Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	LTS
Entity Registrant Name	LADENBURG THALMANN FINANCIAL SERVICES INC
Entity Central Index Key	1,029,730
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		183,220,169

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 114,548	$ 103,087
Securities owned, at fair value	4,125	5,910
Receivables from clearing brokers	51,273	38,760
Receivables from other broker-dealers	961	1,788
Notes receivable from financial advisors, net	25,604	26,152
Other receivables, net	38,457	36,872
Fixed assets, net	21,921	19,820
Restricted assets	911	620
Intangible assets, net	143,897	123,000
Goodwill	125,877	115,238
Unamortized debt issue cost	347	644
Cash surrender value of life insurance	8,821	10,419
Other assets	26,548	28,448
Total assets	563,290	510,758
LIABILITIES AND SHAREHOLDERS' EQUITY
Securities sold, but not yet purchased, at fair value	419	230
Accrued compensation	22,913	23,483
Commissions and fees payable	50,023	45,294
Accounts payable and accrued liabilities	24,615	25,747
Deferred rent	1,573	1,514
Deferred income taxes	1,600	3,216
Deferred compensation liability	16,565	17,640
Accrued interest	1,330	1,129
Notes payable, net of $1,655 and $1,093 unamortized discount in 2015 and 2014, respectively	59,184	56,034
Total liabilities	$ 178,222	$ 174,287
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred stock, $.0001 par value; authorized 25,000,000 shares in 2015 and 2014: 8% Series A cumulative redeemable preferred stock; authorized 17,290,000 shares in 2015 and 14,290,000 shares in 2014; shares issued and outstanding 14,610,377 in 2015 and 11,096,231 in 2014 (liquidation preference $365,259 in 2015 and $277,406 in 2014)	$ 1	$ 1
Common stock, $.0001 par value; authorized 800,000,000 shares in 2015 and 2014; shares issued and outstanding 183,220,166 in 2015 and 184,968,487 in 2014	19	18
Additional paid-in capital	517,988	460,446
Accumulated deficit	(132,952)	(124,005)
Total shareholders’ equity of the Company	385,056	336,460
Noncontrolling interest	12	11
Total shareholders' equity	385,068	336,471
Total liabilities and shareholders' equity	$ 563,290	$ 510,758

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Notes payable, unamortized discount	$ 1,655	$ 1,093
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	183,220,166	184,968,487
Common stock, shares outstanding	183,220,166	184,968,487
Series A Preferred Stock
Preferred stock, dividend rate	8.00%	8.00%
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	17,290,000	14,290,000
Preferred stock, shares issued	14,610,377	11,096,231
Preferred stock, shares outstanding	14,610,377	11,096,231
Preferred stock, liquidation preference	$ 365,259	$ 277,406

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Commissions	$ 136,919	$ 109,575	$ 419,664	$ 316,520
Advisory fees	118,050	86,333	347,984	245,265
Investment banking	7,318	10,916	25,132	38,306
Principal transactions	(250)	433	757	1,699
Interest and dividends	1,076	1,760	2,423	5,132
Service fees and other income	19,101	14,715	61,825	49,381
Total revenues	282,214	223,732	857,785	656,303
Expenses:
Commissions and fees	214,659	163,393	647,034	477,133
Compensation and benefits	35,911	28,410	107,710	81,391
Non-cash compensation	242	3,679	5,926	7,689
Brokerage, communication and clearance fees	5,170	4,349	15,706	13,003
Rent and occupancy, net of sublease revenue	2,412	1,905	7,374	4,955
Professional services	3,628	3,127	10,472	8,091
Interest	1,255	1,701	3,970	5,193
Depreciation and amortization	6,798	4,902	20,080	12,527
Acquisition-related expense	139	850	257	1,308
Amortization of retention and forgivable loans	2,223	2,471	7,831	8,144
Loss on extinguishment of debt	0	0	252	314
Other	12,926	9,516	42,478	28,591
Total expenses	285,363	224,303	869,090	648,339
(Loss) income before item shown below	(3,149)	(571)	(11,305)	7,964
Change in fair value of contingent consideration	0	0	31	12
(Loss) income before income taxes	(3,149)	(571)	(11,274)	7,976
Income tax benefit	(212)	(13,354)	(2,288)	(11,994)
Net (loss) income	(2,937)	12,783	(8,986)	19,970
Net loss attributable to non-controlling interest	(11)	(20)	(39)	(62)
Net (loss) income attributable to the Company	(2,926)	12,803	(8,947)	20,032
Dividends declared on preferred stock	(7,289)	(4,848)	(20,773)	(11,783)
Net (loss) income available to common shareholders	$ (10,215)	$ 7,955	$ (29,720)	$ 8,249
Net (loss) income per share available to common shareholders (basic) (in dollars per share)	$ (0.06)	$ 0.04	$ (0.16)	$ 0.05
Net (loss) income per share available to common shareholders (diluted) (in dollars per share)	$ (0.06)	$ 0.04	$ (0.16)	$ 0.04
Weighted average common shares used in computation of per share data:
Basic (in shares)	183,519,768	182,988,516	184,415,040	182,082,141
Diluted (in shares)	183,519,768	210,535,372	184,415,040	205,243,355

Condensed Consolidated Stateme5

Condensed Consolidated Statement Of Changes In Shareholder's Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Advisory Board And Consultants	Employees	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalAdvisory Board And Consultants	Additional Paid-In CapitalEmployees	Accumulated Deficit	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2014				11,096,231	184,968,487
Ending Balance at Dec. 31, 2014	$ 336,471			$ 1	$ 18	$ 460,446			$ (124,005)	$ 11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					147,576
Issuance of common stock under employee stock purchase plan	$ 425					425
Exercise of stock options, (in shares)	964,691				964,691
Exercise of stock options	$ 1,074					1,074
Stock-based compensation		$ 1,445	$ 4,481				$ 1,445	$ 4,481
Issuance of restricted stock, (in shares)					1,206,081
Issuance of restricted stock	1				$ 1
Repurchase and retirement of common stock (in shares)					(4,066,669)
Repurchase and retirement of common stock	(11,837)					(11,837)
Third party investment in subsidiary	40									40
Preferred stock issued, net of underwriting discount and expenses of $1,907, (in shares)				3,514,146
Preferred stock issued, net of underwriting discount and expenses of $1,907	82,727					82,727
Preferred stock dividends declared and paid	(20,773)					(20,773)
Net loss	(8,986)								(8,947)	(39)
Ending Balance (in shares) at Sep. 30, 2015				14,610,377	183,220,166
Ending Balance at Sep. 30, 2015	$ 385,068			$ 1	$ 19	$ 517,988			$ (132,952)	$ 12

Condensed Consolidated Stateme6

Condensed Consolidated Statement Of Changes In Shareholder's Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Preferred Stock
Underwriting discount and expenses	$ 1,907

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net (loss) income	$ (8,986)	$ 19,970
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Change in fair value of contingent consideration	(31)	(12)
Adjustment to deferred rent	59	(286)
Amortization of intangible assets	15,445	9,360
Depreciation and other amortization	4,635	3,167
Loss on extinguishment of debt	252	314
Amortization of debt discount	503	371
Amortization of debt issue cost	282	296
Amortization of retention and forgivable loans	7,831	8,144
Deferred income taxes	(3,259)	(13,381)
Benefit attributable to reduction of goodwill	57	58
Non-cash interest expense on forgivable loans	464	762
Non-cash compensation expense	5,926	7,689
Loss on write-off of receivable from subtenant	855	0
Loss on write-off of furniture, fixtures and leasehold improvements, net	9	6
(Increase) decrease in operating assets, net of effects of acquisition:
Securities owned, at fair value	1,943	(1,069)
Receivables from clearing broker	(11,883)	(36,987)
Receivables from other broker-dealers	827	286
Other receivables, net	1,026	(914)
Notes receivable from financial advisors, net	(7,058)	(3,291)
Cash surrender value of life insurance	1,598	2,230
Other assets	1,760	(358)
Increase (decrease) in operating liabilities, net of effects of acquisition:
Securities sold, but not yet purchased, at fair value	189	3,351
Accrued compensation	(570)	(1,647)
Accrued interest	(263)	(491)
Commissions and fees payable	1,267	5,142
Deferred compensation liability	(1,075)	(2,352)
Accounts payable and accrued liabilities	(9,224)	(418)
Net cash provided by (used in) operating activities	2,579	(60)
Cash flows from investing activities:
Purchases of fixed assets	(6,674)	(5,887)
(Increase) decrease in restricted assets	(291)	100
Acquisition of SSN, net of cash acquired	(16,919)	0
Acquisition of certain assets of Dalton	(2,100)	0
Acquisition of Highland, net of cash acquired	0	3,353
Acquisition of certain assets of Select	(503)	0
Net cash used in investing activities	(26,487)	(9,140)
Cash flows from financing activities:
Issuance of Series A preferred stock	82,727	103,462
Issuance of common stock	1,499	2,252
Series A preferred stock dividends paid	(20,773)	(11,783)
Repurchases of common stock	(11,837)	(8,090)
Term loan (repayments) additional borrowing	(289)	500
Principal repayments on notes payable	(15,930)	(32,518)
Principal repayments under revolving credit facility, net	(68)	0
Third party investment in subsidiary	40	0
Net cash provided by financing activities	35,369	53,823
Net increase in cash and cash equivalents	11,461	44,623
Cash and cash equivalents, beginning of period	103,087	50,329
Cash and cash equivalents, end of period	114,548	94,952
Supplemental cash flow information:
Interest paid	2,977	4,246
Taxes paid	1,723	2,222
Acquisitions:
Net cash paid in acquisition	16,919	0
Securities Service Network, Inc. (SSN)
Cash flows from operating activities:
Net (loss) income	961
Cash flows from investing activities:
Acquisition of SSN, net of cash acquired	(16,919)
Acquisitions:
Assets acquired	52,175
Liabilities assumed	(4,888)
Net assets acquired	47,287
Promissory note	(18,697)
Payable to seller	(3,590)
Cash paid in acquisition	25,000
Cash acquired in acquisition	(8,081)
Net cash paid in acquisition	16,919
Dalton
Cash flows from investing activities:
Acquisition of SSN, net of cash acquired	(2,100)
Acquisitions:
Assets acquired	2,689
Payable to seller	(589)
Net cash paid in acquisition	2,100
Highland Capital Brokerage, Inc. (Highland)
Cash flows from investing activities:
Acquisition of SSN, net of cash acquired		(3,353)
Acquisitions:
Assets acquired		63,308
Liabilities assumed		(51,742)
Net assets acquired		11,566
Stock issued in acquisition		(7,953)
Cash acquired in acquisition		(260)
Net cash paid in acquisition		$ 3,353
Select brokerage services Inc.(Select)
Cash flows from investing activities:
Acquisition of SSN, net of cash acquired	(503)
Acquisitions:
Assets acquired	3,021
Payable to seller	(2,518)
Net cash paid in acquisition	$ 503

