Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 03, 2016
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		183,131,202

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 96,529	$ 118,677
Securities owned, at fair value	3,780	4,079
Receivables from clearing brokers	34,160	44,466
Receivables from other broker-dealers	2,376	2,150
Notes receivable from financial advisors, net	27,456	26,967
Other receivables, net	50,954	48,564
Fixed assets, net	21,862	21,753
Restricted assets	1,011	1,011
Intangible assets, net	132,786	137,931
Goodwill	125,552	125,572
Cash surrender value of life insurance	8,133	9,247
Deferred tax asset	4,741	0
Other assets	32,366	33,688
Total assets	541,706	574,105
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities sold, but not yet purchased, at fair value	311	238
Accrued compensation	12,690	29,115
Commissions and fees payable	57,683	59,995
Accounts payable and accrued liabilities	29,657	30,804
Deferred rent	1,574	1,551
Deferred income taxes	0	4,416
Deferred compensation liability	16,315	17,211
Accrued interest	916	823
Notes payable, net of $1,328 and $1,492 unamortized discount in 2016 and 2015, respectively and net of debt issuance costs of $159 and $253 in 2016 and 2015, respectively.	52,333	53,921
Total liabilities	$ 171,479	$ 198,074
Commitments and contingencies (Note 8)
SHAREHOLDERS' EQUITY:
Preferred stock, $.0001 par value; authorized 25,000,000 shares in 2016 and 2015: 8% Series A cumulative redeemable preferred stock; authorized 17,290,000 shares in 2016 and 2015; 14,693,021 and 14,683,021 shares issued and outstanding in 2016 and 2015, respectively (liquidation preference $367,326 in 2016 and $367,076 in 2015)	$ 1	$ 1
Common stock, $.0001 par value; authorized 800,000,000 shares in 2016 and 2015; shares issued and outstanding, 183,474,269 in 2016 and 182,338,038 in 2015	19	19
Additional paid-in capital	502,950	511,138
Accumulated deficit	(132,754)	(135,156)
Total shareholders’ equity of the Company	370,216	376,002
Noncontrolling interest	11	29
Total shareholders' equity	370,227	376,031
Total liabilities and shareholders' equity	$ 541,706	$ 574,105

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Notes payable, unamortized discount	$ 1,328	$ 1,492
Debt issuance costs	$ 159	$ 253
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	183,474,269	182,338,038
Common stock, shares outstanding	183,474,269	182,338,038
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	17,290,000
Preferred stock, shares issued	14,693,021	14,683,021
Preferred stock, shares outstanding	14,693,021	14,683,021
Preferred stock, liquidation preference	$ 367,326	$ 367,076

Condensed Consolidated Stateme4

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Commissions	$ 127,910	$ 139,419
Advisory fees	110,925	110,531
Investment banking	4,502	6,607
Principal transactions	133	424
Interest and dividends	1,729	547
Service fees and other income	20,597	21,295
Total revenues	265,796	278,823
Expenses:
Commissions and fees	199,741	210,962
Compensation and benefits	36,827	34,406
Non-cash compensation	1,355	3,260
Brokerage, communication and clearance fees	5,030	5,425
Rent and occupancy, net of sublease revenue	2,450	2,140
Professional services	3,426	3,109
Interest	1,207	1,440
Depreciation and amortization	6,875	6,590
Acquisition-related expenses	0	108
Loss on extinguishment of debt	0	252
Amortization of retention and forgivable loans	1,434	2,698
Other	13,779	13,756
Total expenses	272,124	284,146
Loss before item shown below	(6,328)	(5,323)
Change in fair value of contingent consideration	(57)	31
Loss before income taxes	(6,385)	(5,292)
Income tax benefit	(8,769)	(1,720)
Net income (loss)	2,384	(3,572)
Net loss attributable to noncontrolling interest	(18)	(20)
Net income (loss) attributable to the Company	2,402	(3,552)
Dividends declared on preferred stock	(7,345)	(6,332)
Net loss available to common shareholders	$ (4,943)	$ (9,884)
Net loss per common share available to common shareholders (basic) (in dollars per share)	$ (0.03)	$ (0.05)
Net loss per common share available to common shareholders (diluted) (in dollars per share)	$ (0.03)	$ (0.05)
Weighted average common shares used in computation of per share data:
Basic (in shares)	181,363,446	184,998,551
Diluted (in shares)	181,363,446	184,998,551

