Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q10 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 06, 2014
Document Documentand Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'LTS	'
Entity Registrant Name	'LADENBURG THALMANN FINANCIAL SERVICES INC	'
Entity Central Index Key	'0001029730	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	185,332,414

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Financial Condition (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Cash and cash equivalents	$94,952	$50,329
Securities owned, at fair value	5,858	4,789
Receivables from clearing brokers	68,378	31,391
Receivables from other broker-dealers	1,840	2,126
Notes receivable from financial advisors, net	26,898	31,751
Other receivables, net	28,671	21,687
Fixed assets, net	19,245	15,866
Restricted assets	470	570
Intangible assets, net	104,936	76,251
Goodwill	106,926	90,501
Unamortized debt issue cost	755	1,069
Cash surrender value of life insurance	10,140	12,370
Other assets	24,263	22,120
Total assets	493,332	360,820
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Securities sold, but not yet purchased, at fair value	3,434	83
Accrued compensation	21,813	20,098
Commissions and fees payable	39,392	32,800
Accounts payable and accrued liabilities	22,328	19,846
Deferred rent	1,585	1,871
Deferred income taxes	9,040	7,499
Deferred compensation liability	16,704	19,056
Accrued interest	2,039	1,506
Notes payable, net of $951 and $1,618 unamortized discount in 2014 and 2013, respectively	62,131	64,648
Total liabilities	178,466	167,407
Commitments and contingencies (Note 7)	'	'
Shareholders' equity:	'	'
Preferred stock, $.0001 par value; authorized 25,000,000 shares in 2014 and 2013: 8% Series A cumulative redeemable preferred stock; 11,290,000 and 8,290,000 shares authorized in 2014 and 2013, respectively; 10,873,206 and 6,189,497 shares issued and outstanding in 2014 and 2013, respectively (liquidation preference $271,830 in 2014 and $154,737 in 2013)	1	1
Common stock, $.0001 par value; authorized 800,000,000 and 600,000,000 shares in 2014 and 2013, respectively; shares issued and outstanding, 183,346,168 in 2014 and 181,433,815 in 2013	18	18
Additional paid-in capital	452,263	350,780
Accumulated deficit	-137,406	-157,438
Total shareholdersâ€™ equity of the Company	314,876	193,361
Noncontrolling interest	-10	52
Total shareholders' equity	314,866	193,413
Total liabilities and shareholders' equity	$493,332	$360,820

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements Of Financial Condition (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Series A Preferred Stock	Series A Preferred Stock
Notes payable, unamortized discount	$951	$1,618	'	'
Preferred stock, par value (usd per share)	$0.00	$0.00	$0.00	$0.00
Preferred stock, shares authorized	25,000,000	25,000,000	11,290,000	8,290,000
Preferred stock, dividend rate	'	'	8.00%	8.00%
Preferred stock, shares issued	'	'	10,873,206	6,189,497
Preferred stock, shares outstanding	'	'	10,873,206	6,189,497
Preferred stock, liquidation preference	'	'	$271,830	$154,737
Common stock, par value (usd per share)	$0.00	$0.00	'	'
Common stock, shares authorized	800,000,000	600,000,000	'	'
Common stock, shares issued	183,346,168	181,433,815	'	'
Common stock, shares outstanding	183,346,168	181,433,815	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements Of Operations (USD $)	3 Months Ended			9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013		Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'		'	'
Commissions	$109,575	$101,469		$316,520	$293,507
Advisory fees	86,333	69,893		245,265	200,893
Investment banking	10,916	10,090		38,306	31,271
Principal transactions	433	841		1,699	1,690
Interest and dividends	1,760	1,826		5,132	5,139
Service fees and other income	14,715	16,370		49,381	49,163
Total revenues	223,732	200,489		656,303	581,663
Expenses:	'	'		'	'
Commissions and fees	163,393	146,906		477,133	424,942
Compensation and benefits	28,410	23,860		81,391	69,316
Non-cash compensation	3,679	1,647		7,689	4,439
Brokerage, communication and clearance fees	4,349	2,761		13,003	8,085
Rent and occupancy, net of sublease revenue	1,905	1,631		4,955	4,601
Professional services	3,127	2,247		8,091	6,401
Interest	1,701	2,283		5,193	13,395
Depreciation and amortization	4,902	3,776		12,527	11,553
Acquisition-related expense	850	0		1,308	0
Loss on extinguishment of debt	0	446		314	4,200
Amortization of retention loans	1,538	1,690		5,108	5,339
Other	10,449	10,284		31,627	30,587
Total expenses	224,303	197,531		648,339	582,858
Income (loss) before item shown below	-571	2,958		7,964	-1,195
Change in fair value of contingent consideration	0	0		12	-121
Income (loss) before income taxes	-571	2,958	[1]	7,976	-1,316	[1]
Income tax expense (benefit)	-13,354	579		-11,994	1,718
Net income (loss)	12,783	2,379		19,970	-3,034
Net loss attributable to noncontrolling interest	-20	-23		-62	-49
Net income (loss) attributable to the Company	12,803	2,402		20,032	-2,985
Dividends declared on preferred stock	-4,848	-2,879		-11,783	-3,907
Net income (loss) available to common shareholders	$7,955	($477)		$8,249	($6,892)
Net income (loss) per share available to common shareholders (basic)	$0.04	$0		$0.05	($0.04)
Net income (loss) per share available to common shareholders (diluted)	$0.04	$0		$0.04	($0.04)
Weighted average common shares used in computation of per share data:	'	'		'	'
Basic (in shares)	182,988,516	181,759,305		182,082,141	182,895,952
Diluted (in shares)	210,535,372	181,759,305		205,243,355	182,895,952

[1]	Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current periodâ€™s presentation.

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement Of Changes In Shareholder's Equity (USD $)	Total	Advisory Board And Consultants	Employees	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
	Total	Advisory Board And Consultants	Employees	Preferred Stock	Common Stock	Additional Paid-In Capital	Advisory Board And Consultants	Employees	Accumulated Deficit	Noncontrolling Interest
Beginning Balance at Dec. 31, 2013	$193,413,000	'	'	$1,000	$18,000	$350,780,000	'	'	($157,438,000)	$52,000
Beginning Balance (in shares) at Dec. 31, 2013	'	'	'	6,189,497	181,433,815	'	'	'	'	'
Issuance of common stock under employee stock purchase plan (in shares)	'	'	'	'	71,703	'	'	'	'	'
Issuance of common stock under employee stock purchase plan	224,000	'	'	'	'	224,000	'	'	'	'
Exercise of stock options, net of 43,535 shares tendered in payment of exercise price (in shares)	1,787,913	'	'	'	1,744,378	'	'	'	'	'
Exercise of stock options, net of 43,535 shares tendered in payment of exercise price	2,028,000	'	'	'	'	2,028,000	'	'	'	'
Stock-based compensation	'	4,731,000	2,958,000	'	'	'	4,731,000	2,958,000	'	'
Repurchase and retirement of common stock (in shares)	'	'	'	'	-2,444,490	'	'	'	'	'
Repurchase and retirement of common stock	-8,090,000	'	'	'	'	-8,090,000	'	'	'	'
Common stock issued in Highland acquisition, shares	'	'	'	'	2,540,762	'	'	'	'	'
Common stock issued in Highland acquisition	7,953,000	'	'	'	'	7,953,000	'	'	'	'
Preferred stock issued, net of expenses of $2,302, shares	'	'	'	4,683,709	'	'	'	'	'	'
Preferred stock issued, net of expenses of $2,302	103,462,000	'	'	'	'	103,462,000	'	'	'	'
Preferred stock dividends declared and paid	-11,783,000	'	'	'	'	-11,783,000	'	'	'	'
Net income (loss)	19,970,000	'	'	'	'	'	'	'	20,032,000	-62,000
Ending Balance at Sep. 30, 2014	$314,866,000	'	'	$1,000	$18,000	$452,263,000	'	'	($137,406,000)	($10,000)
Ending Balance (in shares) at Sep. 30, 2014	'	'	'	10,873,206	183,346,168	'	'	'	'	'

Condensed_Consolidated_Stateme4

Condensed Consolidated Statement Of Changes In Shareholder's Equity (Parenthetical) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Exercise of stock options, shares tendered in payment of exercise price	43,535
Preferred Stock	'
Underwriting discount and expenses	2,302

Condensed_Consolidated_Stateme5

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	$19,970	($3,034)
Adjustments to reconcile net income (loss) to net cash (used) provided by operating activities:	'	'
Change in fair value of contingent consideration	-12	121
Adjustment to deferred rent	-286	213
Amortization of intangible assets	9,360	8,760
Depreciation and other amortization	3,167	2,793
Loss on extinguishment of debt	314	4,200
Amortization of debt discount	371	1,068
Amortization of debt issue cost	296	334
Amortization of retention loans	5,108	5,339
Deferred income taxes	-13,381	695
Benefit attributable to reduction of goodwill	58	58
Non-cash interest expense on forgivable loans	762	797
Non-cash compensation expense	7,689	4,439
Loss on write-off of furniture, fixtures and leasehold improvements, net	6	55
(Increase) decrease in operating assets, net of effects of acquisition:	'	'
Securities owned, at fair value	-1,069	-1,756
Receivables from clearing broker	-36,987	-13,910
Receivables from other broker-dealers	286	346
Other receivables, net	-914	-353
Notes receivable from financial advisors, net	-255	1,365
Cash surrender value of life insurance	2,230	-413
Other assets	-358	728
Increase (decrease) in operating liabilities, net of effects of acquisition:	'	'
Securities sold, but not yet purchased, at fair value	3,351	41
Accrued compensation	-1,647	5,756
Accrued interest	-491	-3,033
Commissions and fees payable	5,142	1,831
Deferred compensation liability	-2,352	396
Accounts payable and accrued liabilities	-418	-630
Net cash (used) provided by operating activities	-60	16,206
Cash flows from investing activities:	'	'
Purchases of fixed assets	-5,887	-4,606
Decrease (increase) in restricted assets	100	-250
Acquisition of Highland, net of cash received	-3,353	0
Net cash used in investing activities	-9,140	-4,856
Cash flows from financing activities:	'	'
Issuance of Series A preferred stock	103,462	140,413
Issuance of common stock	2,252	424
Series A preferred stock dividends paid	-11,783	-3,907
Repurchases of common stock	-8,090	-5,935
Term loan additional borrowing	500	0
Principal repayments on notes payable, including, in 2014, $21,834 of Highland's assumed debt	-32,518	-101,525
Principal repayments under revolving credit facility, net	0	-25,500
Third party investment in subsidiary	0	120
Net cash provided by financing activities	53,823	4,090
Net increase in cash and cash equivalents	44,623	15,440
Cash and cash equivalents, beginning of period	50,329	35,434
Cash and cash equivalents, end of period	94,952	50,874
Supplemental cash flow information:	'	'
Interest paid	4,246	14,220
Taxes paid	$2,222	$426

Condensed_Consolidated_Stateme6

Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
	Highland Capital Brokerage, Inc. (Highland)
Principal repayments on notes payable	$21,834
Assets acquired	63,308
Liabilities assumed	-52,742
Total estimated purchase price	11,566
Cash acquired in acquisition	260
Net cash paid in acquisition	$3,353

Description_of_Business_and_Ba

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Description of Business and Basis of Presentation	'
	Description of Business and Basis of Presentation

	Ladenburg Thalmann Financial Services Inc. (the “Company”) is a holding company. Its principal operating subsidiaries are Securities America, Inc. (collectively with related companies, ‘‘Securities America’’), Triad Advisors, Inc. (‘‘Triad’’), Investacorp, Inc. (collectively with related companies, ‘‘Investacorp’’), Ladenburg Thalmann & Co. Inc. (‘‘Ladenburg’’), Ladenburg Thalmann Asset Management Inc. (‘‘LTAM’’), Premier Trust, Inc. (‘‘Premier Trust’’) and Highland Capital Brokerage, Inc. (“Highland”), which the Company acquired in July 2014 (see Note 2).