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
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”or "LTS") 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’’), KMS Financial Services, Inc. (“KMS”), which the Company acquired in October 2014, Securities Service Network, Inc. ("SSN"), which the Company acquired in January 2015, 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. Securities America, Triad, Investacorp, KMS and SSN are registered broker-dealers and investment advisors that serve the independent financial advisor community. The independent financial advisors of these independent broker-dealers primarily serve retail clients. Such entities 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 the Company's independent 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 an independent insurance broker 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, KMS', SSN'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 entity 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. Highland is subject to regulation by various regulatory bodies, including state attorneys general and insurance departments. 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, 2014 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, 2014 for additional disclosures and a description of accounting policies. Certain amounts in the prior period financial statements were reclassified to conform with the current period financial statement presentation. LADENBURG THALMANN FINANCIAL SERVICES INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited; Dollars in thousands, except share and per share amounts) Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU requires retrospective adoption and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU 2015-03 is not expected to have a material effect on the Company's consolidated statement of financial condition.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquisitions	Acquisitions Securities Service Network, Inc. On January 2, 2015, the Company acquired the capital stock of SSN and an affiliated company, Renaissance Capital Corporation (“RCC”). SSN is an independent broker-dealer, registered investment advisor and insurance agency based in Knoxville, TN. RCC is a corporation that owns fixed assets leased to SSN. The purchase price was approximately $47,287 , including $25,000 principal amount of secured short-term promissory notes, which bore interest at 0.41% per annum and were paid in full on the business day following the closing date, and $20,000 principal amount of secured four -year promissory notes, bearing interest at 1.74% per annum and payable in equal quarterly installments of principal and interest (valued at $18,697 based on an imputed interest rate of 5.1% ). The promissory notes are secured by a pledge of the shares of SSN and RCC purchased in the acquisition pursuant to a stock pledge agreement. The Company paid approximately $3,590 , which is included in the purchase price above, based on the amount by which the aggregate net worth of SSN and RCC as of the closing date of the acquisition exceeded a targeted amount. The Company conducted a valuation study to determine the acquisition-date fair value of assets acquired and liabilities assumed and related allocation of purchase price of SSN. The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date: Cash $ 8,081 Securities owned, at fair value 158 Receivables from clearing broker 630 Other receivables, net 2,611 Fixed assets, net 57 Notes receivable 225 Identifiable intangible assets 30,901 Goodwill 8,798 Other assets 714 Total assets acquired 52,175 Commissions and fees payable 3,462 Deferred income 44 Accounts payable and accrued liabilities 1,382 Total liabilities assumed 4,888 Total purchase price $ 47,287 The Company has elected under Section 338 of the Internal Revenue Code to treat the acquisition as an asset acquisition and, accordingly, goodwill will be deductible for income tax purposes over 15 years. Goodwill was assigned to the independent brokerage and advisory services segment. Factors that contributed to a purchase price resulting in the recognition of goodwill includes SSN'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) Relationships with financial advisors $ 26,654 20 Technology 2,080 12.5 Trade name 1,756 9 Non-compete agreements 411 3 Total identifiable intangible assets $ 30,901 Fair value amounts (Level 3 inputs) were determined using an income approach for relationships with financial advisors and non-compete agreements, the relief from royalty method for trade names and the cost approach for developed technology. The accompanying condensed consolidated financial statements include the results of operations of Highland, KMS and SSN from their dates of acquisition; July 31, 2014, October 15, 2014 and January 2, 2015, respectively. The following unaudited pro forma information represents the Company’s consolidated results of operations as if the acquisitions of KMS, Highland and SSN had occurred at the beginning of 2014. The pro forma net loss reflects amortization of the amounts ascribed to identifiable intangible assets acquired in the acquisitions, elimination of Highland's interest expense related to notes repaid on the date of acquisition and interest expense on notes issued in the KMS and SSN acquisitions. In addition, $21,238 of non-recurring income tax benefit resulting from the acquisitions of Highland and KMS has been excluded from the pro forma results in 2014. Three Months Ended Nine Months Ended Revenue $ 278,763 $ 835,779 Net (loss) income $ (4,241 ) $ 410 Net loss available to common shareholders $ (9,069 ) $ (11,310 ) Basic and diluted loss per share available to common shareholders $ (0.05 ) $ (0.06 ) Weighted average common shares outstanding: Basic and diluted (a) 185,257,947 185,486,802 (a) Includes 3,981,684 shares of Company common stock issued in connection with the acquisitions. 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 acquisitions of KMS, Highland and SSN been completed as of the beginning of 2014, nor should it be taken as indicative of the Company’s future consolidated results of operations. Combined revenues and net income for SSN from the date of acquisition for the three and nine months ended September 30, 2015, included in the accompanying statements of operations were $28,535 and $86,125 and $343 and $961 , respectively. Other In July 2015, Highland purchased certain assets of the insurance brokerage business of Select Brokerage Services Inc. ("Select") that was deemed to be a business acquisition. The consideration for the transaction was $3,021 , consisting of cash of $503 paid upon closing, a deferred payment of $504 due on the first anniversary of the closing date and contingent consideration having a fair value of $2,014 , for which a liability was recognized based on estimated acquisition-date fair value of the potential earn-out. The liability was valued using an income-based approach of the earn-out’s probability-weighted expected payout using three earn-out scenarios. The measurement of the earn-out, which relates to a four-year period, is based on unobservable inputs (Level 3) and reflects the Company’s own assumptions. The purchase price was allocated as follows: $2,780 to identifiable intangible and other assets, including renewal revenue, and $241 to goodwill. In June 2015, Securities America purchased certain assets of the broker-dealer business of Dalton Strategic Investment Services, Inc. ("Dalton") that was deemed to be a business acquisition. Relationships with certain registered representatives and investment advisor representatives including their client accounts were acquired. The consideration for the transaction was $2,689 , consisting of cash of $2,100 and contingent consideration having a fair value of $589 , for which a liability was recognized based on the estimated acquisition-date fair value of the potential earn-out. The liability was valued using an income-based approach discounting to present value the earn-out’s probability weighted expected payout using three earn-out scenarios. The fair value measurement of the earn-out which relates to a three -year period, is based on unobservable inputs (Level 3) and reflects the Company’s own assumptions. The purchase price was allocated as follows: $2,675 to identifiable intangible and other assets and $14 to goodwill. Results of operations relating to the acquired assets of Select and Dalton are included in the accompanying consolidated statements of operations from their respective dates of acquisition and were not material. In addition, based on materiality, pro forma results were not presented.

Securities Owned and Securities

Securities Owned and Securities Sold, But Not Yet Purchased	9 Months Ended
	Sep. 30, 2015
Schedule of Investments [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, 2015 and December 31, 2014 which are carried at fair value were as follows: September 30, 2015 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 423 $ — Debt securities 1,351 (15 ) U.S. Treasury notes 113 (348 ) Common stock and warrants 716 (56 ) Restricted common stock and warrants 842 — Other investments 680 — Total $ 4,125 $ (419 ) December 31, 2014 Certificates of deposit $ 465 $ — Debt securities 1,526 (45 ) U.S. Treasury notes 102 (151 ) Common stock and warrants 1,981 (34 ) Restricted common stock and warrants 875 — Other investments 961 — Total $ 5,910 $ (230 ) As of September 30, 2015 and December 31, 2014, approximately $3,581 and $5,429 , 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, 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 classified as follows: As of September 30, 2015: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 423 $ — $ — $ 423 Debt securities — 1,351 — 1,351 U.S. Treasury notes — 113 — 113 Common stock and warrants 716 842 — 1,558 Other investments — 680 — 680 Total $ 1,139 $ 2,986 $ — $ 4,125 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (15 ) $ — $ (15 ) U.S. Treasury notes — (348 ) — (348 ) Common stock and warrants (56 ) — — (56 ) Total $ (56 ) $ (363 ) $ — $ (419 ) As of December 31, 2014: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 465 $ — $ — $ 465 Debt securities — 1,526 — 1,526 U.S. Treasury notes — 102 — 102 Common stock and warrants 1,981 875 — 2,856 Other investments — 961 — 961 Total $ 2,446 $ 3,464 $ — $ 5,910 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (45 ) $ — $ (45 ) U.S. Treasury notes — (151 ) — (151 ) Common stock and warrants (34 ) — — (34 ) Total $ (34 ) $ (196 ) $ — $ (230 ) 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, 2015 and December 31, 2014, the fair values of the warrants were $382 and $403 , 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.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets At September 30, 2015 and December 31, 2014, intangible assets subject to amortization consisted of the following: September 30, 2015 December 31, 2014 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 11,672 $ 23,483 $ 9,223 Relationships with financial advisors 15.2 110,671 29,920 81,438 23,704 Vendor relationships 7 3,613 3,613 3,613 3,458 Covenants not-to-compete 3.9 6,035 3,026 5,401 2,100 Customer accounts 8.3 2,029 1,703 2,029 1,516 Renewal revenue 7.7 42,142 5,927 39,503 2,099 Trade names 7.9 16,910 7,233 15,154 5,563 Relationships with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 96 124 81 Other 6 67 67 67 67 Total $ 210,601 $ 66,704 $ 174,259 $ 51,258 Aggregate amortization expense for the nine months ended September 30, 2015 and 2014, respectively, amounted to $15,445 and $9,360 . The weighted-average amortization period for total amortizable intangibles at September 30, 2015 is 9.83 years. Estimated amortization expense for each of the five succeeding years and thereafter is as follows: 2015 $ 5,204 2016 20,773 2017 20,297 2018 19,512 2019 15,964 2020 - 2027 62,147 $ 143,897

