In the News

Another Insurer Exits the B/D Business

16:41 22 July in In the News by rafferty

July 21, 2014 By Diana Britton, Wealth Management.com   Kansas City Life is selling Sunset Financial Services to Securities America Kansas City Life Insurance Company announced the sale of its independent broker/dealer Sunset Financial Services to Securities America. Sunset has 268 reps, about $18 million in gross annual revenue, and $2.4 billion in client assets. The terms of the deal were not disclosed. But Kansas City Life Insurance said the sale will boost the company’s assets, net of taxes and transaction expenses, by up to $2 million, or 18 cents a share. In an SEC filing, the company reported a net loss of $454,000 for 2013. The b/d's comes primarily comes from the sale of variable life and annuity products—both proprietary and non-proprietary—as well as other fee-based products, the filing said. The sale does not include...

LPL losing a top recruiter

21:23 15 July in In the News by rafferty

July 14, 2014 By Bruce Kelly, Investment News    Joseph Line has joined Wells Fargo Advisors; others have also left recently LPL Financial is losing one of its leading recruiters, Joseph Line, in the wake of three other recruiters resigning in the past year and a half. A 12-year veteran of LPL, Mr. Line told the firm last week he was resigning, according to two industry recruiters outside LPL. Mr. Line recruits 40 to 60 advisers to LPL annually, with those advisers producing $10 million to $15 million in annual fees and commissions, known as an adviser's “trailing 12” in the industry, recruiters said. Mr. Line's territories for LPL included Kentucky, Tennessee and Ohio. The other recruiter aware of Mr. Line's resignation asked not to be identified. Mr. Line did not return phone calls on Monday to comment. His...

Securities America buying Dalton Strategic Investment Services

22:56 08 July in In the News by rafferty

July 8, 2014By Bruce Kelly, Investment News   Trend of small and midsize broker-dealer mergers and acquisitions continues to build The market for broker-dealer mergers and acquisitions continues to heat up as Securities America Inc. said Tuesday it was acquiring Dalton Strategic Investment Services Inc., a small firm with 60 representatives and advisers. Located in Knightstown, Ind., Dalton will become a branch of Securities America. Securities America is buying the assets of Dalton, namely its reps, but terms of the asset purchase were not disclosed. Securities America's announcement to purchase Dalton's assets comes one day after LPL Financial said it was buying the assets of Financial Telesis Inc., a midsize broker-dealer with 203 advisers who focus on retirement planning. Dalton Strategic Investment Services posted $4.4 million in total revenue last year and net income of $420,000, according to the annual audited financial statement filed...