	Securities America, Triad and Investacorp are registered broker-dealers and investment advisors that have been serving the independent financial advisor community since 1984, 1998 and 1978, respectively. The independent financial advisors of Securities America, Triad and Investacorp primarily serve retail clients. Securities America, Triad and Investacorp derive revenue from advisory fees and commissions, primarily from the sale of mutual funds, variable annuity products and other financial products and services.

	Ladenburg is a full service registered broker-dealer that has been a member of the New York Stock Exchange since 1879. Broker-dealer activities include sales and trading and investment banking. Ladenburg provides its services principally to middle-market and emerging growth companies and high net worth individuals through a coordinated effort among corporate finance, capital markets, brokerage and trading professionals.

	LTAM is a registered investment advisor. It offers various asset management products utilized by Ladenburg and Premier Trust’s clients, as well as clients of Securities America’s, Triad's and Investacorp’s financial advisors.

	Premier Trust, a Nevada trust company, provides wealth management services, including administration of personal trusts and retirement accounts, estate and financial planning and custody services.

	Highland is a leading independent insurance brokerage that delivers life insurance, fixed and equity indexed annuities and long-term care solutions to investment and insurance providers. Highland provides specialized point-of-sale support along with advanced marketing and estate and business planning techniques, delivering customized insurance solutions to both institutional clients and independent producers.

	Securities America's, Triad's, Investacorp's and Ladenburg's customer transactions are cleared through clearing brokers on a fully-disclosed basis and such entities are subject to regulation by, among others, the Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board. Each of Securities America, Triad, Investacorp and Ladenburg is a member of the Securities Investor Protection Corporation. Securities America is also subject to regulation by the Commodities Futures Trading Commission and the National Futures Association. Premier Trust is subject to regulation by the Nevada Department of Business and Industry Financial Institutions Division.

	Basis of Presentation
	The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented. Because of the nature of the Company’s business, interim period results may not be indicative of full year or future results.
	The unaudited condensed consolidated financial statements do not include all information and notes required in annual audited financial statements in conformity with GAAP. The statement of financial condition at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statement presentation. Please refer to the notes to the audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2013 for additional disclosures and a description of accounting policies (except as updated below for Highland).

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2014
Business Combinations [Abstract]	'
Acquisitions	'
	Acquisition

	On July 31, 2014, the Company acquired HCHC Holdings, Inc. (“HCHC”), which is the parent company of Highland. Highland is an independent insurance brokerage that delivers life insurance, annuities and long-term care solutions to investment and insurance providers. Highland provides specialized point-of-sale support along with advanced marketing and estate and business planning techniques, delivering customized insurance solutions to both institutional clients and independent producers. Under the Agreement and Plan of Merger, dated July 31, 2014, by and among the Company, HCHC, HCHC Acquisition Inc. ("HCHC Acquisition"), a wholly-owned subsidiary of the Company, and the stockholders of HCHC, HCHC merged with and into HCHC Acquisition, with HCHC Acquisition remaining as the surviving corporation and a wholly-owned subsidiary of the Company.

	The Company paid $3,613 in cash and issued 2,540,762 shares of the Company's common stock, which are subject to certain transfer restrictions, valued at $7,953. Also, the Company caused all indebtedness owed by certain HCHC subsidiaries under a credit agreement (in the amount of $21,834) to be repaid. Approximately $7,000 of HCHC Acquisition's (as successor in interest to HCHC) 10% promissory notes due February 26, 2019 remain outstanding. Legal and other acquisition related costs of approximately $566 were incurred and charged to expense for the second and third quarters of the Company's year ending December 31, 2014.

	The Company has not completed the valuation studies necessary to finalize the acquisition-date fair values of assets acquired and liabilities assumed and related allocation of purchase price for Highland. Accordingly, amounts set forth below are preliminary estimates only. Once the valuation process has been completed, there may be changes to the reported values of assets acquired and liabilities assumed, including goodwill and intangible assets, and those changes could differ materially from what is presented below. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of acquisition:




	Cash	$	260

	Receivables...............................................................................	6,070

	Identifiable intangible assets...................................................	38,045

	Goodwill...................................................................................	16,483

	Other assets..............................................................................	2,450

	Total assets acquired................................................................	$	63,308

	Commissions and fees payable................................................	(1,450		)
	Notes payable-current..............................................................	(21,834		)
	Notes payable-long term..........................................................	(7,000		)
	Accounts payable and accrued liabilities.................................	(6,536		)
	Deferred taxes payable, net.....................................................	(14,922		)
	Total liabilities assumed..........................................................	$	(51,742	)
	Total purchase price.................................................................	$	11,566


	A deferred tax liability has been recorded for the excess of financial statement basis over tax basis of the acquired assets and assumed liabilities with a corresponding increase to goodwill. Goodwill, which is non-deductible for income tax purposes, was assigned to the insurance brokerage segment. Factors that contributed to a purchase price resulting in the recognition of goodwill include Highland's strategic fit with the Company’s existing businesses, including the resulting synergies and economies of scale expected from the acquisition.

	Identifiable intangible assets as of the acquisition date consist of:









						Useful Life
						(years)
	Technology	$	972				4

	Relationships with customers		1,914				25 & 11

	Renewals revenue		30,337				8

	Trade names		1,711				9

	Non-solicitation agreement		3,111				3

	Total identifiable intangible assets	$	38,045




	Fair value amounts (Level 3 inputs) were determined using an income approach for renewals revenue, relationships with customers and trade names and a cost approach for technology.

The accompanying condensed consolidated financial statements include the results of operations of Highland from the date of acquisition. The following unaudited pro forma information represents the Company’s consolidated results of operations as if the acquisition of Highland had occurred at the beginning of 2013. The pro forma net loss reflects amortization of the amounts ascribed to identifiable intangible assets acquired in the acquisition and elimination of Highland's interest expense related to notes repaid at the date of acquisition. In addition, the $14,125 non-recurring income tax benefit resulting from the acquisition has been eliminated from the pro forma results (see Note 5).



	Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended September 30, 2013
	30-Sep-14			30-Sep-14			30-Sep-13
Revenue	$	227,641		$	686,110		$	217,980		$	631,004

Net income (loss)	$	11,008		$	16,501		$	1,637		$	(1,858	)

Net loss available to common shareholders	$	(7,610	)	$	(9,436	)	$	(2,428	)	$	(9,775	)
Basic and diluted loss per share available to common shareholders	$	(0.04	)	$	(0.05	)	$	(0.01	)	$	(0.05	)
Weighted average common shares outstanding:
Basic and diluted	183,816,643			184,045,751			184,300,067			185,436,714


The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations that would have been reported had the acquisition of Highland been completed as of the beginning of 2013, nor should it be taken as indicative of the Company’s future consolidated results of operations.

Revenues and net loss for Highland for the period from August 1, 2014 to September 30, 2014 included in the accompanying statements of operations were $9,242 and $742, respectively.

Securities_Owned_and_Securitie

Securities Owned and Securities Sold, But Not Yet Purchased	9 Months Ended
	Sep. 30, 2014
Securities Owned and Sold, Not yet Purchased [Abstract]	'
Securities Owned and Securities Sold, But Not Yet Purchased	'
	Securities Owned and Securities Sold, But Not Yet Purchased
	The components of securities owned and securities sold, but not yet purchased at September 30, 2014 and December 31, 2013 were as follows:


			Securities Owned			Securities Sold,
						But Not Yet Purchased
	30-Sep-14
	Debt securities		$	1,896		$	(66	)

	U.S. Treasury notes		1			(297		)

	Common stock and warrants		1,805			(3,071		)

	Restricted common stock and warrants		1,131			—

	Other investments		1,025			—

	Total		$	5,858		$	(3,434	)


	31-Dec-13
	Certificates of deposit		$	24		$	—

	Debt securities		1,402			(46		)

	U.S. Treasury notes		1			—

	Common stock and warrants		689			(33		)

	Restricted common stock and warrants		725			(4		)

	Other investments		1,948			—

	Total		$	4,789		$	(83	)


	As of September 30, 2014 and December 31, 2013, approximately $5,233 and $4,014, respectively, of securities owned were deposited with clearing brokers and may be sold or hypothecated by the clearing brokers pursuant to clearing agreements with such clearing brokers. Securities sold, but not yet purchased, at fair value represents obligations of the Company’s subsidiaries to purchase the specified financial instrument at the then current market price. Accordingly, these transactions result in off-balance-sheet risk as the Company’s subsidiaries’ ultimate obligation to repurchase such securities may exceed the amount recognized in the consolidated statements of financial condition.
	Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value.

	The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

	Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

	Level 2 — Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company.

	Level 3 — Unobservable inputs which reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability.

	Securities are carried at fair value and classified as follows:

	As of September 30, 2014:


	Securities owned, at fair value		Level 1			Level 2				Level 3			Total
	Debt securities		$	—		$	1,896			$	—		$	1,896

	U.S. Treasury notes		—			1				—			1

	Common stock and warrants		1,805			1,131				—			2,936

	Other investments		—			1,025				—			1,025

	Total		$	1,805		$	4,053			$	—		$	5,858




Securities sold, but not yet purchased, at fair value		Level 1			Level 2				Level 3			Total
Certificates of deposit		$	—		$	(66	)		$	—		$	(66	)

U.S. Treasury notes		—			(297		)		—			(297		)

Common stock and warrants		(3,071		)	—				—			(3,071		)

Total		$	(3,071	)	$	(363	)		$	—		$	(3,434	)


As of December 31, 2013:


Securities owned, at fair value		Level 1			Level 2				Level 3			Total
Debt securities		$	—		$	1,402			$	—		$	1,402

Certificates of deposit		24			—				—			24

U.S. Treasury notes		—			1				—			1

Common stock and warrants		689			725				—			1,414

Other investments		—			1,948				—			1,948

Total		$	713		$	4,076			$	—		$	4,789




Securities sold, but not yet purchased, at fair value		Level 1			Level 2				Level 3			Total
Debt securities		$	—		$	(46	)		$	—		$	(46	)

Common stock and warrants		(33		)	(4		)		—			(37		)

Total		$	(33	)	$	(50	)		$	—		$	(83	)


Debt securities and U.S. Treasury notes are valued based on recently executed transactions, market price quotations, and pricing models that factor in, as applicable, interest rates and bond default risk spreads.

