Bank rep performance stayed relatively flat in September at $26,076, including fees and commissions, down slightly from $26,786 in August, according to the Bank Insurance and Securities Association’s latest Monthly Productivity Benchmark.
“Bank reps did pretty much the same,” confirmed Janet Cappelletti, associate research director at Kehrer-LIMRA, which compiles the data for BISA. While that’s not bad news, October’s figures should see a bump from quarterly fees, she said.
Bank reps’ sales of fixed annuities fell from $1.5 billion in August to $1.3 billion in September. Variable annuity sales didn’t change, at $1.5 billion, but mutual fund sales through banks increased 6% to $5.3 billion. “The mix changed somewhat,” Cappelletti noted. “VAs and mutual funds trended together, while fixed annuities went the other way.” However, she added, “ideally they’d all increase.”