I believe it is.
Two years ago, TD caused all of their commission grid payout to be adjusted. If you were a salesman for TD Wealth Management, and you did not produce more than $2,000 a day in fees or commissions, your pay would be cut by 60%.
This is the kind of thing that happened in the last two years to every employee of the wealth management division. My recollection of the policy—and it's online or it's available; it's a public policy—is, “Okay, guys, you either produce over $2,000 a day...”. I'm paraphrasing. I think $400,000 was the annual fee or commission generation required to be at a certain level of payout. Anybody below that is old fruit. You're ready for the grave. “Your fees, your commissions are cut? Sorry, your payout is cut 60% from what it used to be.”
Just last year, two or three people I know in my community in Scotia were unceremoniously met at the office at 8 a.m. and told they no longer had jobs, because they were people who weren't producing a minimum of $500,000. That was the level across Canada. I don't know how many, but I'm told it was between 50 and 100 people across Canada at Scotia. Again, I don't have the details on this, except for knowing of the three individuals in my community who weren't producing $500,000 and were let go.