Insights | 07.29.22
Monthly Industry Benchmarking Reports
Produced by Stathis Partners and powered by LPL Financial and Infinex Financial Group, the Monthly Benchmarking Reports are available exclusively for BISA members. Through monthly industry insights, BISA provides members valuable data on the banking and insurance industry to better understand trends that can impact their businesses. Find the latest benchmarking report below, or read reports from past months.
Newest Report Released:
High-Level Summary of the June 2022 Monthly Benchmarking Report
Financial Advice Is Recession Proof
Despite or more likely due to heat waves, inflation and market volatility, financial advisors at banks and credit unions are being sought out to provide more value to their clients this year than ever before.
Deposit and household revenue penetration on a quarterly basis show single digit growth over 2021, while our monthly average total FC revenue has shot up 10% over the first six months of last year. In addition, our year-to-date cumulative total FC revenue swelled to over $290,000 per representative, a good 10% above last year's banner production.
The element of surprise was quashed long ago: managed money fees are raising the roof. On a monthly basis, as June is the third month in the quarter, we're not seeing a monthly peak. However, year-over-year managed money fees have soared 15% over June 2021.
Second quarter transactional revenue penetration plummeted 18% compared to a year ago and sank 9% compared to Q1. The small beacon of hope in fixed annuity growth (notably up 33% from a year ago) did little to mitigate this departure.
According to our 2021-2022 Annual Study, fixed annuities were riding high at 25% of total revenue in 2016 and have since been dwarfed by other Wealth Management Solutions.
Recent Benchmarking Reports:
Full results of the Benchmarking Reports are available to BISA members only. Learn more about membership on the BISA website or by emailing us at: firstname.lastname@example.org.