Warrants are carried at a discount to fair value as determined by using the Black-Scholes option pricing model due to illiquidity. This model takes into account the underlying securities' current market values, the underlying securities' market volatility, the terms of the warrants, exercise prices and risk-free return rate. As of September 30, 2014 and December 31, 2013, the fair values of the warrants were $505 and $534, respectively, and are included in common stock and warrants (level 2) above.

From time to time, Ladenburg receives common stock as compensation for investment banking services. These securities are restricted under applicable securities laws and may be freely traded only upon the effectiveness of a registration statement covering them or upon the satisfaction of the requirements of Rule 144, including the requisite holding period. Restricted common stock is classified as Level 2 securities.
Other investments consist principally of equity interests in real estate investment trusts, which are valued based on broker-dealer quotations and pricing available from buyers in the secondary market, and are classified as Level 2 securities.

Net_Capital_Requirements

Net Capital Requirements	9 Months Ended
Net Capital Requirements	Sep. 30, 2014
Regulatory Capital Requirements [Abstract]	'
Net Capital Requirements	'
	Net Capital Requirements

	The Company’s broker-dealer subsidiaries are subject to the SEC’s Uniform Net Capital Rule 15c3-1, which requires the maintenance of minimum net capital. Each of Securities America, Triad, Investacorp and Ladenburg has elected to compute its net capital under the alternative method allowed by this rule, and, at September 30, 2014, each had a $250 minimum net capital requirement. At September 30, 2014, Securities America had regulatory net capital of $8,516, Triad had regulatory net capital of $3,558, Investacorp had regulatory net capital of $4,364 and Ladenburg had regulatory net capital of $46,928, which included the proceeds of a $25,000 temporary subordinated loan from the Company to Ladenburg.

	Securities America, Triad, Investacorp and Ladenburg claim exemptions from the provisions of the SEC’s Rule 15c3-3 pursuant to paragraph (k)(2)(ii) as they clear their customer transactions through correspondent brokers on a fully disclosed basis.

	Premier Trust, chartered by the state of Nevada, is subject to regulation by the Nevada Department of Business and Industry Financial Institutions Division. Under Nevada law, Premier Trust must maintain minimum stockholders’ equity of at least $1,000, including at least $250 in cash. At September 30, 2014, Premier Trust had stockholders’ equity of $1,301, including at least $250 in cash.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes

	The Company files a consolidated federal income tax return and certain combined state and local income tax returns together with its subsidiaries.

	A net deferred tax liability of approximately $14,922 was recorded in connection with the acquisition of Highland for the excess financial statement basis over tax basis of the acquired assets and assumed liabilities (See Note 2). As Highland will be included in the Company’s consolidated federal and certain combined state and local income tax returns, deferred federal and a portion of deferred state and local tax liabilities assumed in the acquisition may be used to offset the reversal of the Company’s pre-existing deferred tax assets. Accordingly, the Company’s deferred tax valuation allowance has been reduced by $14,125 of the deferred tax liability recorded in the acquisition and recorded as a deferred tax benefit in the accompanying statements of operations for the three and nine-month periods ended September 30, 2014.
	Income tax benefit and income tax expense includes the tax effect of goodwill, which is amortized for income tax purposes, of $294 and $298 for the three months ended September 30, 2014 and 2013, respectively, and $881 and $885 for the nine months ended September 30, 2014 and 2013, respectively.

	The effective tax rates differ from the statutory income tax rates for the 2014 and 2013 periods, primarily due to the reduction of the deferred tax valuation allowance, a tax provision related to amortization of goodwill for tax purposes and utilization of net operating loss carryforwards for which valuation allowances had previously been provided.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Notes Payable	'
	Notes Payable

	Notes payable consisted of the following:



		September 30,		December 31,
		2014		2013
	Notes payable to clearing firm under forgivable loans (see Note 13)	$	14,285	$	14,285

	Note payable to a subsidiary of Premier Trust’s former shareholder	264		450

	Notes payable to finance Securities America acquisition, net of $951 and $1,618 of unamortized discount in 2014 and 2013, respectively	38,899		48,232

	Note payable under term loan with bank	1,683		1,681

	Notes payable to Highland's former shareholders	7,000		—

	Total	$	62,131	$	64,648


	The Company estimates that the fair value of notes payable was $66,223 at September 30, 2014 and $68,908 at December 31, 2013 based on then current interest rates at which similar amounts of debt could then be borrowed (Level 2 inputs). As of September 30, 2014, the Company was in compliance with all covenants in its debt agreements.

	The lenders under the notes payable to finance the Securities America acquisition (the “November 2011 Loan”) included Frost Nevada Investments Trust (“Frost Nevada”), an affiliate of the Company's Chairman of the Board and principal shareholder, Vector Group, Ltd. (“Vector Group”), a principal shareholder of the Company, and the Company's President and Chief Executive Officer and a director. At September 30, 2014, outstanding principal amounts loaned by Frost Nevada, Vector Group and the Company's President and Chief Executive Officer were $33,477, $3,720 and $43, respectively.

	The Company used the net proceeds from the sale of Series A Preferred Stock during the nine months ended September 30, 2014 (see Note 9) and working capital to prepay $10,000 principal amount of the remaining aggregate principal amount of the November 2011 Loan. In connection with the prepayment, the Company recorded a loss on extinguishment of debt for the nine months ended September 30, 2014 of $314, which included unamortized discounts and the write-off of debt issuance costs.

	As of the date of the Highland acquisition, Highland had $21,834 payable under a credit agreement that was repaid by the Company. As of September 30, 2014, HCHC Acquisition, as successor in interest to HCHC, had outstanding $7,000 of its 10% promissory notes due February 26, 2019. Accrued interest on the promissory notes is payable quarterly on the 15th of October, January, April and July. The promissory notes may be prepaid, except that if the promissory notes are prepaid in full prior to August 26, 2016, the holders of the promissory notes are entitled to receive the total amount of interest that would otherwise have been payable through August 26, 2016, less any interest already paid.

	At September 30, 2014, the Company had $40,000 available under its $40,000 revolving credit agreement with an affiliate of its principal shareholder.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies

	Litigation and Regulatory Matters

	In October 2011, a suit was filed in the U.S. District Court for the District of Delaware by James Zazzali, as Trustee for the DBSI Private Actions Trust, against 50 firms, including two of the Company’s subsidiaries, and their purported parent corporations, alleging liability for purported fraud in the marketing and sale of DBSI securities. The plaintiff alleges, among other things, that the defendants failed to conduct adequate due diligence and violated securities laws. The plaintiff seeks an unspecified amount of compensatory damages as well as other relief. On September 24, 2014, a Company subsidiary entered into a settlement agreement resolving all claims against it; the amount paid by such subsidiary in connection with the settlement was not material. Effective September 26, 2014, the case involving the remaining parties was transferred to the U.S. District Court for the District of Idaho. The remaining Company subsidiary’s motion to dismiss the complaint is currently pending. The Company believes the claims are without merit and intends to vigorously defend against them.

	In December 2011, a purported class action suit was filed in the U.S. District Court for the Southern District of Florida (“District Court”) against FriendFinder Networks, Inc. (“FriendFinder”), various individuals, and Ladenburg and another broker-dealer as underwriters for the May 11, 2011 FriendFinder initial public offering. On June 20, 2013, the plaintiff filed its second amended complaint, alleging that the defendants, including Ladenburg, were liable for violations of federal securities laws. On March 18, 2014, the District Court dismissed the second amended complaint with prejudice. On October 24, 2014, the U.S. Court of Appeals for the Eleventh Circuit affirmed the dismissal of the second amended complaint.

	In December 2012, a purported class action suit was filed in the Superior Court of California for San Mateo County against Worldwide Energy & Manufacturing, Inc. (“WEMU”), certain individuals, and Ladenburg as placement agent for a 2010 offering of WEMU securities. The complaint alleged that the defendants, including Ladenburg, are liable for violations of state securities laws, and does not specify the amount of damages sought. On August 11, 2014, the parties entered into a settlement agreement resolving all claims in the complaint, which is subject to court approval. The amount expected to be paid by Ladenburg in connection with the settlement was accrued at December 31, 2013.

	In April 2013, a former client of Securities America filed an arbitration claim against Securities America concerning the suitability of investments in three tenant-in-common interests purchased through Section 1031 tax-deferred exchanges;
	the claimant sought compensatory damages equal to the purported total investment loss of approximately $2,164 and other relief. On September 15, 2014, the parties entered into a settlement agreement resolving all claims; the amount paid in connection with the settlement was not material.

	During the period from June to November 2013, and in September 2014, seven former clients of Triad filed arbitration claims concerning the suitability of investments in tenant-in-common interests purchased through Section 1031 tax-deferred exchanges. In June and October 2014, two of the claimants entered into settlement agreements with Triad that resolved all of such claimants' claims; the amounts paid by Triad in connection with the settlements were not material. The five remaining claims, which seek purported investment losses totaling $6,051, and other relief, are currently pending. The Company believes the claims are without merit and intends to vigorously defend against them.

	Commencing in October 2013, certain states have requested that Securities America provide information concerning the suitability of purchases of non-traded REIT securities by their residents. Securities America is complying with the requests. The Company currently is unable to determine the scope of any potential liability or whether and to what extent any of the states may seek to discipline Securities America.

	From April to September 2014, six arbitration claims were filed on behalf of 40 individuals against Securities America and another brokerage firm concerning purported unauthorized trading and unsuitability of investments made on their behalf by a registered representative. Securities America believes that all or virtually all of the transactions at issue occurred while the registered representative was affiliated with his prior brokerage firm. On October 17, 2014, the parties to one of the arbitration claims reached an agreement in principle to resolve all claims on behalf of 29 individuals; the amount to be paid in connection with that settlement is not material. The 11 claimants in the remaining five arbitration claims are seeking reimbursement of investment losses that may exceed $3,000, and other relief. The Company believes the claims are without merit and intends to vigorously defend against them.

