In the News

Independent Broker/Dealers – Top 25 Indie Firms Hit $9.16B in Revenue

00:00 01 April in In the News by rafferty

by Bruce Kelly and featured in Investment News April, 2006: New York - The top 25 independent-contractor broker-dealers continued their growth last year and hit $9.16 billion in revenue. The pace, however, was off from that of 2004. The top 25 firms saw gross revenue increase 18.8% last year, down from an increase of 21% in 2004, according to InvestmentNews' annual survey of broker-dealer firms. Leading the way was LPL Financial Services, the industry leader as measured by the number of affiliated registered representatives and gross revenue. LPL, whose broker-dealer is Linsco/Private Ledger Corp. of Boston and San Diego, recorded $1.39 billion in gross revenue last year, an increase of 21.9% over that of 2004. The firm had 6,454 affiliated registered reps at the end of last year. Almost "18% growth for broker-dealers is great growth," said...

More Indie Brokers Bulk Up On Recruiters

00:00 01 February in In the News by rafferty

by Bruce Kelly and featured in Investment News February, 2006: New York - Inspired by the tremendous growth of Linsco/Private Ledger Corp. and its ability to recruit brokers and advisers, a number of independent-contractor broker-dealers are following the industry pacesetter's recruiting model by building staff in order to snag brokers. Linsco's affiliated sales force has soared, reaching 6,454 registered brokers and advisers at the end of last year, up from 4,700 in 2003 - an increase of 37%. The San Diego and Boston based company and its top executives reaped the rewards of that growth when it was valued at $2.5 billion in a sale of 60% of the broker-dealer to two private equity firms. Now other independent-contractor broker-dealers apparently are taking a page from Linsco's handbook and hiring regional recruiting staffs to troll...

Woodbury Draws Reps with ‘Human Touch’

00:00 01 January in In the News by rafferty

by Bruce Kelly and featured in Investment News January, 2006: New York - One growing insurance-owned broker-dealer says that it is the human touch that keeps and attracts registered representatives. The market is such that "with meaningful reps, they want to find a home and stay there," said Brian Murphy, chief executive of Woodbury (Minn.) Financial Services Inc. Since its parent, The Hartford (Conn.) Financial Services Group Inc., acquired broker-dealer Fortis Investments Inc. of Boston almost five years ago, Woodbury has grown at a rate of 15% annually, he said, reaching about $175 million in gross revenue last year. The firm has nearly 2,100 affiliated registered reps and 200 employees. The reps hail from other independent-contractor firms, with several large-producing groups scheduled to join Woodbury this month, Mr. Murphy said, adding that reps both join...