Financial dvisor enchmark Study Prepared for: May 21, 1
ackground & Objectives ackground During 2010, in the wake of the Great Recession, The Options Industry Council (OIC) conducted the first benchmark study of options use by financial advisors in the United States. ellomy Research fielded the study in two waves in late 2010 and early. The study benchmarked how many advisors use options, explored how advisors use options in their practices, and what the barriers are for advisors who do not use options. In, OIC commissioned ellomy Research to conduct another wave of this study. Research Objectives To examine if, and how, options usage has changed among financial advisors since 2010. While tracking many key measures of usage and perceptions, to also explore new areas of advisor attitudes and behaviors that can provide insights into today s options marketplace. 2
Methodology Survey conducted among producing financial advisors Respondents by channel: Wirehouses (n=75) Regional broker/dealers (n=90) Independent broker/dealers (n=232) RIs and Fee-only planners (n=39) anks (n=73) Insurance companies (n=120) Other (n=6) 637 total completes in 607 total completes in Sample provided by ellomy s network of sample providers 20-minute online selfadministered survey Survey conducted from March 13 th -27 th, dvisor profiles Options Users Use of options Firm s policy on options Knowledge of options and other resources for them Interest in options use Options using vs. non-options using clients Non-options Users Reasons for not using options Likelihood to use options Sample Fieldwork Questionnaire Statistical testing conducted at 90% confidence level (a confidence level of 90% means that there is a probability of at least 90% that the difference is real). These differences are notated with superscript capital letters throughout the report. Respondents weighted according to firm type. Weighting targets derived from projected distributions of advisors by firm type provided by Strategic Insight. 3
Executive Summary Options Usage In Total (ase: ll) The number of advisors using options has increased significantly from 48% in to 61% in. Much of the increase has come from advisors with UM in the $50 to less than $100 million range. Half of Users have increased options usage with clients since 2010. Use of options has increased across most advisor channels. Wirehouse, Regional and Independent roker/dealers, and Insurance channels have shown the largest increase in use of options compared to. Wirehouse 48% 61% 52% 39% (n=607) (n=637) Options Usage y Channel (ase: ll) 66% 80% Options Users Non- Options Users Regional /D 76% 87% Independent /D RI Insurance ank 41% 53% 42% 44% 30% 54% 54% 64% (base range= 46-223) (base range= 39-232) 4
Executive Summary Options Users still have bigger books of business and earn more than Non-Users. Users are twice as likely to have books of $500 million or more than Non-Users. One-third of Users earn $500K or more in fees and commissions, versus just 12% of Non-Users. Nearly half of Users expect to increase their use of options in the coming year. mong advisors who use options, the percentage of client accounts with options is trending upward (44% in compared to 48% in ). 41% 16% 32% 11% 11% 9% 5% Options Users (n=379) dvisor UM (ase: ll)^ 76% Non-Options Users (n=210) Less than $50M $50M - <$100M $100M - <$500M $500M+ ^Respondents declining to answer excluded from the base Low interest rates - and the sense that they will rise in the future - have fueled many Users use of options. Two-thirds of Users indicate that these two situations have an influence on their use of options. Change in Expected Frequency of Options Use (Next 12 Months) (ase: Options Users) 33% 45% Increase bout the same 64% 53% Decrease 3% 2% (n=298) 5
Executive Summary dvisors say clients for whom they use options are more knowledgeable about investing, more open to receiving advice, and more likely to provide referrals than clients without options in their portfolio. More than half of Users that indicate their options-using clients provide more referrals say that they provide about twice as many referrals as non-options using clients. Comparison of Users Options Using Clients vs. Non-Options Using Clients (ase: Options Users in ) Client Market Knowledge Client Receptiveness to dvice Client Referrals 53% Options clients more knowledgable bout the same 52% Options clients more receptive and interested bout the same 46% Options clients provide more referrals bout the same 44% Options clients less knowledgable 47% Options clients less receptive and interested 48% Options clients provide less referrals 3% 1% 6% 6
