gilmanFinancial planning firm GilmanCioccia reported a $1.8- million loss for the year ended June 30, up from the $1.6 million in red ink the prior year. Revenue for fiscal 2011 was $41.5 million, down 4.2 percent from $43.3 million in 2010.

Gilman said the decrease in financial planning revenue stemmed from the loss of a large group of its independent financial planners, a $4 million hit in the first quarter and the loss of two company financial planners who had generated $1.2 million.

Brokerage commissions for the most recently ended year were $23.7 million, a drop of 9.3 percent from $26.1 million the prior year. That included a 21.4-percent decline in commissions from the sale of annuities and a 15.4-percent drop in commissions from the sale of mutual funds. The company was helped out by 76.2-percent increase on commissions from equities, bonds and unit investment trusts. However, that segment had been the lowest in generating commissions until this year.

Although the company has worked to expand its tax preparation business, its revenue growth was unable to offset the decline from other sources. Gilman reported $7.7 million in tax preparation fees and accounting fees, a rise of 4.2 percent from the $7.3 million recorded in 2010.

Last modified on Sunday, 02 June 2013
Read 1897 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline