Compass Financial Resources, an Olathe, Kan.-based firm with about $340 million in client assets, has affiliated with Securities America.

Compass had been with National Planning Corp., a Jackson National broker-dealer.

The firm has 10 advisors and 10 support staff members, with offices in Hutchinson, Kan., and Lincoln, Neb., Securities America said Monday.

“They were looking for a [broker-dealer] that was investing in itself, looking to grow its capabilities,” said Gregg Johnson, Securities America executive vice president of branch office development and acquisitions.

When Compass started looking for a new broker-dealer, “we found out we were pretty attractive” as a recruit, said Compass President Russ Lane. Culturally and size-wise, Securities America seemed like a good fit.

Compass has a niche working with teachers. Lane, like several other advisors at the firm, formerly worked as a teacher. His brothers Rob Lane and Grant Lane, and his son Tyler, are also former educators and work at the company.

Ameritime, Compass’ registered investment advisor, provides school employees and administrators with a fee-based 403(b) platform.

Teachers have to deal with 403(b) plans that are littered with higher cost funds, Russ Lane said, “so instead of a bunch of options, [Ameritime] is the option” for them, he said. “It’s a nice little niche because teachers should have low-cost options and transparency.”

Johnson said Securities America will be bringing on more producer groups and OSJs like Compass.

“We’ve really built out a competitive advantage in supporting those branches and producer groups that want to grow,” he said.

Securities America added close to $100 million in new revenue last year, he said. More than three-quarters came as a branch or joined an existing branch.

“We’ve seen a robust pipeline of advisors and branch office managers who are getting squeezed” with higher costs at their broker-dealers, Johnson said.

Johnson doesn’t think the most recent delay in the DOL rule until 2019 will slow down the recruiting activity. Some small B-Ds may hold off on making investments or pursuing a sale or merger, he said, but the pressure on margins, changes in pricing and payouts, and concerns about stability should continue to drive movement.