WealthManagement Magazine

Your World

Exclusive Registered Representative survey results provide the lay of broker land - experience, accounts, specialties, pay and more.Just who else inhabits Wall Street with you? Registered Representative conducted a survey to see. Our Reader Profile Study gathers the characteristics and career statistics of our broker subscribers.Nearly two-thirds of respondents describe their job function as a stockbroker.

Exclusive Registered Representative survey results provide the lay of broker land - experience, accounts, specialties, pay and more.

Just who else inhabits Wall Street with you? Registered Representative conducted a survey to see. Our Reader Profile Study gathers the characteristics and career statistics of our broker subscribers.

Nearly two-thirds of respondents describe their job function as a stockbroker. Another 14% are in management, but the majority of managers are still active producers. More than 80% of respondents are male. Their average age is 45.

Experience levels are high. The average respondent has been a rep for 13.2 years and has four licenses or designations. The most popular are Series 7 (92%), insurance license (53%), life and disability (46%), and Series 65 (45%).

Business Boom Gross production figures for RR subscribers show that half generated between $100,000 and $499,999 in the 12 months preceding the survey. One-quarter had production of $500,000 or more, while the remaining quarter produced $100,000 or less.

The estimated average total value of subscribers' accounts is $79 million, according to the survey.

At 35%, more than one-third have total accounts from $10 million to $49.9 million. Another 19% have accounts from $50 million to $99.9 million, and 12% have accounts of $100 million to $249.9 million.

Respondents serve an estimated average of 337 clients, but one-fourth of the group indicates they have 400 clients or more.

And it appears that most of those clients are still paying commissions. One-third of respondents say they receive all of their income from commissions, and 92% of respondents generate some income from commissions.

Those who charge fees are split almost evenly with those who don't. Just over half (51%) get some income from fees while 49% of respondents report having no fee income. Still, the vast majority at 89% expect the area of fee-based business to grow.

Specialties Abound, Rewards Aplenty Given the option, respondents list multiple specialties. The largest groups name mutual funds, individual stocks and retirement planning as their areas of expertise. Financial planning at 43% and fee business at 29% are the next most popular. Only 6% of those surveyed say they have no specialization.

Nearly all respondents follow or recommend at least one mutual fund. The estimated average number of funds followed is 13.

More than one-third of respondents report following or recommending more than 20 stocks, another third follow 11 to 20 stocks while 22% follow 1 to 10. About 11% say they don't watch any particular stocks. The estimated average number of stocks followed is 20.

Generally speaking, brokers are rewarded well for their efforts, according to the survey. Respondents have an estimated average income of $180,300 and an estimated average household net worth of $1,072,000.

Methodology: A survey was mailed to 1,000 Registered Representative subscribers in February 2000. A follow-up mailing was sent in March. Mailing and tabulation was conduced by Beta Research Corp., Syosset, N.Y. The response rate was 39% for a base of 386 surveys. Data analysis was completed in May 2000.

Brokers embrace the Web for research, communication.

At 94%, brokers enjoy almost universal access to the Internet, according to the Registered Representative Reader Profile Study. Those with access spend an average of 10.5 hours each week online.

Respondents say they use the Web predominantly for communication and research. Sending e-mail and studying investments online are vastly more popular than doing marketing campaigns electronically, for example. Two-thirds also report surfing the Internet for personal reasons. And 43% currently use or plan to use wireless technology to access the Internet.

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