Retail broker production and pay hit yet another record high in 2000--the sixth consecutive year of higher commissions, fees and earnings, according to the Securities Industry Association’s Report on Production and Earnings of Registered Representatives.
Median gross commissions and fees increased 4.4% from $350,566 to $366,042, and median total earnings rose 8.8% from $129,325 to $140,744, according to data released Aug. 6.
The SIA also says fee-based products accounted for a fifth of retail reps’ total revenue, rising from 18.2% to 20.1% of production.
Other survey highlights:
· RR turnover was 14.3%; average length of time working at their current firms was eight years.
· Average gross commissions and fees for retail reps increased 6.7% from 1999’s $455,004 to $485,478. Average total earnings rose 9.6% from 1999’s $182,238 to $199,804.
· The average and median payout rates in 2000 were 37.6% and 36%, respectively.
Editor's note: For any comments regarding this article, or to suggest a story idea for RR Online or Registered Representative magazine, contact Editor in Chief Dan Jamieson at [email protected], Online Editor Rick Weinberg at [email protected], Online Managing Editor Cheryl Cooper at [email protected] or Senior Editor Michael Hayes at [email protected]