	In the ordinary course of business, in addition to the above disclosed matters, the Company's subsidiaries are defendants in other litigation and arbitration proceedings and may be subject to unasserted claims primarily in connection with their activities as securities broker-dealers or as a result of services provided in connection with securities offerings. Such litigation and claims may involve substantial or indeterminate amounts and are in varying stages of legal proceedings. When the Company believes that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated (after giving effect to any expected insurance recovery), the Company accrues such amount. Upon final resolution, amounts payable may differ materially from amounts accrued. The Company had accrued liabilities in the amount of approximately $3,854 at September 30, 2014 and $3,291 at December 31, 2013 for certain pending matters. For other pending matters, the Company was unable to estimate a range of possible loss as of September 30, 2014 or December 31, 2013, as applicable; however, in the opinion of management, after consultation with counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

OffBalanceSheet_Risk_and_Conce

Off-Balance-Sheet Risk and Concentration of Credit Risk	9 Months Ended
Off-Balance-Sheet Risk and Concentration of Credit Risk	Sep. 30, 2014
Off-Balance-Sheet Risk and Concentration of Credit Risk [Abstract]	'
Off-Balance-Sheet Risk and Concentration of Credit Risk	'
	Off-Balance-Sheet Risk and Concentration of Credit Risk

	Securities America, Triad, Investacorp and Ladenburg do not carry accounts for customers or perform custodial functions related to customers’ securities. They introduce all of their customer transactions, which are not reflected in these financial statements, to clearing brokers, which maintain cash and the customers’ accounts and clear such transactions. Also, the clearing brokers provide the clearing and depository operations for proprietary securities transactions. These activities create exposure to off-balance-sheet risk in the event that customers do not fulfill their obligations to the clearing brokers, as each of Securities America, Triad, Investacorp and Ladenburg has agreed to indemnify such clearing brokers for any resulting losses. Each of Securities America, Triad, Investacorp and Ladenburg continually assesses risk associated with each customer who is on margin credit and records an estimated loss when management believes collection from the customer is unlikely.

	The clearing operations for the Securities America, Triad, Investacorp and Ladenburg securities transactions are provided by two clearing brokers, which are large financial institutions.

	At September 30, 2014, amounts due from these clearing brokers was $68,378, which represents a substantial concentration of credit risk should these clearing brokers be unable to fulfill their obligations.

	In the normal course of business, Securities America, Triad, Investacorp and Ladenburg may enter into transactions in financial instruments with off-balance sheet risk. As of September 30, 2014, Securities America, Triad and Ladenburg sold securities that they do not own and will therefore be obligated to purchase such securities at a future date. These obligations have been recorded in the statements of financial condition at the market values of the related securities, and such entities will incur a loss if, at the time of purchase, the market value of the securities has increased since the applicable date of sale.

	The Company and its subsidiaries maintain cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Shareholders' Equity	'
	Shareholders’ Equity

	Repurchase Program

	In March 2007, the Company’s board of directors authorized the repurchase of up to 2,500,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, depending on market conditions. In October 2011, the board approved an amendment to the repurchase program to permit the purchase of up to an additional 5,000,000 shares. Since inception through September 30, 2014, 6,194,247 shares of common stock have been repurchased for $14,179 under the program, including the repurchase of 1,280,400 shares for $4,674 and 2,444,490 shares for $8,090 during the three and nine months ended September 30, 2014, respectively.

	Stock Compensation Plans

	Options granted during the nine months ended September 30, 2014 were as follows:



	Grant Date		Expiration Date	Shares	Exercise Price		Fair Value(1)
	17-Jan-14	(2)(3)	January 17, 2024	30,000	$	3.25	$	66

	17-Jan-14	(2)	January 17, 2024	2,268,000	$	3.25	$	3,859

	22-Jan-14	(2)	January 22, 2024	10,000	$	2.89	$	18

	31-Mar-14	(2)	March 31, 2024	30,000	$	3.02	$	55

	25-Jun-14	(4)	June 25, 2024	450,000	$	3.01	$	832

	1-Jul-14	(2)	July 1, 2024	10,000	$	3.32	$	19

	31-Jul-14	(2)	July 31, 2024	500,000	$	3.13	$	927

				3,298,000


	-1	Fair value is calculated using the Black-Scholes option pricing model.

	-2	Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.

	-3	Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date.

	-4	Options vest on the first anniversary of the grant date.

	Options to purchase 201,413 shares of common stock were forfeited during the nine months ended September 30, 2014.

	As of September 30, 2014, there was $13,813 of unrecognized compensation cost for stock-based compensation, of which $4,698 related to the 2014 grants described above. This cost is expected to be recognized over the vesting periods of the options, which on a weighted-average basis are approximately 1.84 years for all grants and approximately 3.06 years for the 2014 grants.

	Options were exercised to purchase 498,976 and 1,787,913 shares of the Company’s common stock during the three and nine months ended September 30, 2014, for which the intrinsic value on dates of exercise was $1,187 and $3,354, respectively.

	Capital Stock

	On June 25, 2014, the Company's shareholders approved an amendment to the Company's Articles of Incorporation to increase the number of shares of common stock authorized from 600,000,000 to 800,000,000. On June 13, 2014, the Company filed articles of amendment to the Company's Articles of Incorporation to designate an additional 3,000,000 shares of its Series A Preferred Stock.
	On June 24, 2013, the Company entered into an Equity Distribution Agreement under which it may sell up to an aggregate of 3,000,000 shares of its Series A Preferred Stock from time to time in an “at the market” offering under Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On June 13, 2014, the Company entered into another Equity Distribution Agreement under which it may sell up to an aggregate of 3,000,000 shares of its Series A Preferred Stock from time to time in an “at the market” offering under Rule 415 under the Securities Act. During the three and nine months ended September 30, 2014, the Company sold 2,542,490 and 4,683,709 shares of Series A Preferred Stock, respectively, pursuant to the “at the market” offering, which provided total gross proceeds to the Company of $57,652 and $105,764, respectively, before deducting the commission paid to unaffiliated sales agents and offering expenses aggregating $1,201 and $2,302, respectively.

	For the three and nine months ended September 30, 2014, the Company paid dividends of $4,848 and $11,783, respectively, on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.

Per_Share_Data

Per Share Data	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Per Share Data	'
	Per Share Data

	Basic net income per share is computed by dividing net income attributable to the Company, decreased by dividends declared on preferred stock, by the weighted-average number of common shares outstanding. The dilutive effect of incremental common shares potentially issuable under outstanding options and warrants is included in diluted earnings per share utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows:



		Three months ended September 30,		Nine months ended September 30,
		2014	2013	2014	2013
	Basic weighted-average shares	182,988,516	181,759,305	182,082,141	182,895,952

	Effect of dilutive securities:

	Common stock options	18,424,579	—	15,289,845	—

	Warrants to purchase common stock	9,122,277	—	7,871,369	—

	Dilutive potential common shares	27,546,856	—	23,161,214	—

	Weighted average common shares outstanding and dilutive potential common shares	210,535,372	181,759,305	205,243,355	182,895,952


	For the three and nine months ended September 30, 2014, options to purchase 3,358,000 shares of common stock and for the three and nine months ended September 30, 2013 options and warrants to purchase 57,007,593 shares of common stock, were not included in the computation of diluted loss per share as the effect would have been anti-dilutive.

Noncontrolling_Interest

Noncontrolling Interest	9 Months Ended
Noncontrolling Interest	Sep. 30, 2014
Noncontrolling Interest [Abstract]	'
Noncontrolling Interest	'
	Noncontrolling Interest

	Arbor Point Advisors, LLC (“APA”), a registered investment advisor, which began operations in 2013, provides investment advisory services through APA's licensed investment advisor representatives. Securities America holds an 80% interest in APA and an unaffiliated entity owns a 20% interest. Because Securities America is the controlling managing member of APA, the results of operations of APA are included in the Company's consolidated financial statements, and amounts attributable to the 20% unaffiliated investor are recorded as a noncontrolling interest.

Segment_Information

Segment Information	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Information	'
	Segment Information

	The Company has three operating segments. The independent brokerage and advisory services segment includes the broker-dealer and investment advisory services provided by Securities America, Triad and Investacorp to their independent contractor financial advisors and wealth management services provided by Premier Trust. The Ladenburg segment includes the investment banking, sales and trading and asset management services and investment activities conducted by Ladenburg and LTAM. The insurance brokerage segment includes the wholesale insurance brokerage activities provided by Highland, which delivers life insurance, fixed and equity indexed annuities, as well as long-term care solutions to investment and insurance providers.

	Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for acquisition-related expense, amortization of retention loans, change in the fair value of contingent consideration related to acquisitions, loss on extinguishment of debt, interest income and non-cash compensation expense, is a key metric the Company's management uses in evaluating financial performance for its reportable segments. EBITDA, as adjusted, is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its financial performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance, such as amortization of retention loans for the Securities America acquisition and other acquisition-related expenses, or do not involve a cash outlay, such as stock-related compensation, which is expected to remain a key element in our long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities.

	Segment information for the three months ended September 30, 2014 and 2013 was as follows:



		Independent				Ladenburg				Insurance Brokerage				Corporate				Total
		Brokerage and
		Advisory Services
	2014
	Revenues	$	197,730			$	16,675			$	9,242			$	85			$	223,732

	Pre-tax income (loss)	1,186				3,400				(742		)		(4,415		)	(2)	(571		)

	EBITDA, as adjusted(7)	10,369				3,734				386				(2,429		)		12,060

	Identifiable assets	314,083				72,190			(6)	62,812				44,247				493,332

	Depreciation and amortization	3,771				176				952				3				4,902

	Interest	1,267				11				118				305				1,701

	Capital expenditures	1,114				—				48				—				1,162

	Non-cash compensation	2,640				153				58				828				3,679


	2013

	Revenues	$	184,085			$	16,325			$	—			$	79			$	200,489

	Pre-tax (loss) income(3)	4,199				2,284				—				(3,525		)	(2)	2,958

	EBITDA, as adjusted(3)(7)	12,592				2,654				—				(2,478		)		12,768

	Identifiable assets	315,401				34,526				—				4,908				354,835

	Depreciation and amortization	3,550				214				—				12				3,776

	Interest	1,906				3				—				374				2,283

	Capital expenditures	1,090				479				—				—				1,569

	Non-cash compensation	851				163				—				633				1,647




	Segment information for the nine months ended September 30, 2014 and 2013 was as follows:



		Independent				Ladenburg				Insurance Brokerage				Corporate				Total
		Brokerage and
		Advisory Services
	2014
	Revenues	$	588,987			$	57,830			$	9,242			$	244			$	656,303

	Pre-tax income (loss)	6,927				13,176				(742		)		(11,385		)	(2)	7,976

EBITDA, as adjusted(7)	32,318				14,123				386				(6,857		)		39,970

Identifiable assets	314,083				72,190			(6)	62,812				44,247				493,332

Depreciation and amortization	11,082				486				952				7				12,527

Interest	4,121				18				118				936				5,193

Capital expenditures	4,805				926				48				108				5,887

Non-cash compensation	4,913				458				58				2,260				7,689


2013
Revenues	$	535,702		(4)	$	50,890		(4)	$	—			$	(4,929	)	(5)	$	581,663

Pre-tax (loss) income(3)	3,726				8,962				—				(14,004		)	(1)(2)	(1,316		)

EBITDA, as adjusted(3)(7)	36,874				10,135			(1)	—				(9,374		)	(1)	37,635

Identifiable assets	315,401				34,526				—				4,908				354,835

Depreciation and amortization	10,880				626				—				47				11,553

Interest	10,830				71				—				2,494				13,395

Capital expenditures	3,575				1,031				—				—				4,606

Non-cash compensation	2,109				486				—				1,844				4,439





(1)	Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.