Executive Summary More than three quarters of advisors express some interest in learning more about options. dvisors recognition of OIC and ICI has slightly increased since. Recognition for FINR and SEC remains stable. Interest in Learning More bout Options (ase: ll) 42% 36% 22% Very interested Somewhat interested Not interested (n=637) Familiarity with Organizations (ase: ll) FINR SEC 96% 94% 98% 97% (n=607) OIC 59% 69% (n=637) ICI 65% 72% 7
Key Findings: Penetration of Options Use 8
Options usage has increased since, and three in five advisors have used them in client portfolios in the past 12 months ll dvisors The increase in usage is seen in all channels except RIs, where usage is stable Options Usage In Total Penetration of Options Use (ase: ll) Wirehouse Options Usage y Channel 66% 80% 48% 61% Options Users Regional /D 76% 87% 52% 39% Non- Options Users Independent /D RI 41% 53% 42% 44% (base range= 46-223)* (n=607) (n=637) Insurance ank 30% 54% 54% 64% (base range= 39-232)* *Caution: small base size Q5. In the last 12 months, have you bought or sold options (calls or puts) in any of your clients' portfolios? Please exclude employee stock options. 9
The largest increases in options use are seen among advisors with lower UM (less than $100M) ll dvisors Options usage has decreased somewhat among higher UM advisors ($500M+) Options Usage In Total Penetration of Options Use (ase: ll) Options Usage y UM^ <$50M 36% 48% 61% Options Users 48% 52% 39% Non- Options Users $50M-<$100M $100M-<$500M 48% 72% 78% (base range= 63-341) (base range= 53-314) 87% (n=607) (n=637) $500M+ 94% ^Respondents declining to answer excluded from the base 80% Q5. In the last 12 months, have you bought or sold options (calls or puts) in any of your clients' portfolios? Please exclude employee stock options. 10
combination of factors may account for the decline in options Users with UM of $500 million or more High UM advisors (a relatively small portion of total advisors) are less likely to be found in wirehouses in than in, and are more likely to be found in Independent and ank channels, which encourage options use less than wirehouses do % of dvisors with $500 Million+ UM by Channel (ase: dvisors with $500 Million+ in UM) Deeper Look at High UM dvisors and Options Use Options Use by Channel (ase: ll) Firm Encourages or Provides Options Resources by Channel (ase: ll) ll dvisors Wirehouse 11% 37% Wirehouse 66% Wirehouse 80% 76% 65% Regional /D 16% 14% Regional /D 76% Regional /D 87% 65% 70% Independent /D 14% Independent /D 28% 41% 53% Independent /D 43% 49% RI 4% 6% RI 42% 44% RI 37% 21% Insurance 18% 13% Insurance 30% 54% Insurance 36% 38% ank 11% 27% ank 54% 64% ank 51% 44% (n=63) (n=53) (base range=46-223)* (base range=39-232)* N23. What is the total value of the book of business [IF N22=1, you manage, IF N22=2, that your entire team manages ]? N24. What is the total value of book of business you manage (individually, not as part of a team)? D1. Which best describes the type of firm you work for? *Caution: small base size Q2. Which of the following statements best describes your firm s view on the use of options in client accounts? Q5. In the last 12 months, have you bought or sold options (calls or puts) in any of your clients' portfolios? Please exclude employee stock options. Note: Changes to the format of the questionnaire (particularly advisors that work both individually and on teams depending on the client) may also have an influence on the decrease of high UM advisors using options 11
cross all advisors, one in three continue to say their firm discourages or does not permit the use of options ll dvisors However, half of those who do not currently use options say their firms are positive or neutral about the use of options Firm s Policy on Options Use (ase: ll) Those who use options when their firm does not allow them say they are able to get exceptions or outsource to another firm In Total Options Users Non-Options Users 17% 18% 30% 24% 5% 7% 20% 17% My firm encourages me to use options 32% 31% 18% 19% 46% 40% 22% 24% 15% 12% My firm allows me to use options My firm does not have a policy 12% 13% 21% 19% (n=607) (n=637) 14% 10% 1% (n=298) 16% 13% 6% 39% 40% (n=309) Q2. Which of the following statements best describes your firm s view on the use of options in client accounts? (n=243) My firm discourages use of options My firm does not permit use of options This increase of Users in firms that do not allow options may be the result of high UM advisors bringing clients that already use options to firms that prohibit options use 12
