Ladenburg Thalmann said in September it had agreed to buy Securities Service Network Inc., known as SSN, which has close to 450 independent reps and advisers and produced $114.2 million in total revenue in 2013.
At the time, Ladenburg Thalmann said it would pay $45 million for SSN, or 39.4% of annual revenue. SSN has about $13 billion in client assets. SSN's president and chief executive Wade Wilkinson and his team will continue to operate the firm as a stand-alone business, Ladenburg Thalmann said in a news release.
Ladenburg Thalmann's other broker-dealers include: Securities America Inc., Triad Advisors Inc., Investacorp Inc. and KMS Financial Services Inc. Its brokerage network now has close to 4,000 financial advisers that together generate annual revenue of about $1.1. billion.