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AVERAGE EARNINGS OF RETAIL BROKERS ROSE TO RECORD IN 1991, SIA SURVEY SHOWS; INSTITUTIONAL BROKER EARNINGS ALSO ADVANCED

 AVERAGE EARNINGS OF RETAIL BROKERS ROSE TO RECORD IN 1991,
 SIA SURVEY SHOWS; INSTITUTIONAL BROKER EARNINGS ALSO ADVANCED
 /ADVANCE/ NEW YORK, July 14 /PRNewswire/ -- Average earnings of retail securities brokers in the United States rose 24.3 percent to a record $98,401 in 1991 from $79,169 in 1990, the Securities Industry Association said Wednesday in a summary of its annual "Report on Production and Earnings of RRs in 1991."
 Institutional broker earnings rose 43.6 percent to $238,829 in 1991 from $166,335 in 1990, the summary showed.
 The increase in retail broker earnings was the third in a row. In 1988, earnings declined to $71,309 from $93,959 in 1987. In 1989 earnings totaled $78,711. The previous record was $97,100 in 1986, SIA said. Retail brokers primarily serve individual investors.
 The gain in institutional broker average earnings was the second consecutive. In 1989 their earnings declined to $165,730 from the record $244,495 in 1988.
 Earnings of most registered representatives are based primarily on commissions generated by transactions.
 In 1991, the Dow Jones Industrial Average rose 20.3 percent, and the Standard & Poor's 500 stock index increased 26.3 percent.
 "The year 1991 was terrific for investors as well as an extraordinarily active one for securities markets. In turn and understandably, the average securities broker also had a wonderful year," Adrian L. Banky, executive vice president, said.
 Average gross production for retail brokers rose 23.4 percent in 1991 to a record $258,493 from $209,406 in 1990. The gain was the first since 1989, when it averaged $214,691. The previous record was $246,466 in 1987.
 Average gross production for institutional brokers rose 19.9 percent to a peak $1,541,961 from $1,285,718 in 1990. The gain was the first since 1987, when it rose to $1,325,322, the previous record, from $1,094,159 in 1986.
 The 1991 survey covered 62 SIA member firms, employing a combined 42,271 brokers. The 1990 survey covered 57 firms, employing 35,000 brokers. At the beginning of 1991 there were more than 82,000 brokers working for all SIA member firms.
 The production and earnings study is one of several non-public studies SIA conducts from time-to-time which use proprietary material and on which only summary information is released generally, the Association said.
 SIA is the securities industry's trade association, representing the business interests of more than 600 securities brokerage and investment banking firms in the U.S. and Canada. Collectively, they account for more than 90 percent of securities activity in North America.
 -0- 7/15/92
 /CONTACT: Art Samansky or Karen San Antonio of Securities Industries Association, 212-608-1500/ CO: Securities Industry Association ST: New York


IN: FIN SU: ECO

PS-OS -- NY062 -- 9135 07/14/92 13:03 EDT
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Date:Jul 14, 1992
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