(2)	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.


(3)	Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current period’s presentation.


(4)	Includes brokerage commissions of $4,240 and $908 in the Ladenburg and Independent brokerage and advisory services segments, respectively, related to the sale of the Company's Series A Preferred Stock (eliminated in consolidation).


(5)	Includes the elimination of $5,148 of revenue referred to in (1).


(6)	Includes a temporary subordinated loan of $25,000 made to Ladenburg from Corporate and repaid on October 7, 2014.


(7)	The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013:



	Three months ended September 30,								Nine months ended September 30,
EBITDA, as adjusted	2014				2013				2014				2013
Independent Brokerage and Advisory Services	$	10,369			$	12,592			$	32,318			$	36,874

Ladenburg	3,734				2,654				14,123				10,135

Insurance Brokerage	386				—				386				—

Corporate	(2,429		)		(2,478		)		(6,857		)		(9,374		)
Total Segments	12,060				12,768				39,970				37,635


Adjustments:
Interest income	59				55				195				145

Change in fair value of contingent consideration	—				—				12				(121		)

Loss on extinguishment of debt	—				(446		)		(314		)		(4,200		)

Interest expense	(1,701		)		(2,283		)		(5,193		)		(13,395		)
Depreciation and amortization	(4,902		)		(3,776		)		(12,527		)		(11,553		)
Non-cash compensation expense	(3,679		)		(1,647		)		(7,689		)		(4,439		)
Amortization of retention loans	(1,538		)		(1,690		)		(5,108		)		(5,339		)
Acquisition-related expenses	(850		)		—				(1,308		)		—

Net loss attributable to noncontrolling interest	(20		)		(23		)		(62		)		(49		)
Pre-tax income (loss)	$	(571	)		$	2,958			$	7,976			$	(1,316	)

Subsequent_Event

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Event	'
	Subsequent events

	On October 15, 2014, the Company acquired 100% of the outstanding capital stock of KMS Financial Services, Inc. (“KMS”) for a purchase price of $24,000, consisting of $11,000 in cash, $8,000 in notes and 1,440,922 shares of the Company's common stock valued at $5,000. KMS is a Seattle-based independent broker-dealer and investment advisor with a strong presence in the Pacific Northwest.

	On September 21, 2014, the Company entered into a stock purchase agreement with Securities Service Network, Inc. (“SSN”), Renaissance Capital Corporation (“RCC”) and the shareholders of SSN and RCC, pursuant to which the Company agreed to acquire all of the issued and outstanding capital stock of SSN and RCC. SSN is an independent broker-dealer, registered investment advisor and insurance agency based in Knoxville, TN. Under the terms of the purchase agreement, the Company has agreed to pay to SSN's and RCC's shareholders an aggregate of approximately $45,000, consisting of a $25,000 cash payment to be paid on the date following the closing of the transaction (which is anticipated to occur in the fourth quarter of 2014) and $20,000 aggregate principal amount of promissory notes secured by a pledge of the acquired shares of SSN and RCC.

	In 2009 and 2011, the primary clearing firm of the Company’s subsidiaries, National Financial Services LLC (“NFS”), a
	Fidelity Investments company, provided the Company with forgivable loans, the proceeds of which were used to help fund the Company’s growth strategy. Under the terms of the loans, on an annual basis commencing November 2012, based on the Company’s subsidiaries continuing to clear with NFS and, in the case of one of the loans, meeting certain annual clearing revenue targets, a portion of the principal amount of the loans and related interest are forgiven. In November 2014, approximately $3,929 aggregate principal amount of the loans was forgiven together with related interest, and the Company will recognize an increase in pre-tax income for the fourth quarter of 2014 of approximately $3,100, net of related compensation expense, resulting from the forgiveness.

Acquisitions_Tables

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Sep. 30, 2014
Business Combinations [Abstract]	'
Schedule of Business Acquisitions	'
	The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of acquisition:




	Cash	$	260
	Cash	$	260
	Receivables...............................................................................	6,070
		6,070
	Identifiable intangible assets...................................................	38,045
		38,045
	Goodwill...................................................................................	16,483
		16,483
	Other assets..............................................................................	2,450
		2,450
	Total assets acquired................................................................	$	63,308
		$	63,308
	Commissions and fees payable................................................	(1,450		)
	Notes payable-current..............................................................	(21,834		)
	Notes payable-long term..........................................................	(7,000		)
	Accounts payable and accrued liabilities.................................	(6,536		)
	Deferred taxes payable, net.....................................................	(14,922		)
	Total liabilities assumed..........................................................	$	(51,742	)
	Total purchase price.................................................................	$	11,566
		$	11,566
Schedule of Indefinite-lived Intangible Assets Acquired	'
	Identifiable intangible assets as of the acquisition date consist of:









						Useful Life
						(years)
	Technology	$	972				4
	Technology	$	972				4
	Relationships with customers		1,914				25 & 11
	Relationships with customers		1,914				25 & 11
	Renewals revenue		30,337				8
	Renewals revenue		30,337				8
	Trade names		1,711				9
	Trade names		1,711				9
	Non-solicitation agreement		3,111				3
	Non-solicitation agreement		3,111				3
	Total identifiable intangible assets	$	38,045
	Total identifiable intangible assets	$	38,045

Schedule of Pro Forma Information	'
	The pro forma net loss reflects amortization of the amounts ascribed to identifiable intangible assets acquired in the acquisition and elimination of Highland's interest expense related to notes repaid at the date of acquisition. In addition, the $14,125 non-recurring income tax benefit resulting from the acquisition has been eliminated from the pro forma results (see Note 5).



		Three Months Ended			Nine Months Ended			Three Months Ended			Nine Months Ended September 30, 2013
		30-Sep-14			30-Sep-14			30-Sep-13			Nine Months Ended September 30, 2013
	Revenue	$	227,641		$	686,110		$	217,980		$	631,004
	Revenue	$	227,641		$	686,110		$	217,980		$	631,004
	Net income (loss)	$	11,008		$	16,501		$	1,637		$	(1,858	)
	Net income (loss)	$	11,008		$	16,501		$	1,637		$	(1,858	)
	Net loss available to common shareholders	$	(7,610	)	$	(9,436	)	$	(2,428	)	$	(9,775	)
	Basic and diluted loss per share available to common shareholders	$	(0.04	)	$	(0.05	)	$	(0.01	)	$	(0.05	)
	Weighted average common shares outstanding:
	Basic and diluted	183,816,643			184,045,751			184,300,067			185,436,714
	Basic and diluted	183,816,643			184,045,751			184,300,067			185,436,714

Securities_Owned_and_Securitie1

Securities Owned and Securities Sold, But Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'
Securities carried at fair value	'
	The components of securities owned and securities sold, but not yet purchased at September 30, 2014 and December 31, 2013 were as follows:


		Securities Owned			Securities Sold,
					But Not Yet Purchased
	30-Sep-14
	Debt securities	$	1,896		$	(66	)

	U.S. Treasury notes	1			(297		)

	Common stock and warrants	1,805			(3,071		)

	Restricted common stock and warrants	1,131			—

	Other investments	1,025			—

	Total	$	5,858		$	(3,434	)


	31-Dec-13
	Certificates of deposit	$	24		$	—

	Debt securities	1,402			(46		)

	U.S. Treasury notes	1			—

	Common stock and warrants	689			(33		)

	Restricted common stock and warrants	725			(4		)

	Other investments	1,948			—

	Total	$	4,789		$	(83	)

Equity Securities	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'
Securities carried at fair value	'
	Securities are carried at fair value and classified as follows:

	As of September 30, 2014:


	Securities owned, at fair value	Level 1			Level 2			Level 3		Total
	Debt securities	$	—		$	1,896		$	—	$	1,896

	U.S. Treasury notes	—			1			—		1

	Common stock and warrants	1,805			1,131			—		2,936

	Other investments	—			1,025			—		1,025

	Total	$	1,805		$	4,053		$	—	$	5,858




	Securities sold, but not yet purchased, at fair value	Level 1			Level 2			Level 3		Total
	Certificates of deposit	$	—		$	(66	)	$	—	$	(66	)

	U.S. Treasury notes	—			(297		)	—		(297		)

	Common stock and warrants	(3,071		)	—			—		(3,071		)

	Total	$	(3,071	)	$	(363	)	$	—	$	(3,434	)


	As of December 31, 2013:


	Securities owned, at fair value	Level 1			Level 2			Level 3		Total
	Debt securities	$	—		$	1,402		$	—	$	1,402

	Certificates of deposit	24			—			—		24

	U.S. Treasury notes	—			1			—		1

	Common stock and warrants	689			725			—		1,414

	Other investments	—			1,948			—		1,948

	Total	$	713		$	4,076		$	—	$	4,789




	Securities sold, but not yet purchased, at fair value	Level 1			Level 2			Level 3		Total
	Debt securities	$	—		$	(46	)	$	—	$	(46	)

	Common stock and warrants	(33		)	(4		)	—		(37		)

	Total	$	(33	)	$	(50	)	$	—	$	(83	)

Notes_Payable_Tables

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of notes payable	'
	Notes payable consisted of the following:



		September 30,		December 31,
		2014		2013
	Notes payable to clearing firm under forgivable loans (see Note 13)	$	14,285	$	14,285

	Note payable to a subsidiary of Premier Trust’s former shareholder	264		450

	Notes payable to finance Securities America acquisition, net of $951 and $1,618 of unamortized discount in 2014 and 2013, respectively	38,899		48,232

	Note payable under term loan with bank	1,683		1,681

	Notes payable to Highland's former shareholders	7,000		—

	Total	$	62,131	$	64,648

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Options granted	'
	Options granted during the nine months ended September 30, 2014 were as follows:



	Grant Date		Expiration Date	Shares	Exercise Price		Fair Value(1)
	17-Jan-14	(2)(3)	January 17, 2024	30,000	$	3.25	$	66

	17-Jan-14	(2)	January 17, 2024	2,268,000	$	3.25	$	3,859

	22-Jan-14	(2)	January 22, 2024	10,000	$	2.89	$	18

	31-Mar-14	(2)	March 31, 2024	30,000	$	3.02	$	55

	25-Jun-14	(4)	June 25, 2024	450,000	$	3.01	$	832

	1-Jul-14	(2)	July 1, 2024	10,000	$	3.32	$	19

	31-Jul-14	(2)	July 31, 2024	500,000	$	3.13	$	927

				3,298,000


	-1	Fair value is calculated using the Black-Scholes option pricing model.

	-2	Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.

	-3	Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date.

	-4	Options vest on the first anniversary of the grant date.

