Industry News: Securities America Grows as Independent Broker Dealer
Securities America Inc., has done what is necessary to keep it as a national top 10 independent broker dealer with two acquisitions this year, including that of Sunset Financial Services Inc. assets on November 17, 2014.
With the acquisition from Kansas City Life Insurance Co. (NASDAQ: KCLI), Securities America adds another 205 advisors and $2.5 billion in client assets, the company reported in a news release. Combined with the July 2014 acquisition of 60 advisors and $950 million in client assets from Dalton Strategic Investment Services, the independent broker dealer retains its ranking published by Financial Planning magazine in 2013.
Those advisors will now report to KCL Services Company, an office of supervisory jurisdiction (OSJ) branch of Securities America. Sunset Financial Services will continue to assist Kansas City Life in issuing and promoting its variable insurance products.
Securities America has more than 1,800 independent advisors and $50 billion in client assets.
Securities America, independent broker dealer is a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS).