At Discovery Bank we pride ourselves in offering our clients products, benefits and rewards that are some of the best on the market. And we want you to feel equally motivated and rewarded for selling these innovative products. That is why we have introduced a new remuneration structure all Discovery Life accredited financial advisers can benefit from.
We have launched a new remuneration structure for selling accounts to existing or new Discovery Life clients. This new structure is applicable in cases where a client joins Discovery Bank with a qualifying Discovery Bank account linked to a Discovery Bank Integrator, as an addition to their existing or new Discovery Life policy.
Criteria for receiving the Discovery Bank activation fee
You will be eligible for the activation fee based on whether the following three criteria are met:
- Your client must sign up for the Bank integrator on a new or existing Discovery Life policy.
- Your client must sign up for one of the following qualifying Discovery Bank products:
- A Discovery Bank Gold, Platinum or Black Transaction Account (with Bundled fees);
- A Discovery Bank Gold, Platinum or Black Card Account; or
- A Discovery Bank Gold, Platinum, Black or Purple Suite.
- Your client must open their bank account and activate their Discovery Bank card within 21 days of the Bank Integrator sale.
Important
Applying for a new Discovery Life policy
- The financial adviser submits a Bank Integrator application with a new Discovery Life policy.
- The client begins the onboarding journey by opening their primary Discovery Bank account using the Discovery Bank app.
Servicing an existing Discovery Life policy
- The client begins the onboarding journey by opening their primary Discovery Bank account using the Discovery Bank app.
- A financial adviser then activates the Bank Integrator when servicing the client's existing Discovery Life policy.
Activation
The client must receive and activate their Discovery Bank card in the qualifying period:
- Servicing an existing Discovery Life policy: Within the 21 days before activating the Bank Integrator.
- Application for a Bank Integrator on a new Discovery Life policy: Within 21 days after the application.
The payment structure for the activation fee
If the above criteria are met, the payment of the activation fee will be paid as follows:
- 50% of the activation fee is paid upfront when your client receives and activates their Discovery Bank card.
- 50% of the activation fee is paid to you six months after the card is activated, provided:
- Your client’s accounts are in good standing.
- Your client has a minimum qualifying spend of R1000 per month.
- Your client’s Discovery Life policy and Bank Integrator are both active.
Plus, you will earn a Vitality Money booster fee, if your client has a Discovery Bank credit card or Discovery Bank Suite and is on Vitality Money Diamond status at the time of the second payment.
Accessing the Remuneration Manual
For more information on commission and remuneration structures, please familiarise yourself with the Discovery Bank Remuneration manual. The manual is available under Marketing Support on the Financial Adviser Zone (FAZ).
Please note, you must be accredited to sell Discovery Life policies to qualify for this remuneration structure.
Need more information or support?
If you require any further support or information, please contact your Partner Relationship Manager (PRM) directly. If you do not know who your PRM is, simply email distributionsupport@discovery.bank and your relationship manager will get in touch as soon as possible.