Per_Share_Data_Tables

Per Share Data (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Computations of basic and diluted per share	'
	Basic net income per share is computed by dividing net income attributable to the Company, decreased by dividends declared on preferred stock, by the weighted-average number of common shares outstanding. The dilutive effect of incremental common shares potentially issuable under outstanding options and warrants is included in diluted earnings per share utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows:



		Three months ended September 30,		Nine months ended September 30,
		2014	2013	2014	2013
	Basic weighted-average shares	182,988,516	181,759,305	182,082,141	182,895,952

	Effect of dilutive securities:

	Common stock options	18,424,579	—	15,289,845	—

	Warrants to purchase common stock	9,122,277	—	7,871,369	—

	Dilutive potential common shares	27,546,856	—	23,161,214	—

	Weighted average common shares outstanding and dilutive potential common shares	210,535,372	181,759,305	205,243,355	182,895,952

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment information	'
	Segment information for the three months ended September 30, 2014 and 2013 was as follows:



		Independent				Ladenburg				Insurance Brokerage				Corporate				Total
		Brokerage and
		Advisory Services
	2014
	Revenues	$	197,730			$	16,675			$	9,242			$	85			$	223,732

	Pre-tax income (loss)	1,186				3,400				(742		)		(4,415		)	(2)	(571		)

	EBITDA, as adjusted(7)	10,369				3,734				386				(2,429		)		12,060

	Identifiable assets	314,083				72,190			(6)	62,812				44,247				493,332

	Depreciation and amortization	3,771				176				952				3				4,902

	Interest	1,267				11				118				305				1,701

	Capital expenditures	1,114				—				48				—				1,162

	Non-cash compensation	2,640				153				58				828				3,679


	2013

	Revenues	$	184,085			$	16,325			$	—			$	79			$	200,489

	Pre-tax (loss) income(3)	4,199				2,284				—				(3,525		)	(2)	2,958

	EBITDA, as adjusted(3)(7)	12,592				2,654				—				(2,478		)		12,768

	Identifiable assets	315,401				34,526				—				4,908				354,835

	Depreciation and amortization	3,550				214				—				12				3,776

	Interest	1,906				3				—				374				2,283

	Capital expenditures	1,090				479				—				—				1,569

	Non-cash compensation	851				163				—				633				1,647




	Segment information for the nine months ended September 30, 2014 and 2013 was as follows:



		Independent				Ladenburg				Insurance Brokerage				Corporate				Total
		Brokerage and
		Advisory Services
	2014
	Revenues	$	588,987			$	57,830			$	9,242			$	244			$	656,303

	Pre-tax income (loss)	6,927				13,176				(742		)		(11,385		)	(2)	7,976

	EBITDA, as adjusted(7)	32,318				14,123				386				(6,857		)		39,970

	Identifiable assets	314,083				72,190			(6)	62,812				44,247				493,332

	Depreciation and amortization	11,082				486				952				7				12,527

Interest	4,121				18				118				936				5,193

Capital expenditures	4,805				926				48				108				5,887

Non-cash compensation	4,913				458				58				2,260				7,689


2013
Revenues	$	535,702		(4)	$	50,890		(4)	$	—			$	(4,929	)	(5)	$	581,663

Pre-tax (loss) income(3)	3,726				8,962				—				(14,004		)	(1)(2)	(1,316		)

EBITDA, as adjusted(3)(7)	36,874				10,135			(1)	—				(9,374		)	(1)	37,635

Identifiable assets	315,401				34,526				—				4,908				354,835

Depreciation and amortization	10,880				626				—				47				11,553

Interest	10,830				71				—				2,494				13,395

Capital expenditures	3,575				1,031				—				—				4,606

Non-cash compensation	2,109				486				—				1,844				4,439





(1)	Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.


(2)	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.


(3)	Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current period’s presentation.


(4)	Includes brokerage commissions of $4,240 and $908 in the Ladenburg and Independent brokerage and advisory services segments, respectively, related to the sale of the Company's Series A Preferred Stock (eliminated in consolidation).


(5)	Includes the elimination of $5,148 of revenue referred to in (1).


(6)	Includes a temporary subordinated loan of $25,000 made to Ladenburg from Corporate and repaid on October 7, 2014.


(7)	The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013:



	Three months ended September 30,								Nine months ended September 30,
EBITDA, as adjusted	2014				2013				2014				2013
Independent Brokerage and Advisory Services	$	10,369			$	12,592			$	32,318			$	36,874

Ladenburg	3,734				2,654				14,123				10,135

Insurance Brokerage	386				—				386				—

Corporate	(2,429		)		(2,478		)		(6,857		)		(9,374		)
Total Segments	12,060				12,768				39,970				37,635


Adjustments:
Interest income	59				55				195				145

Change in fair value of contingent consideration	—				—				12				(121		)

Loss on extinguishment of debt	—				(446		)		(314		)		(4,200		)

Interest expense	(1,701		)		(2,283		)		(5,193		)		(13,395		)
Depreciation and amortization	(4,902		)		(3,776		)		(12,527		)		(11,553		)
Non-cash compensation expense	(3,679		)		(1,647		)		(7,689		)		(4,439		)
Amortization of retention loans	(1,538		)		(1,690		)		(5,108		)		(5,339		)
Acquisition-related expenses	(850		)		—				(1,308		)		—

Net loss attributable to noncontrolling interest	(20		)		(23		)		(62		)		(49		)
Pre-tax income (loss)	$	(571	)		$	2,958			$	7,976			$	(1,316	)

Schedule of reconciliation of EBITDA	'
	The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013:



		Three months ended September 30,								Nine months ended September 30,
	EBITDA, as adjusted	2014				2013				2014				2013
	Independent Brokerage and Advisory Services	$	10,369			$	12,592			$	32,318			$	36,874

	Ladenburg	3,734				2,654				14,123				10,135

	Insurance Brokerage	386				—				386				—

	Corporate	(2,429		)		(2,478		)		(6,857		)		(9,374		)
	Total Segments	12,060				12,768				39,970				37,635


	Adjustments:
	Interest income	59				55				195				145

	Change in fair value of contingent consideration	—				—				12				(121		)

	Loss on extinguishment of debt	—				(446		)		(314		)		(4,200		)

	Interest expense	(1,701		)		(2,283		)		(5,193		)		(13,395		)
	Depreciation and amortization	(4,902		)		(3,776		)		(12,527		)		(11,553		)
	Non-cash compensation expense	(3,679		)		(1,647		)		(7,689		)		(4,439		)
	Amortization of retention loans	(1,538		)		(1,690		)		(5,108		)		(5,339		)
	Acquisition-related expenses	(850		)		—				(1,308		)		—

	Net loss attributable to noncontrolling interest	(20		)		(23		)		(62		)		(49		)
	Pre-tax income (loss)	$	(571	)		$	2,958			$	7,976			$	(1,316	)

Acquisitions_Narrative_Details

Acquisitions (Narrative) (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

2 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Common Stock

HCHC Holdings, Inc.

Highland Capital Brokerage, Inc. (Highland)

Operating Expenses

10% Promissory Notes due February 26, 2019

Common Stock

10% Promissory Notes due February 26, 2019

Common Stock

Business Acquisition [Line Items]

Net cash paid in acquisition

$3,613,000

$3,353,000

Stock issued in acquisition, shares

2,540,762

Stock issued in acquisition, value

7,953,000

Extinguishment of debt

21,834,000

Debt outstanding

7,000,000

Interest rate, stated percentage

10.00%

Acquisition related costs

566

Non-recurring income tax benefit eliminated from the pro forma results

14,125,000

Revenues

223,732,000

200,489,000

656,303,000

581,663,000

9,242,000

Net loss

$12,783,000

$2,379,000

$19,970,000

($3,034,000)

($742,000)

Acquisitions_Purchase_Price_Al

Acquisitions (Purchase Price Allocation) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Jul. 31, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Highland Capital Brokerage, Inc. (Highland)	Highland Capital Brokerage, Inc. (Highland)
Business Acquisition [Line Items]	'	'	'	'
Cash	'	'	$260	$260
Receivables	'	'	'	6,070
Identifiable intangible assets	'	'	'	38,045
Goodwill	106,926	90,501	'	16,483
Other assets	'	'	'	2,450
Total assets acquired	'	'	63,308	63,308
Commissions and fees payable	'	'	'	-1,450
Notes payable-current..............................................................	'	'	'	-21,834
Notes payable-long term..........................................................	'	'	'	-7,000
Accounts payable and accrued liabilities	'	'	'	-6,536
Deferred taxes payable, net	'	'	'	-14,922
Total liabilities assumed	'	'	-52,742	-51,742
Total estimated purchase price	'	'	$11,566	$11,566

Acquisitions_Acquisitions_Iden

Acquisitions Acquisitions (Identifiable Intangible Assets) (Details) (Highland Capital Brokerage, Inc. (Highland), USD $)	0 Months Ended
In Thousands, unless otherwise specified	Jul. 31, 2014
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	$38,045
Technology	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	972
Useful Life	'4 years
Relationships with customers	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	1,914
Relationships with customers \| Minimum	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Useful Life	'11 years 1 month 6 days
Relationships with customers \| Maximum	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Useful Life	'25 years
Renewals revenue	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	30,337
Useful Life	'8 years
Trade names	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	1,711
Useful Life	'9 years
Non-solicitation agreement	'
Acquired Indefinite-lived Intangible Assets [Line Items]	'
Identifiable intangible assets	$3,111
Useful Life	'3 years

Acquisitions_Pro_Forma_Details

Acquisitions (Pro Forma) (Details) (Highland Capital Brokerage, Inc. (Highland), USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Highland Capital Brokerage, Inc. (Highland)	'	'	'	'
Business Acquisition [Line Items]	'	'	'	'
Revenue	$227,641	$217,980	$686,110	$631,004
Net income (loss)	11,008	1,637	16,501	-1,858
Net loss available to common shareholders	($7,610)	($2,428)	($9,436)	($9,775)
Basic and diluted loss per share available to common shareholders	($0.04)	($0.01)	($0.05)	($0.05)
Weighted average common shares outstanding:	'	'	'	'
Basic and diluted	183,816,643	184,300,067	184,045,751	185,436,714

Securities_Owned_and_Securitie2

Securities Owned and Securities Sold, But Not Yet Purchased - at Fair Value (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	$5,858	$4,789
Securities sold, but not yet purchased	-3,434	-83
Certificates of deposit	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	'	24
Securities sold, but not yet purchased	-66	0
Debt securities	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	1,896	1,402
Securities sold, but not yet purchased	-66	-46
U.S. Treasury notes	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	1	1
Securities sold, but not yet purchased	-297	0
Common stock and warrants	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	1,805	689
Securities sold, but not yet purchased	-3,071	-33
Restricted common stock and warrants	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	1,131	725
Securities sold, but not yet purchased	0	-4
Other investments	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned	1,025	1,948
Securities sold, but not yet purchased	$0	$0

