Securities America, based in La Vista, Neb., is reporting an increase of 309 percent in its gross dealer concessions (GDC) revenue in 2012 from the year before.
Those firms joining the broker-dealer in 2012 include large independent B-Ds as well as smaller firms. Most of these companies cited increased compliance and technology costs as a primary reason for seeking a partnership with a larger company, Securities America said.
One of the firms acquired was Ryan Kaufman’s Koi Wealth Management, a $1.3 million revenue branch in Rocklin, Calif., which joined from Woodbury Financial Services. John Lindsey, a former Edward Jones advisor in Westlake, Calif., joined with $100 million in client assets. Michael Mullis’ Kelly & Mullis Wealth Management, a Vestavia, Ala., practice with $223 million in client assets, moved from LPL Financial. Securities America also picked up 130 advisors from Suffolk, Va.-based Investors Security Company.
Securities America itself was acquired by Ladenburg Thalmann in late 2011. The acquisition gave the B-D and its advisors access to such offerings as investment banking, syndicate offerings, a dedicated fixed-income desk and trust services.
“We are expanding and enhancing our processes for bringing on these large groups of advisors in a way that minimizes the disruption to their business and their clients,” said Gregg Johnson, senior vice president of branch office development and acquisitions.
He said Securities America is actively searching for a national director of recruiting and additional business development officers to meet the demands of its growing pipeline and business development team.