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August 21, 2012 at 04:58 AM
Prospera Financial Services
President: David Stringer
Years in Business: 30
Producing Reps: 106
Average annual gross production per rep: $274,694
2011 gross revenue: $28 million
Company data self-reported as of April 1, 2012.
On regulations and fees: We’re having record revenue, and as a firm we seem to be profitable. I do see there is a squeeze, and I understand that. I think we’re all going to be impacted. Many of these fees are increases at the individual rep level, so in many cases these are pass-throughs to the rep.
On Consolidation: I don’t see consolidation for the ones who are in it for the right reasons. The ones who wanted to be their own broker-dealer because they wanted that control are having to reassess that decision. I think there’s plenty of room in the industry for the small boutique firms.
WRP INVESTMENTS INC.
President: David Pintaric
Years in Business: 36
Producing Reps: 355
Average annual gross production per rep: $115,396
2011 gross revenue: $43.2 million
Company data self-reported as of April 1, 2012.
On Consolidation: I don’t think the trend that we’ve experienced over the last three years of roll-ups and reduction in the universe of broker-dealers is going to continue. Most of the firms that in the last three years have ceased to exist did so because they did something wrong; whether it was intentional or not, they brought something on themselves.
On Service: Even though [my advisors are] not formal owners of our firm, I’ve always felt that they’ve owned the business. The reason is that they own the relationship with the ultimate end customer. So keeping focused on who is the boss is very, very important.
NEXT Financial Group
Cambridge Investment Research