LPL Financial
Ameriprise Financial off to hot start in 2012Posted by RJ and Makay on Jan 19, 2012 |
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Ameriprise Financial hired 30 new advisors in the first half of January, a result of boosted recruiting efforts to start the new year. The advisors oversaw about $1.2 billion in assets under management (AUM) at their previous companies and generated a combined $10 million in 2011 revenues. The Minneapolis-based firm also hired four new regional directors to bring in new industry talent.
LPL Financial is raising fees on its brokers next year. A hike in three categories of fees will require most reps to pay $1,050 more next year to the independent broker-dealer. Last month, the company informed its 12,799 brokers that it was increasing 2012 fees, including errors-and-omissions (E&O) insurance. The fee increases could total $13.4 million in extra 2012 revenue for the firm.
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%.
