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February 19, 2008 at 07:00 PM
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.
