LPL Investment Holdings Inc. reported this week that it had 12,066 affiliated reps and advisors in its brokerage network at the end of June, down from 12,489 one year earlier.
Late last year, LPL brought reps and advisors from three other firms onto the LPL platform, but many eventually left the company.
In addition, LPL said that it suffered from debt restricting this year. The company said it "redeemed all of its senior unsecured subordinated notes, strengthening the balance sheet and enhancing financial flexibility. The decline in income for the firm's six months and second quarter of 2010 is largely attributed to non-operating expenses incurred in connection with this debt retirement."
Overall, LPL saw its net income fall 48.7 percent during the quarter to $8 million. However, adjusted net income was $46.4 million, up 69 percent from the same period last year. Finally, quarterly net revenue rose to approximately $790 million, an 18.1 percent increase.