One in ten current options Users did not use options prior to 2010 ll dvisors Increased education about options is the main reason they use them now ought or Sold Options in Client Portfolios Prior to 2010** (ase: ll) Total (n=637) Options Users 60% 89% 40% 11% Reasons for Using Now/ut Not Prior to 2010** (ase: Options Users Not Using Options Prior to 2010)^ (n=33)* Have learned more about them 40% More requests from clients 17% Non-Users (n=243) 16% Yes No 84% Was not an advisor in 2010 15% ^Most common responses shown Respondents declining to answer excluded from the base **New question in N1. Prior to 2010, did you buy or sell options (calls or puts) in any of your clients' portfolios? Please exclude employee stock options. N19. What is the main reason that you are now using options but did not use them before 2010? *Caution: small base size 13
Two-thirds of Users say that their confidence in their knowledge about options has increased in the last three years ll dvisors One in ten Non-Users say their confidence has decreased and most blame lack of experience 83% of Users that have increased options use since 2010 say their confidence has also increased 43% 50% 64% 34% 6% 2% Total (n=637) **New question in Change in Confidence in Knowledge of Options in Past Three Years** (ase: ll) Options Users 11% 75% 14% Non-Options Users (n=243) Increased Stayed the same Decreased Reasons for Increase (ase: Confidence in Knowledge Increased)^ Learned more about/worked with more Reasons for Decrease (ase: Confidence in Knowledge Decreased)^ Lack of experience/have not used much N8. In the past three years, do you feel your confidence in your knowledge of options has increased, stayed the same, or decreased? N9. How has your confidence in your knowledge of options [INSERT FROM N8] over the past 3 years? (n=189) 89% (n=34)* 92% ^Most common responses shown Respondents declining to answer excluded from the base *Caution: small base size 14
Three-quarters of advisors express at least some interest in learning about options ll dvisors While confidence in their knowledge of options has increased, advisors level of comfort explaining options marginally increased since Comfort Level Explaining Options (ase: ll) Interest in Learning More bout Options (ase: ll) 17% 22% 37% 37% 26% 21% Extremely confident Very confident Somewhat confident Not very confident 42% 36% Very interested Somewhat interested Not interested Not confident at all 11% 13% 10% 7% (n=607) (n=637) Q8. Thinking about options (puts and calls) and options-based strategies (like creating collars), how confident are you in your ability to explain them to a client? Q9. re you interested in learning more about options and options-based strategies? 22% (n=637) 15
In, options Users indicated colleagues at their firm or another are their top source for options information ll dvisors Sources dvisors Would Turn to for Options Information (ase: dvisors Interested in Learning More bout Options) Total (n=499) Options Users (n=377) Non- Options Users C (n=122) Continuing education at firm 50% 48% 54% Financial service websites 44% 43% 46% Industry resources, like OIC 39% 41% 35% Colleagues/team member 53% 56% C 44% Public finance websites 34% 36% C 28% dvisor at another firm 29% 35% C 13% Your asset custodian 13% 15% C 8% Your firm s options desk 20% 21% 18% Q10. Which of the following resources would you turn to for more information or education on options? 16
Familiarity with OIC has increased in the past three years, while familiarity with industry organizations has remained stable ll dvisors Familiar Top 2 ox Familiarity with Organizations (ase: ll) Very Familiar Somewhat Familiar Not Familiar FINR 96% 94% FINR 75% 68% 21% 26% 4% 6% (n=607) SEC 98% 97% SEC 82% 72% 16% 25% 2% 3% (n=637) OIC 59% 69% OIC 31% 37% 29% 32% 41% 31% ICI 65% 72% ICI 31% 40% 33% 32% 35% 28% Q1. How familiar are you with each of the following organizations? 17
Key Findings: How Options re Used 18
Exchange-listed options remain most popular, but firm s proprietary options have gained ground Options Users Ease of use, preference, and security are common reasons for preferring the type of options chosen most often Type of Options Most Often Chosen (ase: Options Users) Reasons for Preferring Exchange-listed Options (ase: Exchange-listed Chosen Most Often)^ (n=227) 87% 76% Exchange-listed options Easier/more convenient 42% Like it better in general 18% Safer/more secure 12% 13% 24% Firm's proprietary OTC options Reasons for Preferring Firm Proprietary OTC Options (ase: Proprietary OTC Options Chosen Most Often)^ (n=79) Total (n=298) Total Easier/more convenient 26% Like it better in general 24% Q16. When you are including options in your clients portfolios, which do you most often choose? Q17. Why do you prefer [INSERT RESPONSE FROM Q16] when trading options? Safer/more secure 9% ^Most common responses shown Respondents declining to answer excluded from the base 19
