LPL Financial's revenues and net income declined in the second quarter, but the country's largest independent broker-dealer recorded its largest gain in net new adviser headcount since 2014.

Total net revenues for the three months ended June 30 slid 7% to $1.01 billion, from $1.09 billion for the second quarter in 2015. Net income fell 5% to $47.8 million from $50.2 million for the year-earlier period.

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