Commissions
At MMLIS, we offer a competitive compensation program that is based on a progressive commission schedule, as well as fees for CRIA asset management programs and financial planning services. MMLIS commission closings occur on the Friday preceding the first and third Tuesday of the month. The commission payments include business submitted and processed by the close of business on that Friday. This schedule provides additional time to ensure that the commission statements accurately reflect commission activity.
The commission statement is an easy-to-read report that is available through the MMLIS Workbench. It is published on the Wednesday following the commission close, allowing you to view the statement before payment is distributed. Please refer to the MMLIS Commission Schedule (PDF) for details.
The commission statement is broken into 3 sections providing a commission summary, commission details, and fees and adjustments. For your convenience, this report can be downloaded as either a PDF or Microsoft Excel spreadsheet helping you to better manage your practice. For more information on MMLIS Commissions, click the button below.
Responsibilities of registered reps involved in split business
Regardless of the role designated for a particular rep, each rep is responsible for all actions that he or she takes directly with respect to an account. This includes, for example, responsibility for any transactions placed or recommendations made by that rep and responsibility for the accuracy and appropriateness of information contained in any form signed by and/or submitted by that rep on behalf of an account. Each rep is also generally responsible for the account, including managing the escalation of any account issues they become aware of.
If an alternative arrangement exists for a previously-established account, this information must be updated no later than the time any other update is made to the books and records information for the account. In an effort to avoid necessary updates at a later date, registered reps should review their Book of Business Report to determine if they have any accounts on record that should be reported as having an alternative servicing arrangement.
