Brokerage business in community banks and credit unions fell to $17,415 per advisor in August, down 6% from the average for August 2005.
Kehrer-LIMRA, a unit of LIMRA International, Windsor, Conn., has included trailer and advisory fees in those figures.
Excluding trailer and advisory fees, average revenue per advisor fell 10%, to $14,877.
“We found a striking shift in revenue mix away from higher-margin variable annuities,” says Lynn Niedermeier, president of Invest Financial Corp., Tampa, Fla., which sponsors the survey.
Variable annuities accounted for a 28% share of brokerage revenue in community institutions in August, down from a 32% share in July, Niedermeier says.
Invest is a broker-dealer unit of Jackson National Life Insurance Company, Lansing, Mich., a subsidiary of Prudential P.L.C., London.