The increases in compensation for individuals who sell wholesale investment products nearly doubled from 2002 to 2003, according to a recent survey.
DGL Consultants 2003-2004 Sales Compensation Survey & Analysis showed that after a 3% increase in cash compensation in 2002, compensation jumped 5.9% in 2003 for firms that sell investment products like annuities, mutual funds and retirement services.
The survey, which was DGLs 10 th annual, showed that those selling managed money products felt the biggest increase in pay at 7%.
Wholesalers already sitting in the 75 th percentile felt an increase of 9.1%, while wholesaler incentive compensation rose 8.6%. Annuity wholesalers from banks earned an average of $169,300 in 2003.
"The objective of this survey is to provide a frame of reference for evaluating any elements or segments of the total sales compensation package," said DGL President Don Lariviere.