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Brokerage Managers At Big Banks Do Better

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The largest financial institutions are being more generous with brokerage unit executives than typical financial institutions are.

Average compensation for brokerage managers at financial institutions with more than $15 billion in assets has increased 5.8% over the past 2 years, to about $411,000, according to a study written by Andrew Singer and distributed by the Bank Insurance Market Research Group, Mamaroneck, N.Y.

Average compensation for brokerage managers at all financial institutions fell 7.8% over the same period, to about $210,000, Singer writes.

Average compensation was about $378,000 for managers of bank brokerage programs with at least $10 million in brokerage revenue and about $176,000 at programs with less than $10 million in brokerage revenue.

Dedicated Series 7-licensed brokers in banks earned a median income of $100,000, up 3% from $97,500 in 2005.