Bank advisors slacked off in November.
According to the most recent Bank Insurance and Securities Research Association's Monthly Bank Investment Services Monitor, bank advisors produced an average of $32,888 in revenue in November of 2014, down 16% from $39, 199 the previous month. The revenue included both managed money and trailers, or fee-based business, as well as transactional, or commission-based, business.
"While November is traditionally a slow month for the industry, this productivity decline was more dramatic than anticipated across all categories," Betty Moon, BISRA managing director, said in a statement.
That said, the decline in bank advisor productivity year-over-year was less precipitous, falling just 1%.
In November, advisors produced an average of $12,230 in transactional business, a 16% drop from $14,566 produced by the average advisor in October. Transactional business was also down 16% from a year ago, BISRA said.
"BISRA research shows that average monthly transactional productivity has remained above $14,000 since 2000," Moon said.
Annuity sales represented 37% of all revenue, markedly down from 2009 when annuity sales made up half of all revenue, according to BISRA data.
The productivity of platform bank representatives also slipped in November. The average platform licensed banker produced $921 in revenue, down 7% from $988 in October and down 10% year-over-year.
The report is based on data from 5,800 full-time financial advisors representing 35 banking institutions.