Securities_Owned_and_Securitie3

Securities Owned and Securities Sold, But Not Yet Purchased - Narrative (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Securities owned deposited with the Company's subsidiaries clearing broker	$5,233	$4,014
Securities owned at fair value	5,858	4,789
Common stock and warrants	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Securities owned at fair value	1,805	689
Level 2	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Securities owned at fair value	4,053	4,076
Level 2 \| Common stock and warrants \| Warrants to purchase common stock	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Securities owned at fair value	$505	$534

Securities_Owned_and_Securitie4

Securities Owned and Securities Sold, But Not Yet Purchased - Additional Information (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	$5,858	$4,789
Securities sold, but not yet purchased	-3,434	-83
Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,805	713
Securities sold, but not yet purchased	-3,071	-33
Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	4,053	4,076
Securities sold, but not yet purchased	-363	-50
Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	0	0
Debt securities	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,896	1,402
Securities sold, but not yet purchased	-66	-46
Debt securities \| Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	'	0
Debt securities \| Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,896	1,402
Securities sold, but not yet purchased	'	-46
Debt securities \| Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	'	0
Certificates of deposit	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	'	24
Securities sold, but not yet purchased	-66	0
Certificates of deposit \| Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	'	24
Securities sold, but not yet purchased	0	'
Certificates of deposit \| Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	'	0
Securities sold, but not yet purchased	-66	'
Certificates of deposit \| Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	'	0
Securities sold, but not yet purchased	0	'
U.S. Treasury notes	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1	1
Securities sold, but not yet purchased	-297	0
U.S. Treasury notes \| Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	0	'
U.S. Treasury notes \| Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1	1
Securities sold, but not yet purchased	-297	'
U.S. Treasury notes \| Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	0	'
Common stock and warrants	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,805	689
Securities sold, but not yet purchased	-3,071	-33
Other investments	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,025	1,948
Securities sold, but not yet purchased	0	0
Other investments \| Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Other investments \| Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,025	1,948
Other investments \| Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Common stock, restricted common stock and warrants	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	2,936	1,414
Securities sold, but not yet purchased	-3,071	-37
Common stock, restricted common stock and warrants \| Level 1	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,805	689
Securities sold, but not yet purchased	-3,071	-33
Common stock, restricted common stock and warrants \| Level 2	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	1,131	725
Securities sold, but not yet purchased	0	-4
Common stock, restricted common stock and warrants \| Level 3	'	'
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]	'	'
Securities owned at fair value	0	0
Securities sold, but not yet purchased	$0	$0

Net_Capital_Requirements_Addit

Net Capital Requirements - Additional Information (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Securities America

Triad

Investacorp Inc

Ladenburg

Premier

Minimum

Regulatory requirements

Minimum

Cash

Regulatory requirements

Cash

Net Capital Requirements [Line Items]

Alternative minimum net capital requirement

$250,000

Regulatory net capital

8,516,000

3,558,000

4,364,000

46,928,000

Proceeds from temporary subordinated loan

25,000,000

Stockholder's equity

$314,866,000

$193,413,000

$1,301,000

$250,000

$1,000,000

$250,000

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Deferred tax liabilities	$14,922	'	$14,922	'
Deferred tax assets, valuation allowance	14,125	'	14,125	'
Tax effects of goodwill amortized for income tax purposes	$294	$298	$881	$885

Notes_Payable_Details

Notes Payable (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Note payable	$62,131	$64,648
Notes payable, unamortized discount	951	1,618
Notes payable to clearing firm under forgivable loan	'	'
Debt Instrument [Line Items]	'	'
Note payable	14,285	14,285
Note payable to a subsidiary of Premier Trust's former shareholder	'	'
Debt Instrument [Line Items]	'	'
Note payable	264	450
Notes payable to finance business acquisition	'	'
Debt Instrument [Line Items]	'	'
Note payable	38,899	48,232
Notes payable, unamortized discount	951	1,618
Note payable under term loan with bank	'	'
Debt Instrument [Line Items]	'	'
Note payable	1,683	1,681
Notes payable to Highland's former shareholders	'	'
Debt Instrument [Line Items]	'	'
Note payable	$7,000	'

Notes_Payable_Additional_Infor

Notes Payable - Additional Information (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Jul. 31, 2014

Revolving Credit Facility [Member]

November 2011 Loan [Member]

Frost Nevada

Vector Group

Company's President

Highland Capital Brokerage, Inc. (Highland)

10% Promissory Notes due February 26, 2019

Line of Credit Facility [Line Items]

Fair value of notes payable

$66,223

$68,908

Loans payable

33,477

3,720

Extinguishment of debt

10,000

Loss on extinguishment of debt

446

314

4,200

Notes payable - current

21,834

Interest rate, stated percentage

10.00%

Notes payable - long term

7,000

Frequency of periodic payment

'quarterly

Unused borrowing capacity, amount

40,000

Face amount of debt

$40,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	1 Months Ended			16 Months Ended	6 Months Ended	0 Months Ended		0 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2011	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Oct. 17, 2014	Oct. 17, 2014	Apr. 30, 2013
	subsidiary			Compensatory damages	Compensatory damages	Compensatory damages	Compensatory damages	Compensatory damages
				Triad	Securities America	Securities America	Securities America	One former client
				plaintiffs	plaintiffs	Subsequent Event	Subsequent Event	Securities America
					claim	plaintiffs	plaintiffs
						claim	claim
Loss Contingencies [Line Items]	'	'	'	'	'	'	'	'
Number of subsidiaries included in law suit	2	'	'	'	'	'	'	'
Damages sought by plaintiff	'	'	'	$6,051	$3,000	'	'	$2,164
Number of plaintiffs	'	'	'	7	40	11	'	'
Number of claims	'	'	'	'	6	'	5	'
Number of individuals with resolved claims	'	'	'	'	'	'	29	'
Accrued liabilities	'	$3,854	$3,291	'	'	'	'	'

OffBalanceSheet_Risk_and_Conce1

Off-Balance-Sheet Risk and Concentration of Credit Risk - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Off-Balance-Sheet Risk and Concentration of Credit Risk [Abstract]	'	'
Receivables from clearing broker	$68,378	$31,391

Shareholders_Equity_Narrative_

Shareholders' Equity - Narrative (Details) (USD $)	3 Months Ended	9 Months Ended	88 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Oct. 31, 2011	Mar. 31, 2007
Capital Unit [Line Items]	'	'	'	'	'
Shares authorized for repurchase	'	'	'	'	2,500,000
Shares authorized for additional repurchase	'	'	'	5,000,000	'
Shares repurchased, shares	1,280,400	2,444,490	6,194,247	'	'
Shares repurchased, value	$4,674	$8,090	$14,179	'	'
Options forfeited	'	201,413	'	'	'
Unrecognized compensation cost for stock based compensation	13,813	13,813	13,813	'	'
Unrecognized compensation cost for stock based compensation, period of recognition	'	'1 year 10 months 2 days	'	'	'
Purchase of shares	498,976	1,787,913	'	'	'
Intrinsic value of options exercised	1,187	3,354	'	'	'
Awards granted during 2012	'	'	'	'	'
Capital Unit [Line Items]	'	'	'	'	'
Unrecognized compensation cost for stock based compensation	$4,698	$4,698	$4,698	'	'
Unrecognized compensation cost for stock based compensation, period of recognition	'	'3 years 0 months 22 days	'	'	'

Shareholders_Equity_Options_Gr

Shareholders' Equity - Options Granted (Details) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Shares	3,298,000
Vesting Period	'4 years
17-Jan-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	17-Jan-14	[1],[2]
Expire Date	17-Jan-24
Shares	30,000
Exercise Price	3.25
Fair Value	66	[3]
17-Jan-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	17-Jan-14	[1]
Expire Date	17-Jan-24
Shares	2,268,000
Exercise Price	3.25
Fair Value	3,859	[3]
22-Jan-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	22-Jan-14	[1]
Expire Date	22-Jan-24
Shares	10,000
Exercise Price	2.89
Fair Value	18	[3]
31-Mar-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	31-Mar-14	[1]
Expire Date	31-Mar-24
Shares	30,000
Exercise Price	3.02
Fair Value	55	[3]
25-Jun-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	25-Jun-14	[4]
Expire Date	25-Jun-24
Shares	450,000
Exercise Price	3.01
Fair Value	832	[3]
1-Jul-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	1-Jul-14	[1]
Expire Date	1-Jul-24
Shares	10,000
Exercise Price	3.32
Fair Value	19	[3]
31-Jul-14	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Grant Date	31-Jul-14	[1]
Expire Date	31-Jul-24
Shares	500,000
Exercise Price	3.13
Fair Value	927	[3]

[1]	Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates.
[2]	Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date.
[3]	Fair value is calculated using the Black-Scholes option pricing model.
[4]	Options vest on the first anniversary of the grant date.

Shareholders_Equity_Capital_St

Shareholders' Equity - Capital Stock (Details) (USD $)	Sep. 30, 2014	Jun. 25, 2014	Jun. 24, 2014	Jun. 13, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Jun. 25, 2014	Jun. 24, 2014	Jun. 13, 2014	Dec. 31, 2013	Series A Preferred Stock	Series A Preferred Stock
Class of Stock [Line Items]	'	'	'	'	'	'	'
At the market preferred stock, shares authorized	'	'	'	3,000,000	'	'	'
At the market shares sold	'	'	'	'	'	2,542,490	4,683,709
Common stock, shares authorized	800,000,000	800,000,000	600,000,000	'	600,000,000	'	'
Proceeds from Issuance of public offering	'	'	'	'	'	$57,652	$105,764
Offering expenses	'	'	'	'	'	1,201	2,302
Dividends paid	'	'	'	'	'	$4,848	$11,783
Dividends paid per share on monthly basis	'	'	'	'	'	$0.17	'

Per_Share_Data_Computations_of

Per Share Data - Computations of Basic and Diluted Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Basic weighted-average shares	182,988,516	181,759,305	182,082,141	182,895,952
Effect of dilutive securities:	'	'	'	'
Common stock options	18,424,579	0	15,289,845	0
Warrants to purchase common stock	9,122,277	0	7,871,369	0
Dilutive potential common shares	27,546,856	0	23,161,214	0
Weighted average common shares outstanding and dilutive potential common shares	210,535,372	181,759,305	205,243,355	182,895,952

Per_Share_Data_Additional_Info

Per Share Data - Additional Information (Details)	3 Months Ended	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013
	Options	Options	Options and warrant	Options and warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share, amount	3,358,000	3,358,000	57,007,593	57,007,593

Noncontrolling_Interest_Detail

Noncontrolling Interest (Details) (Arbor Point Advisors, LLC)	Sep. 30, 2014
Arbor Point Advisors, LLC	'
Noncontrolling Interest [Line Items]	'
Ownership percentage by parent	80.00%
Ownership percentage by noncontrolling owners	20.00%

Segment_Information_Additional

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2014
	Segment
Segment Reporting [Abstract]	'
Number of operating segments	3

