(April 3 – 19:00 ET) – Winnipeg-based fund giant Investors Group Inc. is recruiting fewer reps but retaining more experienced ones, according to its just-released annual report for 1999.
At the end of 1999, IG had 3,626 reps down from 3,774 a year earlier, a fact it attributes to “a more difficult environment in which to attract qualified recruits.” The number of reps with four years service at the firm is up to 57% from 52.6% in 1998.
IG redesigned its representative compensation and training programs in 1999. “These programs were re-aligned to meet the key strategic objectives of client service, sales force growth and productivity and asset retention,” says the report. Furthermore, rep compensation “is designed to encourage a balance of sales and service activities.”
IG says that it will require new recruits to obtain their Certified Financial Planner designation by the end of their fifth year with the firm.
IG reports that rep productivity is increasing. It reports that mutual fund assets per rep grew 15% in 1999 to $11.1 million, it highest ever level. Although the number of reps fell 4%. IG’s net income grew 25% in the year.
-IE Staff