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Asset Impairment [Abstract]
Goodwill	Goodwill Changes to the carrying amount of goodwill during the nine months ended September 30, 2015 are as follows: Ladenburg Independent Brokerage and Advisory Services Insurance Brokerage Total Balance as of December 31, 2014 $ 301 $ 103,422 $ 11,515 $ 115,238 Benefit applied to reduce goodwill — (57 ) — (57 ) Adjustment related to allocation of KMS and Highland purchase price — (68 ) 1,711 1,643 Business acquisitions — 8,812 241 9,053 Balance as of September 30, 2015 $ 301 $ 112,109 $ 13,467 $ 125,877 During the three and nine months ended September 30, 2015, the carrying amount of goodwill was reduced by $19 and $57 , respectively, representing state tax benefit realized for the excess of tax deductible goodwill over goodwill recognized for reporting purposes with respect to the Company’s subsidiaries. During the nine months ended September 30, 2015, the Company decreased goodwill attributable to the KMS acquisition by $68 with a corresponding decrease to the deferred tax liability previously recorded at the date of acquisition. During the nine months ended September 30, 2015, the Company increased goodwill attributable to the Highland acquisition by $1,711 , with a corresponding increase to the deferred tax liability previously recorded at the date of acquisition.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
	Sep. 30, 2015
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, KMS and Ladenburg has elected to compute its net capital under the alternative method allowed by this rule, and, at September 30, 2015, each had a $250 minimum net capital requirement. At September 30, 2015, Securities America had regulatory net capital of $5,508 , Triad had regulatory net capital of $7,892 , Investacorp had regulatory net capital of $4,905 , KMS had regulatory net capital of $6,010 and Ladenburg had regulatory net capital of $23,575 . SSN has elected to compute its net capital under the basic method allowed by the Net Capital Rule and at September 30, 2015, it had net capital of $5,697 , which was $5,320 in excess of its required net capital of $377 , and had a net capital ratio of 1.01 to 1. Securities America, Triad, Investacorp, KMS, SSN 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, 2015, Premier Trust had stockholders’ equity of $1,459 , including at least $250 in cash.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
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. The tax rate for the 2015 periods is based on the estimated annual effective tax rate. A net deferred tax liability of approximately $14,922 was recorded in connection with the acquisition on July 31, 2014 of Highland for the excess financial statement basis over tax basis of the acquired assets and assumed liabilities. 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. The effective tax rate differs from the federal statutory income tax rate for the 2015 periods primarily due to nondeductible expenses and state and local income taxes. The effective tax rate differs from the federal statutory income tax rate for the 2014 periods primarily due to the benefit related to the reversal of the valuation allowance referred to above, state and local income taxes and utilization of net operating loss carryforwards for which valuation allowances had previously been provided.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following: September 30, December 31, Notes payable to clearing firm under forgivable loans $ 10,356 $ 10,356 Note payable to a subsidiary of Premier Trust’s former shareholder — 200 Notes payable to finance Securities America acquisition, net of $223 and $627 of unamortized discount in 2015 and 2014, respectively 17,753 29,201 Note payable under subsidiary's term loan with bank 1,049 1,406 Notes payable by subsidiary to certain former Highland shareholders 6,737 6,737 Notes payable to KMS' former shareholders, net of $374 and $466 of unamortized discount in 2015 and 2014, respectively 6,171 7,534 Notes payable to SSN's former shareholders, net of $1,058 of unamortized discount 16,518 — Other 600 600 Total $ 59,184 $ 56,034 The Company estimates that the fair value of notes payable was $ 55,439 at September 30, 2015 and $53,102 at December 31, 2014 based on then current interest rates at which similar amounts of debt could then be borrowed (Level 2 inputs). As of September 30, 2015, 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, and Vector Group, Ltd. (“Vector Group”), a principal shareholder of the Company. At September 30, 2015, outstanding principal amounts loaned by Frost Nevada and Vector Group were $15,120 and $1,680 , respectively. The Company used the net proceeds from the sale of Series A Preferred Stock during the nine months ended September 30, 2015 (see Note 11) and working capital to prepay $11,852 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, 2015 of $252 , which included unamortized discounts and the write-off of debt issuance costs. At September 30, 2015, the Company had $40,000 available under its $40,000 revolving credit agreement with an affiliate of its principal shareholder. On October 15, 2014, as part of the consideration paid for the acquisition of KMS, the Company issued four -year promissory notes to the former shareholders of KMS in the aggregate principal amount of $8,000 , bearing interest at 1.84% per annum and payable in equal quarterly installments of principal and interest, which were valued at $7,508 based on an imputed interest rate of 5.5% . The carrying value of promissory notes at September 30, 2015, net of $374 unamortized discount, amounts to $6,171 . On January 2, 2015, as part of the consideration paid for the acquisition of SSN, the Company issued four -year promissory notes to the former shareholders of SSN in the aggregate principal amount of $20,000 , bearing interest at 1.74% per annum and payable in equal quarterly installments of principal and interest, which were valued at $18,697 based on an imputed interest rate of 5.1% . The carrying value of these promissory notes at September 30, 2015, net of $1,058 of unamortized discount, was $16,517 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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, one 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, which was filed in December 2011, is currently pending. The Company believes the claims are without merit and intends to vigorously defend against them. From April 2014 to July 2015, eleven arbitration claims were filed on behalf of 64 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 individual claimants. In June 2015, the parties to another of the arbitration claims reached an agreement in principle to resolve all claims with one individual claimant. The amounts paid in connection with those settlements are not material. The 34 claimants in the remaining nine arbitration claims are seeking reimbursement of investment losses that may exceed $10,000 , and other relief. In addition, Securities America has received notice of four potential claims which would involve 31 individuals seeking reimbursement of investment losses that may exceed $467 , and other relief. The Company believes the claims are without merit and intends to vigorously defend against them. In December 2014 and January 2015, two purported class action suits were filed in the U.S. District Court for the Southern District of New York against American Realty Capital Partners, Inc. (“ARCP”), certain affiliated entities and individuals, ARCP’s auditing firm, as well as the underwriters of ARCP’s May 21, 2014 offering of $1,656,000 in common stock (“May 21, 2014 Offering”) and three prior notes offerings. The complaints have been consolidated. Ladenburg was named as a defendant as one of 17 underwriters of the May 21, 2014 offering and as one of eight underwriters of ARCP’s July 13, 2013 offering of $300,000 in convertible notes. The complaints allege, among other things, that the offering materials were misleading based on financial reporting of expenses, improperly-calculated AFFO (adjusted funds from operations), and false and misleading Sarbanes Oxley certifications, including statements as to ARCP’s internal controls, and that the underwriters are liable for violations of federal securities laws. The plaintiffs seek an unspecified amount of compensatory damages, as well as other relief. In October 2015, the underwriter defendants’ motion to dismiss was granted without prejudice; the plaintiffs were granted leave to file an amended complaint by December 2015. The Company believes the claims against Ladenburg are without merit and, if they are re-filed, intends to vigorously defend against them. During the period from March to October 2015, seven arbitration claims and one lawsuit (U.S. District Court for the Middle District of Alabama) were filed against Triad and others by a total of 43 individuals concerning purported misrepresentations and unsuitability of trading in their advisory accounts. All or most of the transactions at issue were effected through an investment advisory firm not affiliated with Triad or the Company. The lawsuit was transferred to arbitration. Six arbitration claims, including the transferred lawsuit, allege an aggregate amount of $1,059 in compensatory damages and other relief. The remaining two arbitration claims seek an unspecified amount of compensatory damages and other relief. The Company believes the claims are without merit and intends to vigorously defend against them. 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, were liable for violations of state securities laws. On May 13, 2015, the court approved the parties’ settlement agreement entered into on August 11, 2014 that resolved all claims in the complaint in exchange for Ladenburg's payment of $1,325 . Such amount was accrued at December 31, 2013 and paid in December 2014. 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. Five clients settled such claims between April 2014 and February 2015. In April 2015, the remaining two claimants entered into settlement agreements with Triad. The amounts paid by Triad in connection with the settlements were not material. In September 2015, a client of a former Triad registered representative filed an arbitration claim concerning the suitability of investments in tenant-in-common interests purchased through Section 1031 tax-deferred exchanges. The claim, which seeks compensatory damages for purported investment losses totaling $3,714 and other relief, is currently pending. The Company believes the claim is without merit and intends to vigorously defend against it. In September 2015, Securities America was named as a defendant in lawsuits brought by the bankruptcy trustee of a broker-dealer (U.S. Bankruptcy Court for the District of Minnesota) and by a customer of that broker-dealer (U.S. District Court for the District of Minnesota). The lawsuits allege that certain of the debtor broker-dealer’s assets were transferred to Securities America in June 2015 for inadequate consideration. The complaints seek an unspecified amount of compensatory damages, and other relief. 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. Since July 2015, the Company’s broker-dealer subsidiaries have been reviewing the extent to which they failed to waive mutual fund sales charges for certain customers who purchased shares in mutual funds beginning in July 2009 that provided fee waivers for certain charitable and retirement accounts. The Company’s broker-dealer subsidiaries expect to reimburse such mutual fund sales charges, with interest, to the affected customers; the cost to the broker-dealer subsidiaries is not expected to be material. The Company currently is unable to determine whether, and to what extent, any regulatory agency may seek disciplinary action. 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 $275 at September 30, 2015 for certain pending matters, which are included in accounts payable and accrued liabilities. During the three and nine months ended September 30, 2015, the Company credited $206 and charged $377 , respectively to operations with respect to such matters. For other pending matters, the Company was unable to estimate a range of possible loss; 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.

