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September 09, 2014 at 09:34 AM
Average total revenue generated by bank – and credit union – affiliated financial advisors hit a record high in 2013, according to new research.
BISRA discloses this finding in its annual Benchmarking Study, which analyzes the performance of the investments and life insurance programs in banks and credit unions, based on aggregated data from 2013. This year’s report contains 100 performance metrics, including new metrics to gauge the program’s success based household penetration and fee-based sales performance.
The industry average for program revenue per bank household rose 20 percent year-over-year. The research also shows that brokers in financial institutions are successfully narrowing their focus to client prospects who fit their target market, thereby generating more business opportunities.
“This allows for deeper relationships leading to greater share of wallet and access to outside assets,” says BISRA Head of Research Janet Cappelletti.
The number of bank households per rep, the report adds, shrank 33 percent since 2010. Average assets under management per broker rose 35 percent in the same period.