Condensed Consolidated Stateme5

Condensed Consolidated Statement Of Changes In Shareholder's Equity - 3 months ended Mar. 31, 2016 - 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, 2015				14,683,021	182,338,038
Ending Balance at Dec. 31, 2015	$ 376,031			$ 1	$ 19	$ 511,138			$ (135,156)	$ 29
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					67,863
Issuance of common stock under employee stock purchase plan	161					161
Exercise of stock options, (in shares)					1,304,539
Exercise of stock options	1,196					1,196
Stock-based compensation		$ 3	$ 1,352				$ 3	$ 1,352
Issuance of restricted stock, (in shares)					1,331,000
Issuance of restricted stock	0
Repurchase and retirement of common stock, including 43,779 shares surrendered for tax withholdings of $91 (in shares)					(1,567,171)
Repurchase and retirement of common stock, including 43,779 shares surrendered for tax withholdings of $91	(3,755)					(3,755)
Preferred stock issued, net of underwriting discount and expenses of $41 (in shares)				10,000
Preferred stock issued, net of underwriting discount and expenses of $41	200					200
Preferred stock dividends declared and paid	(7,345)					(7,345)
Net income (loss)	2,384								2,402	(18)
Ending Balance (in shares) at Mar. 31, 2016				14,693,021	183,474,269
Ending Balance at Mar. 31, 2016	$ 370,227			$ 1	$ 19	$ 502,950			$ (132,754)	$ 11

Condensed Consolidated Stateme6

Condensed Consolidated Statement Of Changes In Shareholder's Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Shares surrendered for tax withholdings | shares	43,779
Tax withholdings	$ 91
Preferred Stock
Underwriting discount and expenses	$ 41

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 2,384	$ (3,572)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Change in fair value of contingent consideration	57	(31)
Adjustment to deferred rent	23	(58)
Amortization of intangible assets	5,145	5,109
Loss on extinguishment of debt	0	252
Amortization of debt discount	164	176
Amortization of debt issue cost	94	94
Amortization of retention loans	1,434	2,698
Depreciation and other amortization	1,730	1,481
Deferred income taxes	(9,157)	(2,204)
Benefit attributable to reduction of goodwill	20	19
Non-cash interest expense on forgivable loan	102	251
Non-cash compensation expense	1,355	3,260
Write-off of receivable from subtenant	0	855
Loss on write-off of furniture, fixtures and leasehold improvements, net	0	8
(Increase) decrease in operating assets, net of effects of acquisition:
Securities owned, at fair value	299	1,082
Receivables from clearing brokers	10,306	(6,228)
Receivables from other broker-dealers	(226)	(343)
Other receivables, net	(2,390)	4,286
Notes receivable from financial advisors, net	(1,923)	(1,754)
Cash surrender value of life insurance	1,114	666
Other assets	1,322	(2,915)
Increase (decrease) in operating liabilities, net of effects of acquisition:
Securities sold, but not yet purchased, at fair value	73	91
Accrued compensation	(16,425)	(11,499)
Accrued interest	(9)	(350)
Commissions and fees payable	(2,312)	61
Deferred compensation liability	(896)	(423)
Accounts payable and accrued liabilities	(1,204)	(1,689)
Net cash used in operating activities	(8,920)	(10,677)
Cash flows from investing activities:
Acquisition of SSN, net of cash received	0	(16,919)
Purchases of fixed assets	(1,839)	(2,390)
Increase in restricted assets	0	(180)
Net cash used in investing activities	(1,839)	(19,489)
Cash flows from financing activities:
Issuance of Series A preferred stock	200	69,476
Issuance of common stock	1,357	814
Series A preferred stock dividends paid	(7,345)	(6,332)
Repurchases of common stock	(3,755)	(1,589)
Term loan repayments	(128)	(118)
Principal payments on notes payable	(1,718)	(12,399)
Net cash (used in) provided by financing activities	(11,389)	49,852
Net (decrease) increase in cash and cash equivalents	(22,148)	19,686
Cash and cash equivalents, beginning of period	118,677	103,087
Cash and cash equivalents, end of period	96,529	122,773
Supplemental cash flow information:
Interest paid	856	1,265
Taxes paid	206	1,118
Acquisition of SSN:
Net cash paid in acquisition	$ 0	16,919
Securities Service Network, Inc. (SSN)
Cash flows from investing activities:
Acquisition of SSN, net of cash received		(16,919)
Acquisition of SSN:
Assets acquired		61,759
Liabilities assumed		(14,472)
Net assets acquired		47,287
Promissory note		(18,697)
Due to selling shareholders - net worth adjustment		(3,590)
Cash paid in acquisition		25,000
Cash acquired in acquisition		(8,081)
Net cash paid in acquisition		$ 16,919

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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”), 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”). 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, 2015 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, 2015 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 June 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-12, Compensation-Stock Compensation (Topic 718), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 will become effective for the Company for annual periods and interim periods beginning after December 15, 2015 and early adoption is permitted. The adoption of ASU 2014-12 in the quarter ended March 31, 2016 did not have any impact on the Company's consolidated financial statements. In April 2015, the 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. The adoption of ASU 2015-03 in the quarter ended March 31, 2016 did not have a material impact on the Company's consolidated statement of financial condition. In September 2015, the FASB issued ASU 2015-16, Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments, which requires adjustments to provisional amounts initially recorded in a business combination that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires the disclosure of the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for the Company beginning January 1, 2016. The adoption of ASU 2015-16 in the quarter ended March 31, 2016 did not have any impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB amended the existing accounting standards for stock-based compensation, ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments impact several aspects of accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company is required to adopt the amendments in the first quarter of 2017, with early adoption permitted. If early adoption is elected, all amendments must be adopted in the same period. The manner of application varies by the various provisions of the guidance, with certain provisions applied on a retrospective or modified retrospective approach, while others are applied prospectively. The Company has not yet elected early adoption and is currently evaluating the impact that the adoption of these amendments and the transition alternatives will have on its consolidated financial statements.

Securities Owned and Securities

Securities Owned and Securities Sold, But Not Yet Purchased	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 which are carried at fair value were as follows: March 31, 2016 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 339 $ — Debt securities 1,586 (42 ) U.S. Treasury notes 102 (247 ) Common stock and warrants 373 (22 ) Restricted common stock and warrants 775 — Other investments 605 — Total $ 3,780 $ (311 ) December 31, 2015 Certificates of deposit $ 359 $ — Debt securities 1,125 (30 ) U.S. Treasury notes 101 (200 ) Common stock and warrants 927 (8 ) Restricted common stock and warrants 958 — Other investments 609 — Total $ 4,079 $ (238 ) As of March 31, 2016 and December 31, 2015, approximately $3,225 and $3,383 , 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 or income 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 March 31, 2016: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 339 $ — $ — $ 339 Debt securities — 1,586 — 1,586 U.S. Treasury notes — 102 — 102 Common stock and warrants 373 775 — 1,148 Other investments — 605 — 605 Total $ 712 $ 3,068 $ — $ 3,780 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (42 ) $ — $ (42 ) U.S. Treasury notes — (247 ) — (247 ) Common stock and warrants (22 ) — — (22 ) Total $ (22 ) $ (289 ) $ — $ (311 ) As of December 31, 2015: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 359 $ — $ — $ 359 Debt securities — 1,125 — 1,125 U.S. Treasury notes — 101 — 101 Common stock and warrants 927 958 — 1,885 Other investments — 609 — 609 Total $ 1,286 $ 2,793 $ — $ 4,079 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (30 ) $ — $ (30 ) U.S. Treasury notes — (200 ) — (200 ) Common stock and warrants (8 ) — — (8 ) Total $ (8 ) $ (230 ) $ — $ (238 ) 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 March 31, 2016 and December 31, 2015, the fair values of the warrants were $393 and $545 , 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	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets At March 31, 2016 and December 31, 2015, intangible assets subject to amortization consisted of the following: March 31, 2016 December 31, 2015 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 13,305 $ 25,563 $ 12,488 Relationships with financial advisors 15.2 110,671 34,136 110,671 32,028 Vendor relationships 7 3,613 3,613 3,613 3,613 Covenants not-to-compete 3.9 6,035 3,667 6,035 3,347 Customer accounts 8.3 2,029 1,827 2,029 1,765 Trade names 7.7 16,910 8,347 16,910 7,790 Renewal revenue 7.9 41,381 8,540 41,381 7,263 Relationships with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 105 124 101 Other 6 67 67 67 67 Total $ 209,840 $ 77,054 $ 209,840 $ 71,909 Aggregate amortization expense for the three months ended March 31, 2016 and 2015, respectively, amounted to $5,145 and $5,109 . The weighted-average amortization period for total amortizable intangibles at March 31, 2016 is 9.57 years. As of March 31, 2016, remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: 2016 $ 15,502 2017 20,208 2018 19,424 2019 15,875 2020 14,491 2021 - 2039 47,286 $ 132,786

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Asset Impairment [Abstract]
Goodwill	Goodwill Changes to the carrying amount of goodwill during the three months ended March 31, 2016 are as follows: Ladenburg Independent Brokerage and Advisory Services Insurance Brokerage Total Balance as of December 31, 2015 $ 301 $ 112,572 $ 12,699 $ 125,572 Benefit applied to reduce goodwill — (20 ) — (20 ) Balance as of March 31, 2016 $ 301 $ 112,552 $ 12,699 $ 125,552 During the three months ended March 31, 2016, the carrying amount of goodwill was reduced by $20 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.

