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WINDSOR, Conn. Jan. 21, 2015— Total productivity of full-time bank financial advisors,  inclusive of recurring revenue,  plummeted 16 percent in November 2014, compared with prior month results ($39,199  to $32,888), according to the most recent Bank Insurance and Securities Research Association (BISRA) Monthly Bank Investment Services Monitor.

The study of 5800 full-time financial advisors representing 35 banking institutions found revenues for managed money, trailers and transactional business all fell. However, compared to November 2013 total productivity was down just 1 percent.

Average transactional productivity of full-time financial advisors dropped 16 percent to $12,230 in November and was also down 16 percent compared to a year ago.

“While November is traditionally a slow month for the industry, this productivity decline was more dramatic than anticipated across all categories,” said Dr. Betty Moon, CFP, BISRA managing director.  “In fact, BISRA research shows that average monthly transactional productivity has remained above $14,000 since 2000.”

Annuity sales, which made up half of all revenue in 2009, have fallen to represent only 37 percent of revenue in November 2014.  This may be attributed to the interest rate environment over this period of time.  Additionally banks today rely more heavily on recurring, rather than transactional, revenue.

Platform bank representatives monthly productivity slipped by 7 percent, down from $988 in October to $921 in November. A small gain for life insurance production was more than offset by falling production in remaining product categories. (See chart here)

Year-to-year November platform representative productivity was down 10 percent.

Bank Insurance and Securities Research Associates (BISRA) is a collaborative effort between the Bank Insurance and Securities Association (BISA) and LIMRA. Established in 2012, BISRA provides in-depth research and business intelligence in the banking and credit union space.  In addition to the research and other performance measurement and benchmarking tools, BISRA hosts a series of exclusive strategic summits for executives to learn about industry trends, share best practices, and discuss evolving issues, and current challenges.    For more information about the Executive Summits or to learn more about BISRA, please visit: www.bisra.com.

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LIMRA Media Contacts

Catherine Theroux, 860-285-7787, ctheroux@limra.com
Mark Morris, 860-285-7875, mmorris@limra.com

 

About BISRA 

Bank Insurance and Securities Research Associates (BISRA) is a collaborative effort between the Bank Insurance and Securities Association (BISA) and LIMRA. Established in 2012, BISRA provides in-depth research and business intelligence in the banking and credit union space.  In addition to the research and other performance measurement and benchmarking tools, BISRA hosts a series of exclusive strategic summits for executives to learn about industry trends, share best practices, and discuss evolving issues, and current challenges.    For more information about the Executive Summits or to learn more about BISRA, please visit: www.bisra.com.

 

 

About BISA

The Bank Insurance & Securities Association is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through the bank channel.

 

About LIMRA  

LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.

 

Media Contacts

Catherine Theroux

Director, Public Relations

Work Phone: (860) 285-7787

Mobile Phone: (703) 447-3257

ctheroux@limra.com

Brooke Lacey

Public Relations Specialist

Work Phone: (860) 298-3920

Mobile Phone: (413) 530-6184

blacey@limra.com