Ladenburg Thalmann Financial Services, a publicly-traded diversified financial services company based in Miami, said Monday that it has completed its acquisition of Securities Service Network, a leading independent broker-dealer, registered investment advisor and insurance agency based in Knoxville, TN.
When it announced the acquisition, Ladenburg said it will pay $45 million, including $25 million in cash and $20 million in four-year notes. The purchase reflects publicly-traded Ladenburg’s ongoing strategy of strengthening its network of independent brokerage and advisory firms and boosting its market share in the industry. Once completed, the deal, along with other pending acquisitions, will boost Ladenburg’s network to 4,000 financial advisors with $125 billion in client assets, Ladenburg said at the time of the deal. Ladenburg said its total revenue will reach $1.1 billion.
Founded in 1983, Securities Service Network has about 450 financial advisors, registered representatives and insurance agents across the nation. The firm has approximately $13 billion in client assets and generated revenues of approximately $115 million for 2014. SSN’s President and Chief Executive Officer Wade Wilkinson and the other members of the SSN management team will continue to operate SSN as a stand-alone business from its present headquarters in Knoxville.