Profits are falling and the advisor force is shrinking at Oppenheimer & Co., a brokerage firm with a reputation for giving troubled advisors a second chance but which has fallen under intense regulatory scrutiny in recent years.

The New York firm said profits for its private client group plummeted 40% year-over-year, falling to $14 million for the quarter from $23 million for the same period a year ago. The firm blamed the slump on lower transaction-based revenue and higher legal and regulatory costs.

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