Net Capital Requirements

Net Capital Requirements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, each had a $250 minimum net capital requirement. At March 31, 2016, Securities America had regulatory net capital of $8,992 , Triad had regulatory net capital of $10,352 , Investacorp had regulatory net capital of $5,077 , KMS had regulatory net capital of $6,599 and Ladenburg had regulatory net capital of $16,887 . SSN has elected to compute its net capital under the basic method allowed by the Net Capital Rule and at March 31, 2016, it had net capital of $5,791 , which was $4,871 in excess of its required net capital of $920 , and had a net capital ratio of 2.38 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 March 31, 2016, Premier Trust had stockholders’ equity of $1,506 , including at least $250 in cash.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s interim income tax benefit or provision consists of U.S. federal and state income taxes based on the estimated annual effective rate that the Company expects for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. For the three months ended March 31, 2016, the Company recorded an income tax benefit of $8,769 on a pre-tax loss of $6,385 . The effective tax rate differs from the federal statutory income tax rate of 35% for the 2016 period primarily due to non-deductible expenses, non-deductible stock based compensation and state and local income taxes. For the three months ended March 31, 2015, the Company recorded an income tax benefit of $1,720 on pre-tax loss of $5,292 . The effective tax rate differs from the federal statutory income tax rate for the 2015 period due to nondeductible expenses and state and local income taxes.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following: March 31, December 31, Notes payable to clearing firm under forgivable loans $ 6,429 $ 6,429 Notes payable to finance Securities America acquisition, net of $120 and $172 of unamortized discount in 2016 and 2015, respectively 17,856 17,804 Note payable under subsidiary's term loan with bank 463 564 Note payable under subsidiary's revolver with bank 922 950 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $313 and $343 of unamortized discount in 2016 and 2015, respectively 5,250 5,711 Notes payable to SSN's former shareholders, net of $895 and $977 of unamortized discount in 2016 and 2015, respectively 14,234 15,378 Other 600 600 Less: Unamortized debt issuance costs (159 ) (253 ) Total $ 52,333 $ 53,921 The Company estimates that the fair value of notes payable was $ 49,131 at March 31, 2016 and $50,416 at December 31, 2015 based on then current interest rates at which similar amounts of debt could then be borrowed (Level 2 inputs). As of March 31, 2016, 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 March 31, 2016, outstanding principal amounts loaned by Frost Nevada and Vector Group were $15,120 and $1,680 , respectively. At March 31, 2016, the Company had $40,000 available under its $40,000 revolving credit agreement with an affiliate of its principal shareholder. On March 9, 2016, the Company entered into an amendment to the revolving credit agreement to extend the maturity date thereunder for a period of five years to August 25, 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory Matters 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, and the underwriters of ARCP’s May 2014 $1,656,000 common stock offering (“May 2014 Offering”) and three prior note offerings. The complaints have been consolidated. Ladenburg was named as a defendant as one of 17 underwriters of the May 2014 Offering and as one of eight underwriters of ARCP’s July 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 December 2015, the plaintiffs filed an amended complaint. Motions to dismiss that complaint are currently pending. The Company believes the claims against Ladenburg are without merit and, if they are not dismissed, intends to vigorously defend against them. In November 2015, two purported class action complaints were filed in state court in Tennessee against officers and directors of Miller Energy Resources, Inc. (“Miller”), as well as Miller’s auditors and nine firms that underwrote six securities offerings in 2013 and 2014, and raised approximately $151,000 . Ladenburg was one of the underwriters of two of the offerings. The complaints allege, among other things, that the offering materials were misleading based on the purportedly