In, average book sizes for Users are smaller than they were in, reflecting increased usage among smaller advisors Options Users Most Users look for ways to include options with clients reasonably often ook Size (ase: Options Users) How Options Used with Clients (ase: Options Users) vg. Number of Clients in ooks vg. Number Use Options With % of Clients Options Users Options Users (n=298) Options Users 208 139 92 67 44% 48% 39% 38% 50% 53% 8% 5% 2% 3% (n=298) lways look for ways to include Sometimes look for ways to include Rarely look for ways to include Never look for ways to include Q11. How many clients do you currently have in your book? Q12 For how many of your [INSERT NUMER FROM Q11] clients do you currently use options (puts and calls)? Q13. Which of the following best describes how you use options? 20
Half of options Users regularly buy or sell puts or calls, or recommend stocks suitable for options when appropriate Options Users dvisors also employ a wide range of other options strategies Frequency of ctions** (ase: Options Users) 50% 47% 43% 39% 39% 34% 44% 48% 50% 48% 47% 48% 5% 5% 7% 12% 14% 17% Recommend stocks to clients that are suitable for options and buy or sell options on them as needs dictate uy or sell puts or calls for an individual client based on specific situation Employ an optionsbased investment strategy you offer Use a mutual fund with a covered call strategy Use a separate account that employs options Work with a thirdparty on an overlay strategy **New question in N2. For each type of action below, please indicate how frequently, if at all, you do it. Regularly Occasionally Never 21
More than half of advisors have institutional clients ll dvisors The majority of those who have institutional clients and use options say they use them for corporations or foundations No 43% Have Institutional Clients?** (ase: ll) (n=637) **New question in Yes 57% Corporations Foundations Endowments None of these Institutional Clients Types of Institutional Clients Options Used For** (ase: Have Institutional Clients and Use Options) 5% 44% 70% N10. In your book of business, do you have institutional clients, like foundations, endowments, or corporations? N11. For which types of your institutional clients do you currently use options? N11_1. What type of strategies do you offer these institutional clients (i.e., covered combos or index hedging)? (n=300) (n=198) 62% Types of Strategies Offered** (ase: Have Institutional Clients nd Use Options)^ Index Hedging 28% Covered Combos 27% Covered Calls 3% Tax-related mentions 2% Mutual funds 1% Corporation-related mentions 1% Straddles 1% Covered Options 1% Other 14% Various strategies/depends on situation or client 26% Don t know 3% ^Respondents declining to answer excluded from the base (101 out of 299 respondents seeing this question refused to provide an answer) 22
oth the low interest rate environment and the potential rise in interest rates are influencing options use Options Users ttribute Influence on Use of Options (Top Two ox)** (ase: Options Users) Potential rise in interest rates 69% Low interest rate environment 65% Continued slow recovery of the economy 58% Sluggish return of employment post-recession 57% Impending leadership change at the Fed 56% Healthcare reform 55% Media questions about efficacy of modern portfolio theory 55% **New question in N20. Over the past three years, please indicate how much of an influence the following have had on your use of options for your clients? 23
Covered calls, calls, puts, and options-friendly mutual funds are among the most requested options in Options Users Requested Options (ase: Options Users)^ Calls 43% Covered calls 42% Mututal funds that allow options 39% Puts 38% Collars Cash secured puts** 31% 31% Structured notes** 29% Married/protective puts 25% ssets with another advisor who uses options 24% Third-party money managers 20% Q28. For each of the following, please indicate which your clients request most often, if any. **dded in ^Responses mentioned by at least 10% of respondents shown 24
Users are using options with an increasing number of their clients Options Users Options Users cite increased attractiveness, higher profitability, and requests from clients as reasons for increasing use Change in Number of Clients For Whom You Use Options (Current Year) (ase: Options Users) 37% 52% More Reasons for Increase (ase: More Clients Using Options)^ (n=136) bout the same Have become more attractive 22% More profitable/adds income 20% 56% 45% Less More requests from clients 12% 7% 3% (n=298) ^Most common responses shown Respondents declining to answer excluded from the base Q24. Now, thinking back a few years about the types of investments you have included in your clients portfolios in the past 12 months compared to what you used before 2010, would you say that you have used options for more, less, or about the same number of clients? Q25. What is the main reason that you were using options [INSERT RESPONSE FROM Q24] in the past 12 months compared to before 2010? 25
