RJ and Makay

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After two years of stagnant or shrinking revenues, the 50 largest independent broker-dealers reported a rebound in their annual revenues last year, according to Financial Planning magazine.  A robust stock market and strong demand for mutual funds, annuities and other products saw a median increase of 13.2% in 2010 revenues. 13 of the top 50 firms posted year-to-year revenue growth of over 20%.

Raymond James Financial and Commonwealth Financial will soon begin allowing their advisors to interact with and engage in conversations with others on Facebook, Twitter, LinkedIn and blogs.  This will enable them to post real-time tweets, updates and comments that have not been pre-approved.  At present, advisors at the two firms are allowed only to post “static updates, pre-approved posts with no real-time commentary.

Last September, Cambridge Investment Research began using Socialware to track and archive its advisors’ posts, tweets and commentary on LinkedIn, Facebook and Twitter.  About 10% of Cambridge’s 2000 advisors are signed up for Socialware and the firm is supporting them to achieve a social media presence, according to Cambridge president Amy Webber.  That number is expected to jump once the firm starts allowing full interactivity in June.