Since the cyber incident occurred at the end of last year, we implemented a temporary process to estimate adviser commissions based on their total October 2022 commission received, which included upfront commission, claw backs and renewals.
However, this does mean that in some instances we have been overpaying commissions. While mostly small at an individual level, it is collectively a significant sum and it is not financially sustainable for Accuro to continue over-paying monthly commissions as we have been.
We are therefore changing the estimated commission that advisers receive each month. This new calculation will still be based on adviser's October renewal commission but will now exclude more variable factors such as claw backs and upfront commission that may been have received that month.
We have begun work to calculate and resolve any commission owed or owing.
If you have any concerns about these changes, please do not hesitate to contact your Accuro Relationship Manager.