Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Mark Lane - William Blair & Company
Mark Lane - William Blair & Company
Could you first explain the note from the introducing broker and did that mitigate the loss in the quarter or is that just have an impact on future results?
Bill Dunaway
It is something that we factor into the bad debt provision that we set up. It just affects the payments that would normally go out. If would really more just affect cash that would go out to that introducing broker on a go forward basis it would not affect earnings going forward.
Mark Lane - William Blair & Company
You provided the note?
Bill Dunaway
No, they signed a note basically collateralizing their obligation to us that they’re responsible for 50% of the shortfall on that account.
Mark Lane - William Blair & Company
Since you say that you’re going to start providing monthly numbers can you give us some idea of where customer segregated assets were at the end of December?
Bill Dunaway
We’re probably going to do that all at once when we do that. After we file our certified 1FR with the CFTC regarding segregated funds each month we’ll go ahead and release volumes and segregated client assets. Until we do that we don’t want to get ahead of ourselves and release them prior to finalizing those numbers that we’re going to release shortly.
Mark Lane - William Blair & Company
How long after the quarter would you expect to report that supplemental data?
Bill Dunaway
We file our 1FR with the CFTC 17 business days after the end of a month; anticipate probably the 17th or 18th business day of the month we would release that.
Mark Lane - William Blair & Company
What was the ending total on the number of consultants as of November and what’s the plan now in terms of consultant headcount for this year?
Pete Anderson
At the end of November I think we had about 127 consultants, we’d lost a couple consultants to basically back to the industry. Our year end number, our August 31 number was 130. I don’t know that we’re going to ramp up the training programs we have historically. Our goal is still to add 10 to 20 consultants going forward this year but that’s going to really be through probably to some degree targeted acquisition as well as placing additional capacity in those market segments that are really growing and ramping up or where we want to get really developed additional consultants and educate those consultants. It’s going to be more targeted as we go forward.
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