Ladenburg Thalmann Financial Services Inc.'s independent broker-dealers and advisory services reported an 11% increase in revenue for the quarter ending in March when compared to a year earlier.
The securities house, which also has an investment banking, trading and asset management group, pointed to “improved market conditions, successful recruitment of additional advisers and increased advisory assets under management” for the increase in revenues, with revenues for the independent broker-dealer and advisory group reaching $188.4 million for the first three months of the year compared to $169.8 for the first three months of 2013.
Ladenburg Thalmann Financial Services (LTS) controls three independent broker-dealers that have 2,800 affiliated registered reps and advisers. The three firms are Securities America Inc., Triad Advisors Inc. and Investacorp Inc.
Total revenues for the company in the quarter increase $24.5 million – 13% - from the same period in 2013, reaching $211.8 million. For the quarter, Ladenburg Thalmann Financial Services posted net income attributable to the company of almost $4.3 million, compared to net income attributable to the company of $136,000 for the same quarter in 2013.
The 13% increase in revenues had a positive impact on net income, the company said. However, increase in net income was also partially offset by an 11% increase in expenses.