Two segments in financial planning showed strong growth. Gilman had $2.2 million in income from advisory fees for the recently ended quarter, up 29.3 percent from $1.69 million. Brokerage Commissions Revenue of $6.2 million, up 19.6 percent from $5.2 million a year earlier.
Financial Planning Revs Boost Gilman
With financing planning revenue rising, reversing the course of the last year, GilmanCiocia reported $755,000 in net income for the third quarter ended March 31, 92.6-percent increase from $392,000 in last year’s corresponding quarter. Revenue rose to $12.8 million, up 13.6 percent from $11.3 million a year earlier.
The boost came from $12.8 million in financial planning revenue, a 20.8-percent increase from $11.3 million a year ago. However, despite the purchase of six tax and accounting firms in 2008 and 2009, tax and accounting fees of just under $4 million were only $13,000 higher than in last year’s first quarter.