Off-Balance-Sheet Risk and Conc

Off-Balance-Sheet Risk and Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2015
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, KMS, SSN 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, KMS, SSN and Ladenburg has agreed to indemnify such clearing brokers for any resulting losses. Each of such entities 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. During the period, the clearing operations for the broker-dealer subsidiaries' securities transactions were provided by two clearing brokers. At September 30, 2015, amounts due from these clearing brokers was $51,273 , 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, KMS, SSN and Ladenburg may enter into transactions in financial instruments with off-balance sheet risk. As of September 30, 2015, 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, 2015
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, and another amendment was approved in November 2014 to permit the repurchase of an additional 10,000,000 shares. Since inception through September 30, 2015, 10,662,821 shares of common stock have been repurchased for $27,461 under the program and have been retired, including the repurchase of 2,586,427 shares for $6,400 and 4,066,669 shares for $11,837 during the three and nine months ended September 30, 2015, respectively. Stock Compensation Plans Options granted during the nine months ended September 30, 2015 were as follows: Grant Date Expiration Date Shares Exercise Price Grant Date Fair Value (1) January 2, 2015 (2) January 2, 2025 500,000 $ 3.88 $ 1,163 January 20, 2015 (2) January 20, 2025 850,000 $ 4.25 $ 2,550 January 20, 2015 (2)(3) January 20, 2025 30,000 $ 4.25 $ 90 May 18, 2015 (4) May 18, 2025 400,000 $ 3.38 $ 655 June 16, 2015 (2) June 16, 2025 30,000 $ 3.67 $ 62 1,810,000 $ 4,520 (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 one year anniversary of the grant date. Options to purchase 11,125 and 76,765 shares of common stock were forfeited during the three and nine months ended September 30, 2015, respectively. As of September 30, 2015, there was $11,223 of unrecognized compensation cost for stock-based compensation, of which $2,964 related to the 2015 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 2.41 years for all grants and approximately 2.91 years for the 2015 grants. Options were exercised to purchase 278,037 and 964,691 shares of the Company’s common stock during the three and nine months ended September 30, 2015, for which the intrinsic value on dates of exercise was $488 and $2,320 , respectively. Restricted stock granted during the nine months ended September 30, 2015 was as follows: Grant Date Final Vesting Date Shares Fair Value(1) January 20, 2015 (2) January 20, 2019 1,115,000 $ 4,404 February 3, 2015 (3)(4) October 27, 2018 28,581 $ 111 April 28, 2015 (2) April 28, 2019 62,500 $ 218 1,206,081 $ 4,733 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Compensation expense recognized each period is based on the awards estimated value at the most recent reporting date. (4) Vests in four equal annual installments beginning on October 27, 2015 and each anniversary thereafter. As of September 30, 2015, there was $3,790 of unrecognized compensation cost for stock-based compensation related to the 2015 restricted stock grants described above. This cost is expected to be recognized over the vesting periods of the restricted stock, which on a weighted-average basis are approximately 3.27 years for all grants and approximately 3.26 years for the 2015 grants. Stock-based compensation, including options and restricted stock, attributed to employees was $1,427 and $4,481 and attributed to consultants and independent financial advisors was $(1,185) and $1,445 for the three and nine months ended September 30, 2015, respectively. Capital Stock In May 2015, the Company filed an amendment to the Company's Articles of Incorporation to designate an additional 3,000,000 shares as Series A cumulative redeemable preferred stock ("Series A Preferred Stock"). During the three and nine months ended September 30, 2015, the Company sold 152,134 and 3,514,146 shares of Series A Preferred Stock, pursuant to the “at the market” offering, which provided total gross proceeds to the Company of $3,752 and $84,634 , before deducting the commission paid to unaffiliated sales agents and offering expenses aggregating $175 and $1,907 , respectively. During October 2015, the Company sold an additional 53,233 shares of Series A Preferred Stock, which provided total gross proceeds of $1,264 before deducting selling expenses of $25 . For the three and nine months ended September 30, 2015, the Company paid dividends of $7,289 and $ 20,773 , 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, 2015
Earnings Per Share [Abstract]
Per Share Data	Per Share Data Basic net (loss) income per common share is computed by dividing net (loss) income attributable to the Company, decreased in the case of income and increased in the case of loss 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 and unvested restricted stock 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 Nine Months Ended 2015 2014 2015 2014 Basic weighted-average shares 183,519,768 182,988,516 184,415,040 182,082,141 Effect of dilutive securities: Options to purchase common stock — 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 183,519,768 210,535,372 184,415,040 205,243,355 For the three and nine months ended September 30, 2015, options and warrants to purchase 57,181,576 shares of common stock and 1,220,490 restricted shares of common stock were not included in the computation of diluted loss per share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2014, options to purchase 3,358,000 shares of common stock were not included in the diluted computation as the effect would have been anti-dilutive.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2015
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. During the nine months ended September 30, 2015, APA received capital contributions of $200 , of which $160 was contributed by Securities America and $40 was contributed by the unaffiliated investor, with no change in proportional ownership.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
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 the Company's independent broker-dealer subsidiaries to their independent contractor financial advisors and the 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 and 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 and forgivable loans, change in fair value of contingent consideration related to acquisitions, loss on extinguishment of debt, non-cash compensation expense, financial advisor recruiting expense and other expense, which includes loss on write-off of receivable from subtenant, excise and franchise tax expense and compensation expense that may be paid in stock, is the primary profit measure 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 and forgivable loans and financial advisor recruiting 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, (loss) income before income taxes, net (loss) income and cash flows provided by (used in) operating activities. Segment information for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, 2015 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 256,671 $ 13,248 $ 12,210 $ 85 $ 282,214 Income (loss) before income taxes 3,141 (144 ) (1,585 ) (4,561 ) (1) (3,149 ) EBITDA, as adjusted (4) 10,925 98 417 (3,080 ) 8,360 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 4,834 178 1,769 17 6,798 Interest 834 — 172 249 1,255 Capital expenditures 1,646 51 188 — 1,885 Non-cash compensation (914 ) 151 60 945 242 Three Months Ended September 30, 2014 Revenues $ 197,730 $ 16,675 $ 9,242 $ 85 $ 223,732 Income (loss) before income taxes 1,186 3,400 (742 ) (4,415 ) (1) (571 ) EBITDA, as adjusted (4) 11,656 3,734 386 (2,429 ) 13,347 Identifiable assets (2) 314,083 72,190 62,812 44,247 (3) 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 Nine Months Ended September 30, 2015 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage (5) Corporate Total Revenues $ 777,009 $ 44,806 $ 35,680 $ 290 $ 857,785 Income (loss) before income taxes 4,562 2,420 (5,628 ) (12,628 ) (1) (11,274 ) EBITDA, as adjusted (4) 33,677 4,765 203 (7,967 ) 30,678 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 14,377 528 5,141 34 20,080 Interest 2,713 7 511 739 3,970 Capital expenditures 5,849 87 652 86 6,674 Non-cash compensation 2,191 486 179 3,070 5,926 Nine Months Ended September 30, 2014 Revenues $ 588,987 $ 57,830 $ 9,242 $ 244 $ 656,303 Income (loss) before income taxes 6,927 13,176 (742 ) (11,385 ) (1) 7,976 EBITDA, as adjusted (4) 36,243 14,123 386 (6,857 ) 43,895 Identifiable assets (2) 314,083 72,190 62,812 44,247 (3) 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 (1) Includes interest expense, compensation, professional fees and other general and administrative expenses. (2) Identifiable assets are presented as of the end of the period. (3) Includes cash and cash equivalents of $53,399 and $42,421 as of September 30, 2015 and 2014, respectively. (4) The following table reconciles EBITDA, as adjusted, to (loss) income before income taxes for the three and nine months ended September 30, 2015 and 2014. (5) Represents operations of Highland, which was acquired in July 2014. Three Months Ended Nine Months Ended September 30, EBITDA, as adjusted 2015 2014 2015 2014 Independent Brokerage and Advisory Services $ 10,925 $ 11,656 $ 33,677 $ 36,243 Ladenburg 98 3,734 4,765 14,123 Insurance Brokerage 417 386 203 386 Corporate (3,080 ) (2,429 ) (7,967 ) (6,857 ) Total Segments 8,360 13,347 (1) 30,678 43,895 (1) Adjustments: Interest income 69 59 178 195 Change in fair value of contingent consideration — — 31 12 Loss on extinguishment of debt — — (252 ) (314 ) Interest expense (1,255 ) (1,701 ) (3,970 ) (5,193 ) Depreciation and amortization (6,798 ) (4,902 ) (20,080 ) (12,527 ) Non-cash compensation expense (242 ) (3,679 ) (5,926 ) (7,689 ) Financial advisor recruiting expense (764 ) (354 ) (1,670 ) (889 ) Amortization of retention and forgivable loans (2,223 ) (2,471 ) (7,831 ) (8,144 ) Acquisition-related expense (139 ) (850 ) (257 ) (1,308 ) Other (146 ) — (2,136 ) (2) — Net loss attributable to noncontrolling interest (11 ) (20 ) (39 ) (62 ) (Loss) income before income taxes $ (3,149 ) $ (571 ) $ (11,274 ) $ 7,976 (1) Includes increases of $1,287 and $3,925 for the three and nine months ended September 30, 2014, respectively, related to amortization of forgivable loans and financial advisor recruiting expenses to conform to the 2015 presentation. (2) Includes loss on write-off of receivable from subtenant of $855 for the nine months ended September 30, 2015, rent expense due to default by subtenant of $468 for the nine months ended September 30, 2015, and excise and franchise tax expense of $263 for the nine months ended September 30, 2015.

