Ladenburg Thalmann completes acquisition of Securities Service Network

Ladenburg Thalmann Financial Services Inc. on Monday said it had completed its acquisition of Securities Service Network Inc., a mid-sized independent broker-dealer based in Knoxville, Tenn. 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.