Despite the challenges of selling in the summer months, bank reps’ commission-only productivity slipped only 3% in July, from $15,253 to $14,738, according the Bank Insurance and Securities Association’s latest Monthly Productivity Report.
Reps earning fee plus commission actually grew their production, up almost 14% in July to $28,868 from $25,361 in June, but Scott Stathis, Kehrer-LIMRA’s managing director and chief operating officer, said it could have been better. “July’s fee and commissions revenue was disappointing since it is a month when quarterly asset management fees are collected,” he explained. May, October and January are the other months when fees. “The bump in normal times for a fee collection month would be about 30%, so the 14% is half of what it should be.”
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access