NU Online News Service, Feb. 17, 2004, 4:32 p.m. EST – Bank broker-dealers ran into turbulence in the fourth quarter of 2003.[@@]
The stock market did great last year, but registered representatives at bank broker-dealers generated 7% less commission revenue during the latest quarter than they generated during the fourth quarter of 2002, according to the Bank Insurance and Securities Association, Wayne, Pa.
Average commission revenue for investment reps who hold Series 7 retail licenses and work full time in banks fell to $21,990 per month, from $23,740. Fourth-quarter production was also down 6% from the total for the third quarter.
Licensed bankers averaged $1,820 in monthly gross commissions, down 3%, BISA reports.
BISA based the quarterly survey report on data collected by researchers at Kenneth Kehrer Associates, Princeton, N.J. AXA Distributors, New York, sponsored the survey.
Earlier in 2003, bank customers seemed to be shifting toward variable annuities and away from fixed annuities.