PRINCETON, N.J. — Broker productivity through banks decreased 4.5% in September, according to the Bank Securities Association’s 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 August’s $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 survey’s 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

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