DGL SURVEY SHOWS WHOLESALER AVERAGE COMPENSATION RELATIVELY UNCHANGED

RICHFORD, VT. — September 28, 2009 — Wholesalers of investment products and services — Annuities, Managed Money, Mutual Funds and Retirement Services — saw their 2008 average total cash compensation increase by 1.9%, but 75th quartile compensation fell -8.6% according to the authoritative industry survey published by DGL Consultants.

Newly released results from the 2008-2009 Sales Compensation Survey & Analysis show that wholesalers of mutual fund products saw an average total cash compensation increase, despite the financial markets collapse in 2008.

The 15th annual industry analysis covering 11 positions is now available for purchase. The full results provide an in-depth look at compensation paid to Wholesalers, including Sales Management and Support positions. The relationships among the various elements of the total pay program for each position are studied by Product, Company Size, Distribution Channel and Phase of Market Development.

Findings released today show:

• Compensation paid to Wholesalers at the 90th percentile increased 8.3% from the previous year.
• Overall, Wholesaler T&E was up 12.6%.
• On average, Annuity Wholesalers covering the Wire House Channel earned Total Cash Compensation of $208,700.

"The objective of the survey is to provide a frame of reference for evaluating any elements or segments of the total sales compensation package," said Don Lariviere, President of DGL Consultants. "Companies must create a pay strategy that best facilitates the achievement of their goals in a cost effective manner while at the same time maintaining competitive standing in the marketplace."

• Phase of Market Development impacted Wholesaler compensation by as much as 63.1% in 2008.
• Incentive compensation paid to National and Divisional Sales Managers at the 75th percentile decreased -16.2% from the previous year.
• Inside Sales Total Cash Compensation increased 3.9%.

Established in 1984, DGL Consultants is a retained executive search and management consulting firm that helps its clients nationwide. DGL is also a leading provider of proprietary, product-specific sales reports. The company's publications include the industry standard "Annual Sales Compensation Survey & Analysis" and a series of reports that support strategic planning and assess the needs of financial product distributors. Clients are exclusively Mutual Fund, Annuity, Managed Money and Retirement Services Companies.

For more information, methodology and universes may be viewed here.