Description of Business and B22

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2014 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, 2014 for additional disclosures and a description of accounting policies. Certain amounts in the prior period financial statements were reclassified to conform with the current period financial statement presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The ASU requires retrospective adoption and is effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. Adoption of ASU 2015-03 is not expected to have a material effect on the Company's consolidated statement of financial condition.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of assets acquired and liabilities assumed at the acquisition date: Cash $ 8,081 Securities owned, at fair value 158 Receivables from clearing broker 630 Other receivables, net 2,611 Fixed assets, net 57 Notes receivable 225 Identifiable intangible assets 30,901 Goodwill 8,798 Other assets 714 Total assets acquired 52,175 Commissions and fees payable 3,462 Deferred income 44 Accounts payable and accrued liabilities 1,382 Total liabilities assumed 4,888 Total purchase price $ 47,287
Schedule of Indefinite-lived Intangible Assets Acquired	Identifiable intangible assets as of the acquisition date consist of: Useful Life (years) Relationships with financial advisors $ 26,654 20 Technology 2,080 12.5 Trade name 1,756 9 Non-compete agreements 411 3 Total identifiable intangible assets $ 30,901
Schedule of Pro Forma Information	The following unaudited pro forma information represents the Company’s consolidated results of operations as if the acquisitions of KMS, Highland and SSN had occurred at the beginning of 2014. The pro forma net loss reflects amortization of the amounts ascribed to identifiable intangible assets acquired in the acquisitions, elimination of Highland's interest expense related to notes repaid on the date of acquisition and interest expense on notes issued in the KMS and SSN acquisitions. In addition, $21,238 of non-recurring income tax benefit resulting from the acquisitions of Highland and KMS has been excluded from the pro forma results in 2014. Three Months Ended Nine Months Ended Revenue $ 278,763 $ 835,779 Net (loss) income $ (4,241 ) $ 410 Net loss available to common shareholders $ (9,069 ) $ (11,310 ) Basic and diluted loss per share available to common shareholders $ (0.05 ) $ (0.06 ) Weighted average common shares outstanding: Basic and diluted (a) 185,257,947 185,486,802 (a) Includes 3,981,684 shares of Company common stock issued in connection with the acquisitions.

Securities Owned and Securiti24

Securities Owned and Securities Sold, But Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Investments [Abstract]
Securities carried at fair value	Securities are classified as follows: As of September 30, 2015: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 423 $ — $ — $ 423 Debt securities — 1,351 — 1,351 U.S. Treasury notes — 113 — 113 Common stock and warrants 716 842 — 1,558 Other investments — 680 — 680 Total $ 1,139 $ 2,986 $ — $ 4,125 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (15 ) $ — $ (15 ) U.S. Treasury notes — (348 ) — (348 ) Common stock and warrants (56 ) — — (56 ) Total $ (56 ) $ (363 ) $ — $ (419 ) As of December 31, 2014: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 465 $ — $ — $ 465 Debt securities — 1,526 — 1,526 U.S. Treasury notes — 102 — 102 Common stock and warrants 1,981 875 — 2,856 Other investments — 961 — 961 Total $ 2,446 $ 3,464 $ — $ 5,910 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (45 ) $ — $ (45 ) U.S. Treasury notes — (151 ) — (151 ) Common stock and warrants (34 ) — — (34 ) Total $ (34 ) $ (196 ) $ — $ (230 ) The components of securities owned and securities sold, but not yet purchased at September 30, 2015 and December 31, 2014 which are carried at fair value were as follows: September 30, 2015 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 423 $ — Debt securities 1,351 (15 ) U.S. Treasury notes 113 (348 ) Common stock and warrants 716 (56 ) Restricted common stock and warrants 842 — Other investments 680 — Total $ 4,125 $ (419 ) December 31, 2014 Certificates of deposit $ 465 $ — Debt securities 1,526 (45 ) U.S. Treasury notes 102 (151 ) Common stock and warrants 1,981 (34 ) Restricted common stock and warrants 875 — Other investments 961 — Total $ 5,910 $ (230 )

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At September 30, 2015 and December 31, 2014, intangible assets subject to amortization consisted of the following: September 30, 2015 December 31, 2014 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 11,672 $ 23,483 $ 9,223 Relationships with financial advisors 15.2 110,671 29,920 81,438 23,704 Vendor relationships 7 3,613 3,613 3,613 3,458 Covenants not-to-compete 3.9 6,035 3,026 5,401 2,100 Customer accounts 8.3 2,029 1,703 2,029 1,516 Renewal revenue 7.7 42,142 5,927 39,503 2,099 Trade names 7.9 16,910 7,233 15,154 5,563 Relationships with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 96 124 81 Other 6 67 67 67 67 Total $ 210,601 $ 66,704 $ 174,259 $ 51,258
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated amortization expense for each of the five succeeding years and thereafter is as follows: 2015 $ 5,204 2016 20,773 2017 20,297 2018 19,512 2019 15,964 2020 - 2027 62,147 $ 143,897

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Asset Impairment [Abstract]
Schedule of Goodwill	Changes to the carrying amount of goodwill during the nine months ended September 30, 2015 are as follows: Ladenburg Independent Brokerage and Advisory Services Insurance Brokerage Total Balance as of December 31, 2014 $ 301 $ 103,422 $ 11,515 $ 115,238 Benefit applied to reduce goodwill — (57 ) — (57 ) Adjustment related to allocation of KMS and Highland purchase price — (68 ) 1,711 1,643 Business acquisitions — 8,812 241 9,053 Balance as of September 30, 2015 $ 301 $ 112,109 $ 13,467 $ 125,877

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of notes payable	Notes payable consisted of the following: September 30, December 31, Notes payable to clearing firm under forgivable loans $ 10,356 $ 10,356 Note payable to a subsidiary of Premier Trust’s former shareholder — 200 Notes payable to finance Securities America acquisition, net of $223 and $627 of unamortized discount in 2015 and 2014, respectively 17,753 29,201 Note payable under subsidiary's term loan with bank 1,049 1,406 Notes payable by subsidiary to certain former Highland shareholders 6,737 6,737 Notes payable to KMS' former shareholders, net of $374 and $466 of unamortized discount in 2015 and 2014, respectively 6,171 7,534 Notes payable to SSN's former shareholders, net of $1,058 of unamortized discount 16,518 — Other 600 600 Total $ 59,184 $ 56,034

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Options granted	Options granted during the nine months ended September 30, 2015 were as follows: Grant Date Expiration Date Shares Exercise Price Grant Date Fair Value (1) January 2, 2015 (2) January 2, 2025 500,000 $ 3.88 $ 1,163 January 20, 2015 (2) January 20, 2025 850,000 $ 4.25 $ 2,550 January 20, 2015 (2)(3) January 20, 2025 30,000 $ 4.25 $ 90 May 18, 2015 (4) May 18, 2025 400,000 $ 3.38 $ 655 June 16, 2015 (2) June 16, 2025 30,000 $ 3.67 $ 62 1,810,000 $ 4,520 (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 one year anniversary of the grant date.
Restricted stock granted	Restricted stock granted during the nine months ended September 30, 2015 was as follows: Grant Date Final Vesting Date Shares Fair Value(1) January 20, 2015 (2) January 20, 2019 1,115,000 $ 4,404 February 3, 2015 (3)(4) October 27, 2018 28,581 $ 111 April 28, 2015 (2) April 28, 2019 62,500 $ 218 1,206,081 $ 4,733 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Compensation expense recognized each period is based on the awards estimated value at the most recent reporting date. (4) Vests in four equal annual installments beginning on October 27, 2015 and each anniversary thereafter.

Per Share Data (Tables)

Per Share Data (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computations of basic and diluted per share	A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Basic weighted-average shares 183,519,768 182,988,516 184,415,040 182,082,141 Effect of dilutive securities: Options to purchase common stock — 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 183,519,768 210,535,372 184,415,040 205,243,355

