Retail broker production and pay hit another record high in 1999--a fifth year of consecutively larger numbers.
Data released in August by the SIA show that reps' median gross commissions and fees increased 4.8 percent from 334,397 dollars in 1998 to 350,566 dollars in 1999. Median W-2 earnings increased 3.9 percent to 121,448 dollars.
The average, or mean, gross production grew 5.8 percent to 430,072 dollars, while average W-2 earnings rose 3 percent to 173,850 dollars.
Here are other highlights from the SIA's annual production and earnings report:
* The average retail branch had 15.4 reps and 6.4 sales assistants, and brought in 6.4 million dollars in gross revenue in 1999.
* Almost half (46.2 percent) of the reps working for the surveyed firms had been in the industry 10 years or more.
* Broker turnover was 14 percent in 1999. Average length of service at the current firm was 7.9 years.
Data is based on responses from 46 SIA member firms, which collectively employ 53,000 retail reps.