Investors Capital Holdings of Lynnfield, Mass., which includes some 700-plus financial advisors, says it had revenues of more than $23 million in its fiscal third quarter ended December 31, 2007, an increase of $2.4 million or about 11 percent over the year-ago sales. Advisory fees grew 46 percent over the prior period to $2.8 million, while gross profit for the quarter was $5.1 million, a 15 percent increase.
"The substantial increase in our advisory fee revenue reflects our continued success in improving existing and offering new fee-based services, gathering more assets from new and existing advisors, and increasing overall awareness of our fee-based programs, particularly our A-MAP [advisor managed-account] ... program," says Theodore E. Charles, CEO of Investors Capital Corporation, and chairman, CEO, and President of Investors Capital Holdings, Ltd.
The independent broker/dealer also started offering extended telephone hours to its representatives to give them more time to process paperwork and speak with someone about any issues on weekdays beyond the traditional 5 p.m. Eastern Standard Time (EST) closing time. From Monday through Thursday, Investors Capital staff and recruiters can be reached until 7 p.m. EST, while on Friday, they are available until 6 p.m. EST.
The new hours have found favor with Investors Capital representatives on both coasts.
"Thank you for recognizing the West Coast," shares Investors Capital representative Ormond Ormsby of Lake Oswego, Ore. "Our day is just getting going about the time the East Coast is winding down. The new hours allow us to get more immediate responses to issues that come up."
For more information, go to www.investorscapital.com.