Small and midsize banks say average gross brokerage revenue produced by their financial advisors fell 24% in January.[@@]
Community banks averaged $21,880 in trail commissions, managed money fees and other income per advisor in January, down from $28,796 in January 2004, according to Kenneth Kehrer Associates, Princeton, N.J.
But the average monthly gross of community bank financial advisors was still 31% above the low of $16,723 recorded in February 2003, says Lynn Niedermeier, president of Invest Financial Corp., Tampa, Fla., sponsor of the monthly survey.
The Kehrer-Invest index of community bank brokerage revenue stood at 115 in January, down from 121 a year earlier.