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 Associationâ€™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 repsâ€™ total revenue, rising from 18.2% to 20.1% of production.
Other survey highlights:
Â· RR turnover was 14.3%; average length of time working at their current firms was eight years.
Â· Average gross commissions and fees for retail reps increased 6.7% from 1999â€™s $455,004 to $485,478. Average total earnings rose 9.6% from 1999â€™s $182,238 to $199,804.
Â· The average and median payout rates in 2000 were 37.6% and 36%, respectively.
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