Bank rep productivity stayed flat in June at $25,361 combined fees and commissions, down slightly from $25,915 in May, according to the Bank Insurance and Securities Association’s Monthly Productivity Report.
Scott Stathis, chief operating officer and managing director of Kehrer-LIMRA, which gathers the data for BISA, is pleasantly surprised. “I thought June would fall through the floor, especially with fixed rates so low,” he says. “But reps maintained their production pretty impressively.”
It wasn’t easy. Variable annuity sales were down 26% in June and fixed annuity sales were down too. But recurring revenue saved the day, growing by 32% overall, which made up the ground annuities lost.
Stathis puts this impressive bump in fee revenue down to a combination of a growth in the value of the underlying assets under management and bank reps’ growing experience selling fee-based products. Bank rep production excluding fees was $15,253.