overstated valuation of certain assets, 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 December 2015 the defendants removed the complaints to the U.S. District Court for the Eastern District of Tennessee; in January 2016, the plaintiffs filed motions to remand, which are currently pending. The Company believes the claims against Ladenburg are without merit and intends to vigorously defend against them. In January 2016, an amended complaint was filed in U.S. District Court for the Southern District of Texas against Plains All American Pipeline, L.P. and related entities as well as their officers and directors. The amended complaint added Ladenburg and other underwriters of securities offerings in 2013 and 2014 that in the aggregate raised approximately $2,900,000 as defendants to the purported class action. Ladenburg was one of the underwriters of the October 2013 initial public offering. The complaints allege, among other things, that the offering materials were misleading based on representations concerning the maintenance and integrity of the issuer’s pipelines, 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. Motions to dismiss are currently pending. The Company believes the claims against Ladenburg are without merit and intends to vigorously defend against them. During the period from March 2015 to February 2016, eight 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 45 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. Three arbitration claims, involving a total of 35 individuals, were settled in February and March 2016 and the amounts paid by Triad in connection with those settlements were not material. The remaining six arbitration claims seek an aggregate amount of $1,071 in compensatory damages and other relief. The Company believes the remaining claims are without merit and intends to vigorously defend against them. 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, and seeking compensatory damages totaling $3,714 and other relief. In April 2016, the parties entered into a settlement agreement resolving the claims; the amount paid by Triad in connection with the settlement was not material. 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 a putative class action by the shareholders 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 has complied with the requests. In March 2016, Securities America received a notice from one such state concerning sales of non-traded REIT securities to its residents. The Company does not believe that any action is warranted in connection with such state notice and believes that no material outcome would result if an action were commenced. In April 2016, two former customers of Ladenburg advised the firm that they intend to file an arbitration claim against Ladenburg concerning purported unauthorized trading, excessive trading and mishandling of their accounts by a former Ladenburg registered representative, and asserting compensatory damages of $1,900 . The Company believes the claims against Ladenburg are without merit and, if they are filed, intends to vigorously defend against them. In the ordinary course of business, in addition to the above disclosed matters, the Company's subsidiaries are defendants in other litigation, arbitration and regulatory 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 $598 at March 31, 2016 for certain pending matters, which are included in accounts payable and accrued liabilities. During the three months ended March 31, 2016, the Company charged $677 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. Operating Leases The Contractual Obligations table as disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2015 is updated as follows: In connection with an office lease amendment effective February 1, 2016, a subsidiary is obligated under a non-cancelable lease agreement for office space for a period of 14 years under which the annual rental payments are $1,791 for 2016 and 2017, $1,954 for 2018 and increasing by 2% per year thereafter. In connection with a new office lease dated March 28, 2016, a subsidiary has an option to lease office space, which has not yet been constructed, for 12 years and, if exercised, would require the payment of an estimated average annual rent of $1,811 , subject to certain adjustments. If the subsidiary does not exercise the option to lease the newly-built office space by May 31, 2017, it would be subject to certain financial penalties.

