PRINCETON, N.J. Broker productivity through banks decreased 4.5% in September, according to the Bank Securities Associations monthly benchmark survey issued by Kenneth Kehrer & Associates of Princeton.
The survey, released Tuesday, said mutual fund and annuity product sales at banks in September declined from August levels. Broker productivity, as measured by commissions, was $23,825, against Augusts $24,940. Productivity of licensed bankers bank employees who sell investment products along with banking products fell 7.4%, to $1,828.
Long-term fund sales as reported by the Investment Company Institute fell 3.4% between July and August.
The Kehrer surveys September index of bank broker-dealer revenue rose 8 points, to 130, indicating that revenues generated by investment programs per $1 million of retail deposits have risen 30% since 1998 and 6.1% since August.
Mr. Kehrer said banks hiring of more brokers is the reason securities sales at typical banks rose but broker productivity dropped.
Compiled by Matt Ackermann