The Bank Insurance and Securities Association announced that its BISA-Singer's Bank Brokerage Index dropped 1% in the third quarter from the second quarter, to 119.
The index, which was released last week, is based on quarterly brokerage revenue at 20 banking companies with retail investment programs, the trade group said.
Despite the decline, the third-quarter index rose 5% from a year earlier and was 19% above its baseline set when the index was established in the first quarter of 2007, the trade group said.
In its report, the BISA said its members divide their brokerage revenue into annuities and securities sales as reported to the Federal Deposit Insurance Corp.
Annuities sales now make up 58% of the BISA's brokerage results — the highest percentage in the index's history.