Sales by security brokerage units in community banks and credit union rose 3% in May from the total reported a year earlier, according a monthly survey by Kenneth Kehrer Associates.[@@]
Kehrer, Princeton, N.J., says an index it has developed to measure small banks’ brokerage sales productivity reached 116 in May, up from 113 in May 2004.
Kehrer set the index at 100 in 2002.
Although total community bank production was up, sales averaged just $18,098 per financial advisor in May, down 19% from the average of $22,314 recorded for May 2004, Kehrer says.