Wholesalers Saw Substantial Pay Increase Last Year:Fund Sales Managers Gain Larger Cash Packages
Financial industry wholesalers got an average pay boost of 10.6% last year, despite the fact that global markets began to unravel during the fourth quarter of 2000, according to a study released today.
The study, conducted by a Vermont executive recruiter called DGL Consultants, found that mutual fund sales managers garner substantially larger cash compensation packages, by at least 14% and as much as 32%, than the other financial industry wholesalers who were surveyed.
In addition, wholesalers serving the wire house channel averaged the highest compensation guarantees last year. And wholesalers employed by firms with more than $100 billion in assets got an average 9% to 50% more incentive pay, the study found.
The survey, known as the 2000-2001 Sales Compensation Survey & Analysis, is based on data from more than 200 companies that distribute mutual funds, annuities, retirement services and managed money investment products through financial intermediaries.