LA VISTA, Neb.--(BUSINESS WIRE)--
Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services, Inc. (NYSE MKT: LTS, LTS PrA), jumped from tenth to ninth on Financial Planning’s recently released list of the nation’s top 50 independent broker-dealers.
The annual list ranks independent broker-dealers by the previous year’s total revenue. Securities America finished 2016 with $536 million in total revenue. Securities America has consistently ranked in the top 10 for the past 17 years.
Eighty percent of the firms on the list saw an increase in revenue from fees representing an industry-wide shift away from commission-based business. At Securities America, assets under management in advisory business grew 19 percent, and advisory business grew from 49 percent of gross revenue to 51.2 percent of gross revenue.
Securities America’s success in 2016 was bolstered by its acquisition of certain assets of two independent broker-dealers, Wall Street Financial Group of Fairport, New York, now a branch known as Evolution Financial Advisors, and Foothill Securities, of Santa Clara, California. When they were acquired, Wall Street Financial Group had 67 advisors with approximately $11 million in annual gross revenue and $2.1 billion in client assets, and Foothill Securities had 210 advisors with 38 million in revenue and $5.14 billion in client assets.
In the past nine years, Securities America has developed industry-leading expertise in transitioning large groups of advisors. Over that time, it successfully completed nine transactions, bringing on board more than 1,000 advisors with approximately $127.8 million in revenue and about $14.9 billion in client assets.
“To move up in the top 10 in a year that presented so many challenges in the industry says a lot about our advisors and the people and processes we have in place,” said Securities America CEO and President Jim Nagengast. “In 2017, Securities America is poised to provide our advisors the support they’ll need for continued growth under the DOL fiduciary rule and other new regulations.”
About Securities America
Securities America is one of the nation’s largest independent broker-dealers with more than 2,000 independent advisors and nearly $60 billion in client assets.
Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc., an SEC Registered Investment Advisory Firm.
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