Off-Balance-Sheet Risk and Conc

Off-Balance-Sheet Risk and Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2016
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. The clearing operations for the Securities America, Triad, Investacorp, KMS, SSN and Ladenburg securities transactions are provided by three clearing brokers. At March 31, 2016, amount due from these clearing brokers was $34,160 , 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 March 31, 2016, 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 fair values of the related securities, and such entities will incur a loss if, at the time of purchase, the fair 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, 13,792,959 shares of common stock have been repurchased for $35,643 under the program and have been retired, including the repurchase of 1,523,392 shares for $3,664 during the three months ended March 31, 2016. As of March 31, 2016, 3,707,041 shares remain available for purchase under the program. Stock Compensation Plans Options granted during the three months ended March 31, 2016 were as follows: Grant Date Expiration Date Shares Exercise Price Grant Date Fair Value (1) January 14, 2016 (2) January 14, 2026 900,000 $ 2.65 $ 960 January 14, 2016 (2)(3) January 14, 2026 30,000 $ 2.65 $ 50 930,000 $ 1,010 (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. Options to purchase 52,428 shares of common stock were forfeited during the three months ended March 31, 2016. As of March 31, 2016, there was $12,166 of unrecognized compensation cost for stock-based compensation, of which $950 related to the 2016 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 2.44 years for all grants and approximately 3.75 years for the 2016 grants. Options were exercised to purchase 1,304,539 shares of the Company’s common stock during the three months ended March 31, 2016, for which the intrinsic value on dates of exercise was $1,717 . Restricted stock granted during the three months ended March 31, 2016 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 14, 2016 (2) January 14, 2020 1,050,000 $ 2,384 January 22, 2016 (2) January 22, 2020 281,000 $ 604 1,331,000 $ 2,988 (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. As of March 31, 2016, there was $5,922 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $2,699 related to the 2016 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 3.20 years for all grants and approximately 3.75 years for the 2016 grants. Stock-based compensation, including options and restricted stock, attributed to employees was $1,352 and attributed to consultants and independent financial advisors was $3 for the three months ended March 31, 2016, respectively. Capital Stock During the three months ended March 31, 2016, the Company sold 10,000 shares of Series A Preferred Stock, pursuant to the Company's “at the market” offering programs, which provided total gross proceeds to the Company of $241 , before deducting the commission paid to unaffiliated sales agents and offering expenses aggregating $41 . For the three months ended March 31, 2016, the Company paid dividends of $7,345 on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.

