so called matrix – a panel consisting of Quilter in-house products and several third-party alternatives.
This was cross-examined by a High Court judge, and Quilter did not dispute the finding that it offered a “matrix bonus” of 0.065 per cent of moved clients’ assets into its Core Investment Proposition.