Securities America will acquire the retail business of Sunset Financial Services Inc., the companies announced today.
Sunset Financial Services has about 268 registered representatives in 48 states plus the District of Columbia, with about $18 million in annual gross revenue and $2.4 billion in client assets, according to Securities America.
The transaction is expected to close by the end of the year. The terms of the deal were not released.
The new acquisition will operate as a branch of Securities America under the name of KCL Service Company.
The name derives from Kansas City Life Insurance Company, which owns both the retail business of Sunset Financial that is being acquired by Securities America and a wholesale business for variable annuities.
The newest acquisition continues Securities America’s expansion program, which included the acquisition of Dalton Investment Services, earlier this month, and several other companies in recent years. Securities America a subsidiary of Ladenburg Thalmann Financial Services Inc.