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment information	Segment information for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, 2015 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 256,671 $ 13,248 $ 12,210 $ 85 $ 282,214 Income (loss) before income taxes 3,141 (144 ) (1,585 ) (4,561 ) (1) (3,149 ) EBITDA, as adjusted (4) 10,925 98 417 (3,080 ) 8,360 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 4,834 178 1,769 17 6,798 Interest 834 — 172 249 1,255 Capital expenditures 1,646 51 188 — 1,885 Non-cash compensation (914 ) 151 60 945 242 Three Months Ended September 30, 2014 Revenues $ 197,730 $ 16,675 $ 9,242 $ 85 $ 223,732 Income (loss) before income taxes 1,186 3,400 (742 ) (4,415 ) (1) (571 ) EBITDA, as adjusted (4) 11,656 3,734 386 (2,429 ) 13,347 Identifiable assets (2) 314,083 72,190 62,812 44,247 (3) 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 Nine Months Ended September 30, 2015 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage (5) Corporate Total Revenues $ 777,009 $ 44,806 $ 35,680 $ 290 $ 857,785 Income (loss) before income taxes 4,562 2,420 (5,628 ) (12,628 ) (1) (11,274 ) EBITDA, as adjusted (4) 33,677 4,765 203 (7,967 ) 30,678 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 14,377 528 5,141 34 20,080 Interest 2,713 7 511 739 3,970 Capital expenditures 5,849 87 652 86 6,674 Non-cash compensation 2,191 486 179 3,070 5,926 Nine Months Ended September 30, 2014 Revenues $ 588,987 $ 57,830 $ 9,242 $ 244 $ 656,303 Income (loss) before income taxes 6,927 13,176 (742 ) (11,385 ) (1) 7,976 EBITDA, as adjusted (4) 36,243 14,123 386 (6,857 ) 43,895 Identifiable assets (2) 314,083 72,190 62,812 44,247 (3) 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 (1) Includes interest expense, compensation, professional fees and other general and administrative expenses. (2) Identifiable assets are presented as of the end of the period. (3) Includes cash and cash equivalents of $53,399 and $42,421 as of September 30, 2015 and 2014, respectively. (4) The following table reconciles EBITDA, as adjusted, to (loss) income before income taxes for the three and nine months ended September 30, 2015 and 2014. (5) Represents operations of Highland, which was acquired in July 2014. Three Months Ended Nine Months Ended September 30, EBITDA, as adjusted 2015 2014 2015 2014 Independent Brokerage and Advisory Services $ 10,925 $ 11,656 $ 33,677 $ 36,243 Ladenburg 98 3,734 4,765 14,123 Insurance Brokerage 417 386 203 386 Corporate (3,080 ) (2,429 ) (7,967 ) (6,857 ) Total Segments 8,360 13,347 (1) 30,678 43,895 (1) Adjustments: Interest income 69 59 178 195 Change in fair value of contingent consideration — — 31 12 Loss on extinguishment of debt — — (252 ) (314 ) Interest expense (1,255 ) (1,701 ) (3,970 ) (5,193 ) Depreciation and amortization (6,798 ) (4,902 ) (20,080 ) (12,527 ) Non-cash compensation expense (242 ) (3,679 ) (5,926 ) (7,689 ) Financial advisor recruiting expense (764 ) (354 ) (1,670 ) (889 ) Amortization of retention and forgivable loans (2,223 ) (2,471 ) (7,831 ) (8,144 ) Acquisition-related expense (139 ) (850 ) (257 ) (1,308 ) Other (146 ) — (2,136 ) (2) — Net loss attributable to noncontrolling interest (11 ) (20 ) (39 ) (62 ) (Loss) income before income taxes $ (3,149 ) $ (571 ) $ (11,274 ) $ 7,976 (1) Includes increases of $1,287 and $3,925 for the three and nine months ended September 30, 2014, respectively, related to amortization of forgivable loans and financial advisor recruiting expenses to conform to the 2015 presentation. (2) Includes loss on write-off of receivable from subtenant of $855 for the nine months ended September 30, 2015, rent expense due to default by subtenant of $468 for the nine months ended September 30, 2015, and excise and franchise tax expense of $263 for the nine months ended September 30, 2015.

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($)	Jul. 31, 2015	Jan. 02, 2015	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues				$ 282,214,000	$ 223,732,000	$ 857,785,000	$ 656,303,000
Net income				(2,937,000)	$ 12,783,000	(8,986,000)	$ 19,970,000
Goodwill				125,877,000		$ 125,877,000		$ 115,238,000
Securities Service Network, Inc. (SSN)
Business Acquisition [Line Items]
Purchase price		$ 47,287,000
Goodwill, deductible period for income tax purposes						15 years
Revenues				28,535,000		$ 86,125,000
Net income				343,000		961,000
Cash paid in acquisition						25,000,000
Identifiable intangible assets		30,901,000
Goodwill		8,798,000
Securities Service Network, Inc. (SSN) | Promissory Notes | 0.41% Promissory Notes
Business Acquisition [Line Items]
Notes payable - long term		$ 25,000,000
Interest rate, stated percentage		0.41%
Securities Service Network, Inc. (SSN) | Promissory Notes | 1.74% Promissory Notes
Business Acquisition [Line Items]
Notes payable - long term		$ 20,000,000
Interest rate, stated percentage		1.74%
Debt instrument, term		4 years
Periodic payment		$ 18,697,000
Imputed interest rate		5.10%
Amount to be paid in excess of net worth of promissory notes		$ 3,590
Select brokerage services Inc.(Select)
Business Acquisition [Line Items]
Purchase price	$ 3,021,000
Cash paid in acquisition	503,000
Deferred payment on first anniversary	504,000
Contingent consideration, liability	2,014,000
Identifiable intangible assets	2,780,000
Goodwill	$ 241,000
KMS Financial Services, Inc. and Securities Service Network, Inc. (SSN)
Business Acquisition [Line Items]
Non-recurring income tax benefit eliminated from the pro forma results						21,238,000
Dalton
Business Acquisition [Line Items]
Purchase price			$ 2,689,000
Cash paid in acquisition			2,100,000
Contingent consideration, liability			$ 589,000
Identifiable intangible assets				2,675,000		2,675,000
Goodwill				$ 14,000		$ 14,000
Earn out period						3 years

Acquisitions (Purchase Price Al

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jan. 02, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 125,877		$ 115,238
Securities Service Network, Inc. (SSN)
Business Acquisition [Line Items]
Cash		$ 8,081
Securities owned, at fair value		158
Receivables from clearing broker		630
Other receivables, net		2,611
Fixed assets, net		57
Notes receivable		225
Identifiable intangible assets		30,901
Goodwill		8,798
Other assets		714
Total assets acquired		52,175
Commissions and fees payable		3,462
Deferred income		44
Accounts payable and accrued liabilities		1,382
Total liabilities assumed		4,888
Total purchase price		$ 47,287

Acquisitions (Identifiable Inta

Acquisitions (Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands	Jan. 02, 2015	Sep. 30, 2015
Acquired Indefinite-lived Intangible Assets [Line Items]
Useful Life		9 years 9 months 28 days
Trade names
Acquired Indefinite-lived Intangible Assets [Line Items]
Useful Life		7 years 10 months 24 days
Securities Service Network, Inc. (SSN)
Acquired Indefinite-lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 30,901
Securities Service Network, Inc. (SSN) | Relationships with financial advisors
Acquired Indefinite-lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 26,654
Useful Life	20 years
Securities Service Network, Inc. (SSN) | Technology
Acquired Indefinite-lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 2,080
Useful Life	12 years 6 months
Securities Service Network, Inc. (SSN) | Trade names
Acquired Indefinite-lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 1,756
Useful Life	9 years
Securities Service Network, Inc. (SSN) | Non-compete agreements
Acquired Indefinite-lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 411
Useful Life	3 years

Acquisitions (Pro Forma) (Detai

Acquisitions (Pro Forma) (Details) - KMS Financial Services, Inc. and Securities Service Network, Inc. (SSN) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Revenue	$ 278,763		$ 835,779
Net (loss) income	(4,241)		410
Net loss available to common shareholders	$ (9,069)		$ (11,310)
Basic and diluted loss per share available to common shareholders	$ (0.05)		$ (0.06)
Weighted average common shares outstanding:
Basic and diluted	185,257,947		185,486,802
Stock issued in acquisition, shares		3,981,684

Securities Owned and Securiti35

Securities Owned and Securities Sold, But Not Yet Purchased - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned deposited with the Company's subsidiaries clearing broker	$ 3,581	$ 5,429
Securities owned, at fair value	4,125	5,910
Common stock and warrants
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	716	1,981
Level 2
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	2,986	3,464
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	$ 382	$ 403

Securities Owned and Securiti36

Securities Owned and Securities Sold, But Not Yet Purchased - at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	$ 4,125	$ 5,910
Securities sold, but not yet purchased, at fair value	(419)	(230)
Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	423	465
Securities sold, but not yet purchased, at fair value	0	0
Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	1,351	1,526
Securities sold, but not yet purchased, at fair value	(15)	(45)
U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	113	102
Securities sold, but not yet purchased, at fair value	(348)	(151)
Common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	716	1,981
Securities sold, but not yet purchased, at fair value	(56)	(34)
Restricted common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	842	875
Securities sold, but not yet purchased, at fair value	0	0
Other investments
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned	680	961
Securities sold, but not yet purchased, at fair value	$ 0	$ 0

Securities Owned and Securiti37

Securities Owned and Securities Sold, But Not Yet Purchased - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 4,125	$ 5,910
Securities sold, but not yet purchased, at fair value	(419)	(230)
Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,139	2,446
Securities sold, but not yet purchased, at fair value	(56)	(34)
Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	2,986	3,464
Securities sold, but not yet purchased, at fair value	(363)	(196)
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, at fair value	0	0
Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	423	465
Securities sold, but not yet purchased, at fair value	0	0
Certificates of deposit | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	423	465
Certificates of deposit | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Certificates of deposit | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,351	1,526
Securities sold, but not yet purchased, at fair value	(15)	(45)
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, at fair value	0	0
Debt securities | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,351	1,526
Securities sold, but not yet purchased, at fair value	(15)	(45)
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, at fair value	0	0
U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	113	102
Securities sold, but not yet purchased, at fair value	(348)	(151)
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, at fair value	0	0
U.S. Treasury notes | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	113	102
Securities sold, but not yet purchased, at fair value	(348)	(151)
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, at fair value	0	0
Common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,558	2,856
Securities sold, but not yet purchased, at fair value	(56)	(34)
Common stock and warrants | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	716	1,981
Securities sold, but not yet purchased, at fair value	(56)	(34)
Common stock and warrants | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	842	875
Securities sold, but not yet purchased, at fair value	0	0
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, at fair value	0	0
Other investments
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	680	961
Securities sold, but not yet purchased, at fair value	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	680	961
Other investments | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 0	$ 0

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 15,445	$ 9,360
Estimated useful life	9 years 9 months 28 days

