Banks and credit unions looking to increase revenue from their investment and insurance business should consider hiring more advisors even though existing advisors might not welcome such a move. That’s the main recommendation in PrimeVest’s latest white paper on growing investment programs.
According to the white paper, the average financial institution investment services unit deploys one advisor for every 16,188 client households, generating per household revenue of $23.83 for the institution. But banks could do far better simply by reducing the size of advisors’ territories, the report found. For example, banks that assigned less than 7,762 households per advisor generated $84.64 in revenue.
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