2024 Study explores the prevalent compensation trends pertaining to insurance agents and brokers
WOODMERE, Ohio, May 13, 2024 /PRNewswire/ — MarshBerry, a global M&A advisory firm, serving the insurance brokerage and wealth management industries, has released its 2024 Insurance Agency & Brokerage Compensation Review.
MarshBerry has collected compensation data for this proprietary report for more than a decade, which provides in-depth insights into the compensation landscape along with unparalleled understanding and knowledge of remuneration structures.
According to John Wepler, MarshBerry Chairman & CEO, “Producer compensation and productivity are some of the most significant levers within an organization’s growth strategy. This study provides leading indicator data to help firms hone their compensation plans to accelerate growth. MarshBerry has gathered data in this area for more than ten years, which ensures the trends and perspectives reflect the expertise and opportunities to help brokerages differentiate themselves and stay relevant in this dynamic industry.”
The 2024 report contains data from 302 U.S. insurance agencies and brokers that participated in the Study with the average (mean) revenue size of firms in the dataset being $28 million. This one-of-a-kind industry report offers a comprehensive look at current compensation data for 31 roles commonly found across insurance agents and brokers. The report highlights the salary plus bonus compensation by role on a national basis, as well as the median salary bonus by region for the following:
- Executive & Management
- Production
- Service
- Support
- Employee Benefits
The report is available for purchase for $1,500. New for 2024 is an Excel spreadsheet that summarizes the information from the PDF report into easy-to-read tables. The Excel file, along with the report, can be purchased for $2,500. No specific company information is published or identified in the report or the Excel data.
If you have questions about how MarshBerry helps firms create their path forward, in the U.S. or across Europe, please contact us today.
MarshBerry – Helping Clients Learn, Improve & Realize Value
Founded in 1981, MarshBerry is a global leader in financial advisory and consulting services serving the insurance brokerage and wealth management industries to help clients grow and advance their business strategies. With locations across North America and Europe, MarshBerry market sector expertise includes property and casualty agents & brokers, employee benefit firms and specialty distributors, partners in insurtech, capital markets, and insurance carriers, as well as registered investment advisors, retirement planning and life insurance firms. Clients choose MarshBerry as their trusted advisor for every stage of ownership to help them build, enhance and sustain value through Financial Advisory solutions (Investment Banking; Merger & Acquisition Advisory, Debt & Capital Raising, Business Consulting), Growth Advisory solutions (Organic Growth, Aggregation, Leadership, Sales & Talent Solutions) and Market Intelligence and Performance Benchmarking. Learn more at www.MarshBerry.com.
Contact:
Lauren Byers, Senior Vice President – Marketing
Phone: + 1 440.392.6546
Email: [email protected]
SOURCE MarshBerry