Segment_Information_Segment_In

Segment Information - Segment Information (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Segment Reporting Information [Line Items]	'		'		'		'		'
Revenues	$223,732		$200,489		$656,303		$581,663		'
Pre-tax income (loss)	-571		2,958	[1]	7,976		-1,316	[1]	'
EBITDA, as adjusted	12,060	[2]	12,768	[1],[2]	39,970	[2]	37,635	[1],[2]	'
Identifiable assets	493,332		354,835		493,332		354,835		360,820
Depreciation and amortization	4,902		3,776		12,527		11,553		'
Interest	1,701		2,283		5,193		13,395		'
Capital expenditures	1,162		1,569		5,887		4,606		'
Non-cash compensation	3,679		1,647		7,689		4,439		'
Independent brokerage and advisory services	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Revenues	197,730		184,085		588,987		535,702	[3]	'
Pre-tax income (loss)	1,186		4,199	[1]	6,927		3,726	[1]	'
EBITDA, as adjusted	10,369	[2]	12,592	[1],[2]	32,318	[2]	36,874	[1],[2],[4]	'
Identifiable assets	314,083		315,401		314,083		315,401		'
Depreciation and amortization	3,771		3,550		11,082		10,880		'
Interest	1,267		1,906		4,121		10,830		'
Capital expenditures	1,114		1,090		4,805		3,575		'
Non-cash compensation	2,640		851		4,913		2,109		'
Ladenburg	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Revenues	16,675		16,325		57,830		50,890	[3]	'
Pre-tax income (loss)	3,400		2,284	[1]	13,176		8,962	[1]	'
EBITDA, as adjusted	3,734	[2]	2,654	[1],[2]	14,123	[2]	10,135	[1],[2],[4],[5]	'
Identifiable assets	72,190	[6]	34,526		72,190	[6]	34,526		'
Depreciation and amortization	176		214		486		626		'
Interest	11		3		18		71		'
Capital expenditures	0		479		926		1,031		'
Non-cash compensation	153		163		458		486		'
Wholesale insurance	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Revenues	9,242		'		9,242		'		'
Pre-tax income (loss)	-742		'		-742		'		'
EBITDA, as adjusted	386	[2]	0		386	[2]	0		'
Identifiable assets	62,812		'		62,812		'		'
Depreciation and amortization	952		'		952		'		'
Interest	118		'		118		'		'
Capital expenditures	48		'		48		'		'
Non-cash compensation	58		'		58		'		'
Corporate	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Revenues	85		79		244		-4,929	[7]	'
Pre-tax income (loss)	-4,415	[4]	-3,525	[1],[4]	-11,385	[4]	-14,004	[1],[4],[5]	'
EBITDA, as adjusted	-2,429	[2]	-2,478	[1],[2]	-6,857	[2]	-9,374	[1],[2],[4],[5]	'
Identifiable assets	44,247	[6]	4,908		44,247	[6]	4,908		'
Depreciation and amortization	3		12		7		47		'
Interest	305		374		936		2,494		'
Capital expenditures	0		0		108		0		'
Non-cash compensation	$828		$633		$2,260		$1,844		'

[1]	Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current periodâ€™s presentation.
[2]	(7) The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013: Three months ended September 30,Â Nine months ended September 30, EBITDA, as adjusted2014Â 2013Â 2014Â 2013Independent Brokerage and Advisory Services$10,369Â $12,592Â $32,318Â $36,874Ladenburg3,734Â 2,654Â 14,123Â 10,135Insurance Brokerage386Â â€”Â 386Â â€”Corporate(2,429)Â (2,478)Â (6,857)Â (9,374)Total Segments12,060Â 12,768Â 39,970Â 37,635 Adjustments: Interest income59Â 55Â 195Â 145Change in fair value of contingent considerationâ€”Â â€”Â 12Â (121)Loss on extinguishment of debtâ€”Â (446)Â (314)Â (4,200)Interest expense(1,701)Â (2,283)Â (5,193)Â (13,395)Depreciation and amortization(4,902)Â (3,776)Â (12,527)Â (11,553)Non-cash compensation expense(3,679)Â (1,647)Â (7,689)Â (4,439)Amortization of retention loans(1,538)Â (1,690)Â (5,108)Â (5,339)Acquisition-related expenses(850)Â â€”Â (1,308)Â â€”Net loss attributable to noncontrolling interest(20)Â (23)Â (62)Â (49)Pre-tax income (loss)$(571)Â $2,958Â $7,976Â $(1,316)
[3]	Includes brokerage commissions of $4,240 and $908 in the Ladenburg and Independent brokerage and advisory services segments, respectively, related to the sale of the Company's Series A Preferred Stock (eliminated in consolidation).
[4]	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[5]	Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.
[6]	Includes a temporary subordinated loan of $25,000 made to Ladenburg from Corporate and repaid on October 7, 2014.
[7]	Includes the elimination of $5,148 of revenue referred to in (1).

Segment_Information_Segment_In1

Segment Information - Segment Information (Parenthetical) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	$109,575	$101,469	$316,520	$293,507
Ladenburg	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Temporary subordinated loan	25,000	'	25,000	'
Series A Preferred Stock	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	'	'	'	5,148
Series A Preferred Stock \| Employee brokerage commission expenses	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	'	'	'	2,603
Series A Preferred Stock \| Ladenburg	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	'	'	'	4,240
Series A Preferred Stock \| Ladenburg \| Employee brokerage commission expenses	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	'	'	'	2,545
Series A Preferred Stock \| Independent brokerage and advisory services	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Commissions	'	'	'	$908

Segment_Information_Reconcilia

Segment Information - Reconciliation of EBITDA (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Segment Reporting Information [Line Items]	'		'		'		'
EBITDA, as adjusted	$12,060	[1]	$12,768	[1],[2]	$39,970	[1]	$37,635	[1],[2]
Interest income	59		55		195		145
Change in fair value of contingent consideration	0		0		12		-121
Loss on extinguishment of debt	0		-446		-314		-4,200
Interest expense	-1,701		-2,283		-5,193		-13,395
Depreciation and amortization	-4,902		-3,776		-12,527		-11,553
Non-cash compensation expense	-3,679		-1,647		-7,689		-4,439
Amortization of retention loans	-1,538		-1,690		-5,108		-5,339
Acquisition related expenses	-850		0		-1,308		0
Net loss attributable to noncontrolling interest	-20		-23		-62		-49
Pre-tax income (loss)	-571		2,958	[2]	7,976		-1,316	[2]
Independent brokerage and advisory services	'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'
EBITDA, as adjusted	10,369	[1]	12,592	[1],[2]	32,318	[1]	36,874	[1],[2],[3]
Interest expense	-1,267		-1,906		-4,121		-10,830
Depreciation and amortization	-3,771		-3,550		-11,082		-10,880
Non-cash compensation expense	-2,640		-851		-4,913		-2,109
Pre-tax income (loss)	1,186		4,199	[2]	6,927		3,726	[2]
Ladenburg	'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'
EBITDA, as adjusted	3,734	[1]	2,654	[1],[2]	14,123	[1]	10,135	[1],[2],[3],[4]
Interest expense	-11		-3		-18		-71
Depreciation and amortization	-176		-214		-486		-626
Non-cash compensation expense	-153		-163		-458		-486
Pre-tax income (loss)	3,400		2,284	[2]	13,176		8,962	[2]
Wholesale insurance	'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'
EBITDA, as adjusted	386	[1]	0		386	[1]	0
Interest expense	-118		'		-118		'
Depreciation and amortization	-952		'		-952		'
Non-cash compensation expense	-58		'		-58		'
Pre-tax income (loss)	-742		'		-742		'
Corporate	'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'
EBITDA, as adjusted	-2,429	[1]	-2,478	[1],[2]	-6,857	[1]	-9,374	[1],[2],[3],[4]
Interest expense	-305		-374		-936		-2,494
Depreciation and amortization	-3		-12		-7		-47
Non-cash compensation expense	-828		-633		-2,260		-1,844
Pre-tax income (loss)	($4,415)	[3]	($3,525)	[2],[3]	($11,385)	[3]	($14,004)	[2],[3],[4]

[1]	(7) The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three and nine months ended September 30, 2014 and 2013: Three months ended September 30,Â Nine months ended September 30, EBITDA, as adjusted2014Â 2013Â 2014Â 2013Independent Brokerage and Advisory Services$10,369Â $12,592Â $32,318Â $36,874Ladenburg3,734Â 2,654Â 14,123Â 10,135Insurance Brokerage386Â â€”Â 386Â â€”Corporate(2,429)Â (2,478)Â (6,857)Â (9,374)Total Segments12,060Â 12,768Â 39,970Â 37,635 Adjustments: Interest income59Â 55Â 195Â 145Change in fair value of contingent considerationâ€”Â â€”Â 12Â (121)Loss on extinguishment of debtâ€”Â (446)Â (314)Â (4,200)Interest expense(1,701)Â (2,283)Â (5,193)Â (13,395)Depreciation and amortization(4,902)Â (3,776)Â (12,527)Â (11,553)Non-cash compensation expense(3,679)Â (1,647)Â (7,689)Â (4,439)Amortization of retention loans(1,538)Â (1,690)Â (5,108)Â (5,339)Acquisition-related expenses(850)Â â€”Â (1,308)Â â€”Net loss attributable to noncontrolling interest(20)Â (23)Â (62)Â (49)Pre-tax income (loss)$(571)Â $2,958Â $7,976Â $(1,316)
[2]	Management fees paid by the Company's operating segments to the Company have been reclassified within segments to conform to the current periodâ€™s presentation.
[3]	Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other general and administrative expenses.
[4]	Includes the elimination of $2,545, consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sales of the Company's Series A Preferred Stock.

Subsequent_Event_Details

Subsequent Event (Details) (USD $)	3 Months Ended	0 Months Ended				0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 21, 2014	Nov. 09, 2014	Oct. 15, 2014	Oct. 15, 2014	Oct. 15, 2014	Oct. 15, 2014
	Forecast	Securities Service Network, Inc. (SSN), Renaissance Capital Corporation (RCC)	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event
				KMS Financial Services, Inc. (KMS)	KMS Financial Services, Inc. (KMS)	KMS Financial Services, Inc. (KMS)	KMS Financial Services, Inc. (KMS)
						Common Stock	Common Stock
Subsequent Event [Line Items]	'	'	'	'	'	'	'
Percent of outstanding shares acquired	'	'	'	'	100.00%	'	'
Consideration transferred	'	$45,000	'	$24,000	'	'	'
Cash	'	25,000	'	11,000	'	'	'
Notes	'	20,000	'	8,000	'	'	'
Number of shares issued	'	'	'	'	'	1,440,922	'
Value of shares issued	'	'	'	'	'	'	5,000
Forgiveness amount	'	'	3,929	'	'	'	'
Increase in pre-tax income	$3,100	'	'	'	'	'	'