Operations Memo

OM_2022-08; Changes to Commission Payroll Schedule

For more information, contact:

Advisor Services Team

Date Issued:

August 12, 2022

As you know, we have been running commission payroll every second Friday. Prior to the elimination of the DSC, we would receive DSC commissions on a weekly basis, with most service/trailer fee commissions being received monthly from the mutual fund companies.

With the elimination of the DSC purchase option, these commissions are no longer generated, resulting in one commission payroll cycle having little or no commission while the next will reflect the service/trailer fee commission.

To provide a more consistent flow of commission, we have elected to change the Commission Payroll Schedule to run on the 15th and 30th of each month. In this way, commissions paid on the 15th will capture most of the monthly service/trailer fee commissions from embedded investment products and commissions paid on the 30th of the month will capture the advisory fees collected on Signature Service Accounts.

This change will take effect on September 15, 2022. Leading up to the September 15th transition, you will receive commissions on Friday August 19, 2022 and Friday September 2, 2022 and then on the 15th and 30th thereafter.

As always, if you have questions or comments, contact the Advisor Services Department by email at advisorservices@gpwealth.ca.