Income generation is the most common reason for using options in the past year Options Users Reasons for Using Options in Past Year (ase: Options Users) To generate income 59% 69% To hedge an existing portfolio To acquire stock at a later date and diversify a portfolio To lock in profits on existing investments 59% 49% 55% 47% 54% 49% (n=298) For speculation 31% 48% Q18. Which of the following are reasons why you have used options for your clients in the past year? 26
Nearly half of Users expect to increase the use of options in the next 12 months Options Users Only a very small segment (2%) expect to decrease options use Change in Expected Frequency of Options Use (Next 12 Months) (ase: Options Users) 33% 45% Increase bout the same 64% 53% Decrease 3% 2% (n=298) Q26. Looking forward this year, do you think that your use of options in your client portfolios will increase compared to the past 12 months, decrease, or be about the same? 27
Key Findings: Options Clients 28
Users continue to use a variety of options in their clients portfolios Options Users Currently Have in Client Portfolio (ase: Options Users) Calls 63% Covered calls 59% Puts 51% Mutual funds that allow options 49% Cash secured puts** Married/protective puts 43% 39% (n=392) Structured notes ** 39% Collars 38% Third-party money managers ssets placed with another advisor who uses options 30% 29% Q27. Which of the following do you currently have in your clients portfolios today? **dded in 29
Clients with options in their portfolios are knowledgeable about options and comfortable with their use Options Users Client knowledge around options has increased since Options Using Clients Knowledge and Comfort (ase: Options Users) Market Knowledge Comfort Level With Options 19% 23% 22% 24% Extremely knowledgable Extremely comfortable 48% 49% Very knowledgable Somewhat knowledgable 52% 47% Very comfortable Somewhat comfortable Not very knowledgable Not very comfortable 26% 25% 6% 1% 3% (n=298) Not knowledgable at all 23% 26% 1% 2% 2% (n=298) Not comfortable at all Q21. Thinking of the clients for whom you have bought or sold options in the past 12 months, how knowledgeable would you say that they are about options? Q22. Thinking of the clients for whom you have bought or sold options in the past 12 months, how comfortable would you say that they are with options? 30
Clients with options in their portfolio are more knowledgeable and more likely to provide referrals Options Users Half of options Users say clients with options know more about the market and investing, are more receptive to advice, and provide more referrals than other clients Comparison of Users Options Using Clients vs. Non-Options Using Clients (ase: Options Users in ) Client Market Knowledge** Client Receptiveness to dvice** Client Referrals** 53% Options clients more knowledgable bout the same 52% Options clients more receptive and interested bout the same 46% Options clients provide more referrals bout the same 44% 3% Options clients less knowledgable 47% 1% Options clients less receptive and interested 48% 6% Options clients provide less referrals 56% of Users who say their options-using clients refer more than other clients, say they provide about twice as many referrals as nonoptions using clients **New question in N15. Do the clients with whom you use options have a greater knowledge of markets and investing than those with whom you don t? N16. Do you find that clients with whom you use options are more receptive and interested in your professional advice than those with whom you don t? N17. Thinking about your clients in two groups (those with whom you use options and those you do not), please indicate whether you have received more, less, or about the same amount of referrals from those with whom you used options in the past year. 31
Despite increased use and knowledge, there is no increase in Users mentioning options to prospects Options Users Which est Describes Initial Discussion with Prospective Clients (ase: Options Users) 24% 20% I will usually mention options 33% 30% I will occasionally talk about options if needs dictate them 36% 40% I will occasionally talk about options if client brings them up 7% 10% (n=298) I never talk about options Q23. Which of the following best describes your initial discussions with prospective clients? 32
Key Findings: Non-Users 33
