Independent broker-dealer network NPH Holdings booked revenue of $611 million on total sales of $14 billion last year.

The Santa Monica, Calif., based company increased its advisor headcount 10% to 3,478 over the same period.

Those numbers represent a 0.5% growth in revenue and a 3.8% decline in sales from a year earlier, not especially good news but in line with an industry reeling from a rough year.

“The results were pretty much flat, and that was only because of our 10% increase in rep count,” said Jim Livingston, NPH’s president and chief executive officer. “Actual revenue per rep was down by about 10%—a lot of money is still on the sidelines in money-market funds and many investors still aren’t willing to commit to a long-term investment. It’s a tough market.”