The American Bankers Association is working on an extensive survey to help it sketch a portrait of bank brokerage operations.
The banking industry's lead trade organization this week is sending out questionnaires to more than 4,000 commercial banks, thrifts, and credit unions.
Among the topics the survey covers are the profitability of these units, compliance, and training procedures, as well as the compensation structures for investment representatives.
"The ABA is making a declaration that banks are in this for good. This is not a flash in the pan," said Alan Leach, president of the brokerage at Deposit Guaranty Corp., Jackson, Miss. "We need a benchmark study done by banks for banks."
The ABA said it will release preliminary results in January.
The trade group's members have demanded a comprehensive study that will help them gauge the success of their programs, said Sarah Miller, general counsel for the trade group's affiliated Securities Association.
She added that the trade group wanted concrete data that it can refer to for its lobbying efforts. "There is a need for independent, unbiased data out there," Ms. Miller said.
The securities association is conducting the survey in conjunction with American Brokerage Consultants Inc., St. Petersburg, Fla., a bank consulting firm that developed the questionnaire.
A significant portion of the survey is devoted to seeking opinions from bankers about the breadth and quality of services provided by mutual fund companies, insurance companies, and firms that supply brokers to banks or market various investment products.
Human Capital Resources Inc., a consulting and placement firm in Clearwater, Fla., is compiling data for a study of sales representatives at mutual fund and insurance companies.
Expected to be completed by yearend, the study will show the levels of compensation received by sales representatives, known as "wholesalers."
"The wholesalers themselves want to know more about their peers' compensation and job responsibilities," said Paul Werlin, Human Capital's president.
