Bank brokerage program managers in the largest banks make around 33% more than the average compensation for bank brokerage managers, a new survey finds.[@@]
Program managers in institutions with $15 billion or more in retail deposits averaged $388,125 in total annual compensation in 2005, according to the study by the Bank Insurance Market Research Group, well up from the $342,857 average found in BIMRG’s 2003 study.
By contrast, program managers’ compensation in all institutions (large and small) last year was $228,030.
BIMRG’s 2005 Bank Brokerage and Insurance Compensation Study surveyed 34 banks with active brokerage programs between March and July. BIMRG conducts the survey every other year.
Among other highlights:
== Fewer institutions are paying their dedicated investment sales specialists a base salary. BIMRG found 44% of participating banks paid their sales specialists (also called financial consultants or brokers) no base salary at all, compared with 23% in its 2003 study.
== 50% reported their sales specialists averaged $100,000 or more in total compensation in the most recent 12 months. The median compensation for bank brokers was $97,500, up 5% from $92,500 in 2003.
== Investment sales specialists at 9 banks averaged $125,000 or more in annual compensation. The leader was a very large Southern bank, whose 205 investment reps averaged $180,000.
== 68% of institutions reported bank platform sale of annuities and 35% sales of mutual funds.