Securities America to Acquire Assets of Sunset Financial Services
21 July 2014 - 10:00PM
Business Wire
Securities America will add 268 advisors,
$2.4 billion in client assets and $18 million in gross
revenue
Securities America, a subsidiary of Ladenburg Thalmann Financial
Services Inc. (NYSE MKT:LTS), announced today a definitive
agreement to acquire certain assets of Sunset Financial Services,
Inc., a full-service broker-dealer, from Kansas City Life Insurance
Company (NASDAQ:KCLI).
Sunset Financial Services has approximately 268 registered
representatives in 48 states plus the District of Columbia,
approximately $18 million in annual gross revenue and $2.4 billion
in client assets. KCL Service Company will operate as a branch of
Securities America for these representatives. Following the
transaction, Sunset Financial Services will continue to assist
Kansas City Life in issuing and promoting its variable insurance
products.
“The primary objective of this agreement is to improve the
services Kansas City Life provides to our customers and
representatives,” said Walter E. Bixby, Kansas City Life Insurance
Company executive vice president and vice chairman of the board.
“This agreement caps a two-year broker-dealer search to find the
best match for our customers and representatives. Securities
America is well equipped to provide more robust technology, more
diverse products and enhanced practice management.”
Earlier this month, Securities America announced its acquisition
of Dalton Strategic Investment Services of Knightstown, Ind., an
independent broker-dealer with 60 advisors and $950 million in
client assets. In 2013, Securities America added 30 advisors from
Eagle One Investments in Washington, Iowa. The year prior, the
company transitioned 140 advisors from Investors Security Company
Inc. In 2010, the company transitioned 45 advisors from Equitas and
40 from ePlanning. In 2009, Securities America acquired
broker-dealer Brecek & Young Associates from Security Benefit
Corp., adding 260 advisors.
“This business has become increasingly challenging for smaller
broker-dealers,” said Jim Nagengast, Securities America chief
executive officer and president. “We welcome the advisors from
Sunset Financial Services and look forward to helping them grow
through our expertise in advisory business, retirement income
distribution, practice management solutions and technology.”
The transaction, expected to close by the end of 2014, is
subject to customary closing conditions, including regulatory
approval. Shareholder approval is not required.
About Securities AmericaSecurities America is one of the
nation’s largest independent broker-dealers with more than 1,800
independent advisors responsible for $50 billion in client
assets.
About Kansas City Life Insurance CompanyKansas City Life
Insurance Company (NASDAQ: KCLI) was established in 1895 and is
based in Kansas City, Mo. The company's primary business is
providing financial protection through the sale of life insurance
and annuities. The company's revenues were $483.6 million in 2013,
and assets and life insurance in force were $4.5 billion and $32.0
billion, respectively, as of Dec. 31, 2013. The company operates in
48 states and the District of Columbia. For more information,
please visit www.kclife.com.
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding the acquisition of certain
assets of Sunset Financial Services. These statements are based on
management’s current expectations or beliefs and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements herein
due to changes in economic, business, competitive and/or regulatory
factors, and other risks and uncertainties affecting the operation
of the business. These risks, uncertainties and contingencies
include those set forth in the annual report on Form 10-K of
Ladenburg Thalmann Financial Services Inc. (“Ladenburg”) for the
fiscal year ended December 31, 2013 and other factors detailed from
time to time in its other filings with the Securities and Exchange
Commission. The information set forth herein should be read in
light of such risks. Neither the Company nor Ladenburg is under any
obligation to, and each expressly disclaims, any obligation to,
update or alter its forward-looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
Securities offered through Securities America,
Inc., member FINRA/SIPC. Advisory services offered through
Securities America Advisors, Inc., an SEC Registered Investment
Advisory Firm. Securities America is not affiliated with any other
entity named.
Securities AmericaNatalie Hadley, 800-747-6111, ext.
4606nhadley@saionline.com
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