Financial services firms can learn a lot about going with the flow of an undulating economy: Bank brokerages have been quietly riding the waves of economic fluctuations like veteran California surfers who know how to skim the crest and avoid the dangerous undertow.
According to new research by the Bank Insurance & Securities Association and Kenneth Kehrer Associates, bank broker-dealer profit rose a surprising 16% in 2002 on the strength of fixed- and variable-annuity sales, as reps exploited conservative investor attitudes nurtured by the third year of an economic downturn. Moreover, revenue rose 3% to $2,122 per $1 million of retail deposits, compared to the …
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