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets Subject To Amortization) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	9 years 9 months 28 days
Gross Carrying Amount	$ 210,601	$ 174,259
Accumulated Amortization	$ 66,704	51,258
Technology
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	7 years 10 months 24 days
Gross Carrying Amount	$ 25,563	23,483
Accumulated Amortization	$ 11,672	9,223
Relationships With Financial Advisors
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	15 years 2 months 12 days
Gross Carrying Amount	$ 110,671	81,438
Accumulated Amortization	$ 29,920	23,704
Vendor Relationship
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	7 years
Gross Carrying Amount	$ 3,613	3,613
Accumulated Amortization	$ 3,613	3,458
Covenants Not-to-Compete
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	3 years 10 months 24 days
Gross Carrying Amount	$ 6,035	5,401
Accumulated Amortization	$ 3,026	2,100
Customer Account
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	8 years 3 months 18 days
Gross Carrying Amount	$ 2,029	2,029
Accumulated Amortization	$ 1,703	1,516
Renewal revenue
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	7 years 8 months 12 days
Gross Carrying Amount	$ 42,142	39,503
Accumulated Amortization	$ 5,927	2,099
Trade names
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	7 years 10 months 24 days
Gross Carrying Amount	$ 16,910	15,154
Accumulated Amortization	$ 7,233	5,563
Relationships With Investment Banking Clients
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	4 years
Gross Carrying Amount	$ 2,586	2,586
Accumulated Amortization	$ 2,586	2,586
Leases
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	6 years
Gross Carrying Amount	$ 861	861
Accumulated Amortization	$ 861	861
Referral Agreement
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	6 years 7 months 6 days
Gross Carrying Amount	$ 124	124
Accumulated Amortization	$ 96	81
Other
Indefinite-lived Intangible Assets [Line Items]
Estimated useful life	6 years
Gross Carrying Amount	$ 67	67
Accumulated Amortization	$ 67	$ 67

Intangible Assets (Estimated Am

Intangible Assets (Estimated Amortization Expense) (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,015	$ 5,204
2,016	20,773
2,017	20,297
2,018	19,512
2,019	15,964
2020 – 2027	62,147
Estimated amortization expense	$ 143,897

Goodwill (Changes To The Carryi

Goodwill (Changes To The Carrying Amount) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 115,238
Benefit applied to reduce goodwill	(57)
Adjustment related to allocation of KMS and Highland purchase price	1,643
Business acquisitions	9,053
Ending balance	125,877
Ladenburg
Goodwill [Roll Forward]
Beginning balance	301
Benefit applied to reduce goodwill	0
Adjustment related to allocation of KMS and Highland purchase price	0
Business acquisitions	0
Ending balance	301
EBITDA, as adjusted
Goodwill [Roll Forward]
Beginning balance	103,422
Benefit applied to reduce goodwill	(57)
Adjustment related to allocation of KMS and Highland purchase price	(68)
Business acquisitions	8,812
Ending balance	112,109
Insurance Brokerage
Goodwill [Roll Forward]
Beginning balance	11,515
Benefit applied to reduce goodwill	0
Adjustment related to allocation of KMS and Highland purchase price	1,711
Business acquisitions	241
Ending balance	$ 13,467

Goodwill (Narrative) (Detail)

Goodwill (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Business Combination Segment Allocation [Line Items]
Goodwill, impairment loss	$ 19	$ 57
Goodwill, period increase (decrease)		1,643
KMS Financial Services, Inc. (KMS)
Business Combination Segment Allocation [Line Items]
Goodwill, period increase (decrease)	$ (68)
Highland Capital Brokerage, Inc. (Highland)
Business Combination Segment Allocation [Line Items]
Goodwill, period increase (decrease)		$ 1,711

Net Capital Requirements - Addi

Net Capital Requirements - Additional Information (Details)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Net Capital Requirements [Line Items]
Stockholder's equity	$ 385,068,000	$ 336,471,000
Securities America
Net Capital Requirements [Line Items]
Regulatory net capital	5,508,000
Securities America | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Triad
Net Capital Requirements [Line Items]
Regulatory net capital	7,892,000
Triad | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Investacorp Inc
Net Capital Requirements [Line Items]
Regulatory net capital	4,905,000
Investacorp Inc | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
KMS Financial Services, Inc. (KMS)
Net Capital Requirements [Line Items]
Regulatory net capital	6,010,000
KMS Financial Services, Inc. (KMS) | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Ladenburg
Net Capital Requirements [Line Items]
Regulatory net capital	23,575,000
Ladenburg | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Securities Service Network, Inc. (SSN)
Net Capital Requirements [Line Items]
Regulatory net capital	5,697,000
Alternative excess amount over net capital requirement	$ 5,320,000
Indebtedness to net capital	1.01
Securities Service Network, Inc. (SSN) | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	$ 377,000
Premier | Regulatory requirements
Net Capital Requirements [Line Items]
Stockholder's equity	1,459,000
Premier | Minimum | Cash
Net Capital Requirements [Line Items]
Stockholder's equity	250,000
Premier | Minimum | Regulatory requirements
Net Capital Requirements [Line Items]
Stockholder's equity	1,000,000
Premier | Minimum | Regulatory requirements | Cash
Net Capital Requirements [Line Items]
Stockholder's equity	$ 250,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Thousands	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Deferred tax liabilities	$ 14,922
Deferred tax assets, valuation allowance	$ 14,125

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Note payable	$ 59,184	$ 56,034
Notes payable, unamortized discount	1,655	1,093
Notes payable to clearing firm under forgivable loan
Debt Instrument [Line Items]
Note payable	10,356	10,356
Note payable to a subsidiary of Premier Trust's former shareholder
Debt Instrument [Line Items]
Note payable	0	200
Notes payable to finance business acquisition
Debt Instrument [Line Items]
Note payable	17,753	29,201
Notes payable, unamortized discount	223	627
Note payable under term loan with bank
Debt Instrument [Line Items]
Note payable	1,049	1,406
Notes payable by subsidiary to certain former Highland shareholders
Debt Instrument [Line Items]
Note payable	6,737	6,737
Notes payable to KMS' former shareholders
Debt Instrument [Line Items]
Note payable	6,171	7,534
Notes payable, unamortized discount	374	466
Notes payable to SSN's former shareholders
Debt Instrument [Line Items]
Note payable	16,518	0
Notes payable, unamortized discount	1,058
Other
Debt Instrument [Line Items]
Note payable	$ 600	$ 600

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) - USD ($)	Jan. 02, 2015	Oct. 15, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Nov. 15, 2014
Line of Credit Facility [Line Items]
Fair value of notes payable			$ 55,439,000		$ 55,439,000		$ 53,102,000
Loss on extinguishment of debt			0	$ 0	252,000	$ 314,000
Notes payable, unamortized discount			1,655,000		1,655,000		$ 1,093,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Unused borrowing capacity, amount			40,000,000		40,000,000
Face amount of debt			40,000,000		40,000,000
November 2011 Loan [Member]
Line of Credit Facility [Line Items]
Extinguishment of debt					11,852,000
Loss on extinguishment of debt					252,000
1.84% Promissory Notes [Member] | Securities Service Network, Inc. (SSN) | Promissory Notes
Line of Credit Facility [Line Items]
Face amount of debt								$ 8,000,000
Debt instrument, term	4 years
Interest rate, stated percentage								1.84%
Periodic payment		$ 7,508,000
Debt Instrument, Interest Rate, Effective Percentage								5.50%
Notes payable, unamortized discount			374,000		374,000
Long-term debt			6,171,000		6,171,000
1.74% Promissory Notes | Securities Service Network, Inc. (SSN) | Promissory Notes
Line of Credit Facility [Line Items]
Face amount of debt	$ 20,000,000
Debt instrument, term	4 years
Interest rate, stated percentage	1.74%
Periodic payment	$ 18,697,000
Debt Instrument, Interest Rate, Effective Percentage	5.10%
Notes payable, unamortized discount	$ 1,058,000
Long-term debt	$ 16,517,000
Frost Nevada | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amount outstanding			15,120,000		15,120,000
Vector Group | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Amount outstanding			$ 1,680,000		$ 1,680,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Oct. 17, 2014USD ($)employeeclaim	Sep. 30, 2015USD ($)	Oct. 31, 2011subsidiary	Jan. 31, 2015USD ($)employeeclaim	Sep. 30, 2015USD ($)	Oct. 31, 2015USD ($)employeeclaim	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2015employeeclaim	Sep. 30, 2014claim
Loss Contingencies [Line Items]
Number of subsidiaries included in law suit | subsidiary			2
Accrued liabilities | $		$ 275			$ 275		$ 275
Charges to operations | $					$ 206		$ 377
Convertible Notes Payable
Loss Contingencies [Line Items]
Proceeds from issuance Public Offering | $				$ 300,000
Common Stock
Loss Contingencies [Line Items]
Proceeds from issuance Public Offering | $				$ 1,656,000
Compensatory damages
Loss Contingencies [Line Items]
New claims filed, number				2
Number of plaintiffs | employee				17
Litigation settlement, amount | $								$ (1,325)	$ (1,325)
Compensatory damages | Triad
Loss Contingencies [Line Items]
New claims filed, number											7
Compensatory damages | Triad | Pending Litigation
Loss Contingencies [Line Items]
Damages sought by plaintiff | $		$ 3,714
Compensatory damages | Securities America
Loss Contingencies [Line Items]
New claims filed, number	1									11
Number of plaintiffs | employee	29									64
Compensatory damages | Securities America | Pending Litigation
Loss Contingencies [Line Items]
Potential claims, number	4
Compensatory damages | Securities America | Pending Litigation | Nine Arbitration Claims
Loss Contingencies [Line Items]
Number of plaintiffs | employee	34
Pending claims, number	9
Damages sought by plaintiff | $	$ 10,000
Compensatory damages | Securities America | Pending Litigation | Four Potential Claims
Loss Contingencies [Line Items]
Number of plaintiffs | employee	31
Damages sought by plaintiff | $	$ 467
Compensatory damages | Ladenburg
Loss Contingencies [Line Items]
Number of plaintiffs | employee				1
Subsequent Event | Compensatory damages | Triad
Loss Contingencies [Line Items]
New claims filed, number						7
Number of plaintiffs | employee						43
Damages sought by plaintiff | $						$ 1,059
New lawsuits filed, number						1
Subsequent Event | Compensatory damages | Triad | Settled Litigation
Loss Contingencies [Line Items]
New claims filed, number						6
Subsequent Event | Compensatory damages | Triad | Unspecified Litigation
Loss Contingencies [Line Items]
New claims filed, number						2

Off-Balance-Sheet Risk and Co48

Off-Balance-Sheet Risk and Concentration of Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Off-Balance-Sheet Risk and Concentration of Credit Risk [Abstract]
Receivables from clearing broker	$ 51,273	$ 38,760

