The rankings are based on the ratio of advisors’ production (their achievement) to the deposits in the branch or branches they cover (their opportunity). Top producing reps don’t necessarily rank higher, but we feel this is the fairest way to level the playing field between reps at mega-branches in huge metropolitan areas and advisors working small branches in rural communities.
A look at the numbers reveals some interesting results. Regionally, while Texas and Virginia both gave it a run for its money with four BIC Top 50 reps each,Florida beat out every other state with 10 advisors in the ranking, despite the state’s dire housing market.
That may have to do with its popularity among retirees. Colorado, Maryland, New York, Pennsylvania and Tennessee had three reps each in the ranking; Georgia, Kentucky, North Carolina, New Jersey and Washington had two; Arizona, California, Delaware, Indiana, Minnesota, Montana, Ohio and South Carolina had one.
(Keen-eyed readers who make that 51 reps, remember that the winner this year is actually a team of two!) Of all product categories, only managed accounts routinely represent more than half of an advisor’s book. This is true for almost one-fourth (22%) of advisors in this year’s BIC Top 50, and shows how far the industry has moved toward fee-based models. Most advisors don’t go above 50% in any one product category, but when they do, it’s usually in mutual funds. In fact, two advisors have 75% of their business in mutual funds! Outside that, one advisor has 65% of his book in bonds, one sells 64% variable annuities, another sells just over 50% in fixed annuities.
Most advisors have well-rounded product mixes. Some 92% sell mutual funds, and 90% sell variable annuities. Managed accounts are a close third: 84% of advisors sell them. Of the remaining categories, 80% of reps sell equities, 78% sell fixed annuities, 70% sell bonds/fixed income and 58% sell life insurance. Once again, join us in congratulating the winners of this year’s BIC Top 50 competition.
©2012 SourceMedia, Inc. and Bank Investment Consultant. All rights reserved. SourceMedia, One State Street Plaza, New York, N.Y. 10004 (800) 367-3989.