Preferences for investing in individual securities and client risk tolerance remain the top reasons for not using options Non-Users While 40% of Non-Users indicate their firm restricts options, less than half of that number indicate the firm restriction as a reason for not using options Impediments to Using Options (% True) (ase: Non-Options Users) Reasons Non-Users Do Not Use Options (ase: Non-Options Users)^ I prefer to use actual equities, bonds, and funds rather than derivatives of them 94% 88% Too risky Not allowed by firm 14% 23% Most of my clients consider options too risky 90% 84% Not suitable for clients Clients do not want them 14% 11% I do not employ hedging strategies in client portfolios I don't understand options enough to use them 66% 67% 53% 55% (n=300) (n=240) Lack of knowledge Too complicated Not licensed No reason 4% 6% 11% 11% One in four who work for a bank or insurance company say they do not use options because they are not allowed by their firm My firm does not permit the use of options 45% 40% Other 14% Q31. For each of the following, please indicate whether the statement is true or false for you? Q34. Please tell us your main reasons for not using options or option-based investments. ^Respondents declining to answer excluded from the base 34
Even if their firms permitted options use, the majority of Non-Users are unlikely to use them Non-Users However, about one in four Non-Users who do not understand options still express interest in learning more about them Likelihood To Use Options If Firm llowed (ase: Non-Users and Firm Does Not llow) 7% 2% 8% 25% 23% 36% 34% 29% 31% 4% Extremely likely Very likely Somewhat likely Not very likely Not likely at all Interest in Learning More (ase: Non-Users and Does Not Understand Options) 10% 10% 13% 15% 39% 38% 15% 18% 22% 20% Extremely interested Very interested Somewhat interested Not very interested Not interested at all (n=113) (n=98) (n=157) (n=131) Q32. If your firm did permit the use of options, how likely would you be to include them in any of your client s portfolios? Q33. If you had a convenient, easy way to learn more about how options work, their risks and rewards, and strategies for using them, how interested would you be in learning more about them? 35
Key Findings: Profile of Options Users and Non-Users 36
Most financial advisors who use options with their clients also use them in their personal accounts ll dvisors One in five who do not use options with clients use them in their personal accounts Total Use Options in Personal ccounts? (ase: ll) Options Users Non-Options Users 20% 18% 45% 51% 73% 73% 80% 82% Yes 55% 49% 27% 27% No (n=607) (n=637) (n=298) (n=309) (n=243) Q36. Do you use options in your personal accounts? 37
Compensation of options Users is equally split between fees and commission ll dvisors Two-thirds of the compensation of Non-Users comes from commission Total Share of Compensation (ase: ll) Options Users Non-Options Users 41% 44% 52% 48% 31% 36% 59% 56% 48% 52% 69% 64% Fee Commission (n=607) (n=637) (n=298) (n=309) (n=243) D3. Please indicate what percent of your total compensation comes from fee income or commissions. 38
Users are more likely than Non-Users to work for Wirehouses or Regional roker/dealers ll dvisors Half of Non-Users work for Independent roker/dealers Channel (ase: ll) Total (n=607) Options Users (n=298) Non- Options Users C (n=309) Total D (n=637) Options Users E Non- Options Users F (n=243) Wirehouse 15% 21% C 10% 14% 18% F 7% Regional roker/dealer 11% 17% C 5% 9% 13% F 3% Independent roker/dealer 37% 32% 42% 38% 34% 46% E RI 9% 7% 7% 8% 4% 9% E Insurance 19% 12% 26% 18% 16% 21% ank 9% 10% 8% 14% 14% 12% D1. Which best describes the type of firm you work for? 39
Mutual funds represent the largest share of UM among Non-Users ll dvisors Individual stocks and bonds and annuities play a bigger role in UM of Users Share of UM (ase: ll) Total (n=637) Options Users Non- Options Users C (n=243) Mutual funds 16.79 11.29 25.42 Individual stocks or bonds 12.56 13.59 10.94 Variable annuities 8.85 6.52 12.49 Fixed annuities 7.27 7.26 7.27 Permanent life 6.68 6.22 7.41 Cash and equivalents 6.48 7.01 C 5.63 ETFs 5.92 6.91 C 4.35 Separately Managed ccounts 5.9 5.93 5.87 Options 5.04 7.35 C 1.41 lternate investments 4.78 5.56 C 3.54 Structured products** 4.59 6.12 C 2.19 529s 4.44 5.01 C 3.55 Unified Managed ccounts 3.57 4.66 C 1.86 UITs** 3.54 5.04 C 1.17 Other 3.60 1.50 6.88 **dded in D6. What percent of your assets under management /supervision are held in each of the following products? 40
Users earn significantly more gross commissions and fees than Non-Users ll dvisors Value of Gross Commissions and Fees for ll Products Sold in Past 12 Months (ase: ll)^ Total Options Users Non-Options Users 35% 28% 41% 46% 15% 16% 44% 51% 55% 50% Less than $100,000 $100K-<$500K 24% 26% 41% 33% 39% 6% 38% 12% $500K+ (n=526) (n=565) (n=275) (n=370) (n=251) (n=195) D9. What is the total value of gross commissions and fees for all the products you have sold in the past 12 months? ^Respondents declining to answer excluded from the base 41
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