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		100 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Nov. 30, 2014	Oct. 31, 2011	Mar. 31, 2007
Capital Unit [Line Items]
Shares authorized for repurchase								2,500,000
Shares authorized for additional repurchase						10,000,000	5,000,000
Shares repurchased, shares	2,586,427		4,066,669		10,662,821
Shares repurchased, value	$ 6,400		$ 11,837		$ 27,461
Options forfeited	11,125		76,765
Unrecognized compensation cost for stock based compensation	$ 11,223		$ 11,223		11,223
Unrecognized compensation cost for stock based compensation, period of recognition			2 years 4 months 28 days
Purchase of shares	278,037		964,691
Intrinsic value of options exercised	$ 488		$ 2,320
Share-based compensation	242	$ 3,679	5,926	$ 7,689
Grands in 2015 [Member]
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	2,964		$ 2,964		2,964
Unrecognized compensation cost for stock based compensation, period of recognition			2 years 10 months 28 days
Restricted shares
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	3,790		$ 3,790		$ 3,790
Unrecognized compensation cost for stock based compensation, period of recognition			3 years 3 months 8 days
Share-based compensation	(1,185)		$ 1,445
Restricted shares | Grands in 2015 [Member]
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation, period of recognition			3 years 3 months 4 days
Options
Capital Unit [Line Items]
Share-based compensation	$ 1,427		$ 4,481

Shareholders' Equity - Options

Shareholders' Equity - Options Granted (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	1,810,000
Fair Value | $	$ 4,520
January 17, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 2, 2015
Expire Date	Jan. 2, 2025
Shares	500,000
Exercise Price | $ / shares	$ 3.88
Fair Value | $	$ 1,163
January 17, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 20, 2015
Expire Date	Jan. 20, 2025
Shares	850,000
Exercise Price | $ / shares	$ 4.25
Fair Value | $	$ 2,550
January 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 20, 2015
Expire Date	Jan. 20, 2025
Shares	30,000
Exercise Price | $ / shares	$ 4.25
Fair Value | $	$ 90
May 18, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	May 18, 2015
Expire Date	May 18, 2025
Shares	400,000
Exercise Price | $ / shares	$ 3.38
Fair Value | $	$ 655
June 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jun. 16, 2015
Expire Date	Jun. 16, 2025
Shares	30,000
Exercise Price | $ / shares	$ 3.67
Fair Value | $	$ 62

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - Restricted shares $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	1,206,081
Fair Value | $	$ 4,733
Vesting Period	4 years
January 20, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 20, 2015
Expire Date	Jan. 20, 2019
Shares	1,115,000
Fair Value | $	$ 4,404
February 3, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Feb. 3, 2015
Expire Date	Oct. 27, 2018
Shares	28,581
Fair Value | $	$ 111
April 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Apr. 28, 2015
Expire Date	Apr. 28, 2019
Shares	62,500
Fair Value | $	$ 218

Shareholders' Equity - Capital

Shareholders' Equity - Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May. 02, 2015	Sep. 30, 2015	Sep. 30, 2015	May. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares authorized		25,000,000	25,000,000		25,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized		17,290,000	17,290,000		14,290,000
At the market shares sold	53,233	152,134	3,514,146
Proceeds from Issuance of public offering		$ 3,752	$ 84,634
Offering expenses	$ 25	175	1,907
Proceeds from at market preferred stock	$ 1,264
Dividends paid		$ 7,289	$ 20,773
Dividends paid per share on monthly basis			$ 0.1667
Series A Preferred Stock | Amendment Company's Articles of Incorporation [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized				3,000,000

Per Share Data - Computations o

Per Share Data - Computations of Basic and Diluted Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Basic weighted-average shares	183,519,768	182,988,516	184,415,040	182,082,141
Effect of dilutive securities:
Options to purchase common stock	0	18,424,579	0	15,289,845
Warrants to purchase common stock	0	9,122,277	0	7,871,369
Dilutive potential common shares	0	27,546,856	0	23,161,214
Weighted average common shares outstanding and dilutive potential common shares	183,519,768	210,535,372	184,415,040	205,243,355

Per Share Data - (Narrative) (D

Per Share Data - (Narrative) (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Options and warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	57,181,576
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,220,490
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		3,358,000

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Arbor Point Advisors, LLC $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Noncontrolling Interest [Line Items]
Ownership percentage by parent	80.00%
Ownership percentage by noncontrolling owners	20.00%
Capital contributions	$ 200
Capital contributions by Security America	160
Capital contributions by unaffiliated investors	$ 40

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2015Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Segment I

Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 282,214	$ 223,732	$ 857,785	$ 656,303
Income (loss) before income taxes	(3,149)	(571)	(11,274)	7,976
EBITDA, as adjusted	8,360	13,347	30,678	43,895
Identifiable assets	563,290	493,332	563,290	493,332	$ 510,758
Depreciation and amortization	6,798	4,902	20,080	12,527
Interest	1,255	1,701	3,970	5,193
Capital expenditures	1,885	1,162	6,674	5,887
Non-cash compensation	242	3,679	5,926	7,689
Cash and cash equivalents	114,548	94,952	114,548	94,952	103,087	$ 50,329
Corporate
Segment Reporting Information [Line Items]
Revenues	85	85	290	244
Income (loss) before income taxes	(4,561)	(4,415)	(12,628)	(11,385)
EBITDA, as adjusted	(3,080)	(2,429)	(7,967)	(6,857)
Identifiable assets	55,425	44,247	55,425	44,247
Depreciation and amortization	17	3	34	7
Interest	249	305	739	936
Capital expenditures	0	0	86	108
Non-cash compensation	945	828	3,070	2,260
Cash and cash equivalents	53,399		53,399		$ 42,421
EBITDA, as adjusted
Segment Reporting Information [Line Items]
Revenues	256,671	197,730	777,009	588,987
Income (loss) before income taxes	3,141	1,186	4,562	6,927
EBITDA, as adjusted	10,925	11,656	33,677	36,243
Identifiable assets	400,290	314,083	400,290	314,083
Depreciation and amortization	4,834	3,771	14,377	11,082
Interest	834	1,267	2,713	4,121
Capital expenditures	1,646	1,114	5,849	4,805
Non-cash compensation	(914)	2,640	2,191	4,913
Ladenburg
Segment Reporting Information [Line Items]
Revenues	13,248	16,675	44,806	57,830
Income (loss) before income taxes	(144)	3,400	2,420	13,176
EBITDA, as adjusted	98	3,734	4,765	14,123
Identifiable assets	44,053	72,190	44,053	72,190
Depreciation and amortization	178	176	528	486
Interest	0	11	7	18
Capital expenditures	51	0	87	926
Non-cash compensation	151	153	486	458
Insurance Brokerage
Segment Reporting Information [Line Items]
Revenues	12,210	9,242	35,680	9,242
Income (loss) before income taxes	(1,585)	(742)	(5,628)	(742)
EBITDA, as adjusted	417	386	203	386
Identifiable assets	63,522	62,812	63,522	62,812
Depreciation and amortization	1,769	952	5,141	952
Interest	172	118	511	118
Capital expenditures	188	48	652	48
Non-cash compensation	$ 60	$ 58	$ 179	$ 58

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
EBITDA, as adjusted	$ 8,360	$ 13,347	$ 30,678	$ 43,895
Interest income	69	59	178	195
Change in fair value of contingent consideration	0	0	31	12
Loss on extinguishment of debt	0	0	(252)	(314)
Interest expense	(1,255)	(1,701)	(3,970)	(5,193)
Depreciation and amortization	(6,798)	(4,902)	(20,080)	(12,527)
Non-cash compensation expense	(242)	(3,679)	(5,926)	(7,689)
Financial advisor recruiting expense	(764)	(354)	(1,670)	(889)
Amortization of retention and forgivable loans	(2,223)	(2,471)	(7,831)	(8,144)
Acquisition-related expense	(139)	(850)	(257)	(1,308)
Other	(146)	0	(2,136)	0
Net loss attributable to non-controlling interest	(11)	(20)	(39)	(62)
(Loss) income before income taxes	(3,149)	(571)	(11,274)	7,976
Amortization of forgivable loans and advisor recruiting expenses		1,287		3,925
Loss on write-off of receivable from subtenant			855	0
Rent expense	468
Excise and franchise tax expense			263
Corporate
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(3,080)	(2,429)	(7,967)	(6,857)
Interest expense	(249)	(305)	(739)	(936)
Depreciation and amortization	(17)	(3)	(34)	(7)
Non-cash compensation expense	(945)	(828)	(3,070)	(2,260)
(Loss) income before income taxes	(4,561)	(4,415)	(12,628)	(11,385)
EBITDA, as adjusted
Segment Reporting Information [Line Items]
EBITDA, as adjusted	10,925	11,656	33,677	36,243
Interest expense	(834)	(1,267)	(2,713)	(4,121)
Depreciation and amortization	(4,834)	(3,771)	(14,377)	(11,082)
Non-cash compensation expense	914	(2,640)	(2,191)	(4,913)
(Loss) income before income taxes	3,141	1,186	4,562	6,927
Ladenburg
Segment Reporting Information [Line Items]
EBITDA, as adjusted	98	3,734	4,765	14,123
Interest expense	0	(11)	(7)	(18)
Depreciation and amortization	(178)	(176)	(528)	(486)
Non-cash compensation expense	(151)	(153)	(486)	(458)
(Loss) income before income taxes	(144)	3,400	2,420	13,176
Insurance Brokerage
Segment Reporting Information [Line Items]
EBITDA, as adjusted	417	386	203	386
Interest expense	(172)	(118)	(511)	(118)
Depreciation and amortization	(1,769)	(952)	(5,141)	(952)
Non-cash compensation expense	(60)	(58)	(179)	(58)
(Loss) income before income taxes	$ (1,585)	$ (742)	$ (5,628)	$ (742)