RCAP’s Profit Jumps 12% as B/Ds Are Integrated
August 7, 2014 By Diana Britton, Wealth Management.com On the heels of the firm’s latest acquisition of independent broker/dealer VSR Financial, RCS Capital Corp. (RCAP) reported adjusted net income of $42.6 million, or 49 cents a share, for the second quarter, up 12 percent from the same period a year ago. Revenues were up 22 percent to $825.7 million. During a second quarter earnings call Thursday afternoon, RCAP executives said the firm had completed all five previously announced acquisitions of broker/dealers, including First Allied, Cetera, Investors Capital, Summit Financial Services and J.P. Turner. Executives are now focused on integration, and so far the firm has retained 97 percent of its advisors (based on gross dealer concessions), said Bill Kahane, CEO. Not including VSR, RCAP currently has 9,200 advisors and $214 billion in assets under administration,...