Per Share Data

Per Share Data	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Per Share Data	Per Share Data Basic net income (loss) 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 2016 2015 Basic weighted-average shares 181,363,446 184,998,551 Effect of dilutive securities: Options to purchase common stock — — Warrants to purchase common stock — — Dilutive potential common shares — — Weighted average common shares outstanding and dilutive potential common shares 181,363,446 184,998,551 For the three months ended March 31, 2016, options and warrants to purchase 55,858,875 shares of common stock and 2,260,792 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 months ended March 31, 2015, options to purchase 57,297,236 shares of common stock and 1,157,990 restricted shares of common stock were not included in the diluted computation as the effect would have been anti-dilutive.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Arbor Point Advisors, LLC (“APA”), a registered investment advisor, which began operations in 2013, provides investment advisory services through APA's licensed investment advisor representatives. Securities America holds an 80% interest in APA and an unaffiliated entity owns a 20% interest. Because Securities America is the controlling managing member of APA, the results of operations of APA are included in the Company's consolidated financial statements, and amounts attributable to the 20% unaffiliated investor are recorded as a noncontrolling interest.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 income (loss) and cash flows (used in) provided by operating activities. Segment information for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 243,744 $ 10,522 $ 11,324 $ 206 $ 265,796 Income (loss) before income taxes 3,253 (3,142 ) (2,734 ) (3,762 ) (1) (6,385 ) EBITDA, as adjusted (4) 11,008 (2,798 ) (656 ) (2,517 ) 5,037 Identifiable assets (2) 409,824 36,516 56,383 38,983 (3) 541,706 Depreciation and amortization 4,926 175 1,757 17 6,875 Interest 843 — 170 194 1,207 Capital expenditures 1,746 — 93 — 1,839 Non-cash compensation 251 136 61 907 1,355 Three Months Ended March 31, 2015 Revenues $ 254,869 $ 13,578 $ 10,273 $ 103 $ 278,823 Income (loss) before income taxes 716 174 (2,284 ) (3,898 ) (1) (5,292 ) EBITDA, as adjusted (4) 11,786 1,392 (378 ) (2,310 ) 10,490 Identifiable assets (2) 400,023 39,956 62,004 70,770 (3) 572,753 Depreciation and amortization 4,729 175 1,678 8 6,590 Interest 1,047 3 168 222 1,440 Capital expenditures 2,118 9 263 — 2,390 Non-cash compensation 1,908 184 59 1,109 3,260 (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 $34,441 and $67,595 as of March 31, 2016 and 2015, respectively. (4) The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three months ended March 31, 2016 and 2015. Three Months Ended EBITDA, as adjusted 2016 2015 Independent Brokerage and Advisory Services $ 11,008 $ 11,786 Ladenburg (2,798 ) 1,392 Insurance Brokerage (656 ) (378 ) Corporate (2,517 ) (2,310 ) Total Segments 5,037 10,490 Adjustments: Interest income 133 60 Change in fair value of contingent consideration (57 ) 31 Loss on extinguishment of debt — (252 ) Interest expense (1,207 ) (1,440 ) Depreciation and amortization (6,875 ) (6,590 ) Non-cash compensation expense (1,355 ) (3,260 ) Financial advisor recruiting expense (321 ) (520 ) Amortization of retention and forgivable loans (1,434 ) (2,698 ) Acquisition-related expenses — (108 ) Other (288 ) (985 ) (1) Net loss attributable to noncontrolling interest (18 ) (20 ) Loss before income taxes $ (6,385 ) $ (5,292 ) (1) Includes loss on write-off of receivable from subtenant of $855 for the three months ended March 31, 2015.

Description of Business and B21

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 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, 2015 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 June 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-12, Compensation-Stock Compensation (Topic 718), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 will become effective for the Company for annual periods and interim periods beginning after December 15, 2015 and early adoption is permitted. The adoption of ASU 2014-12 in the quarter ended March 31, 2016 did not have any impact on the Company's consolidated financial statements. In April 2015, the 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. The adoption of ASU 2015-03 in the quarter ended March 31, 2016 did not have a material impact on the Company's consolidated statement of financial condition. In September 2015, the FASB issued ASU 2015-16, Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments, which requires adjustments to provisional amounts initially recorded in a business combination that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires the disclosure of the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The guidance is effective for the Company beginning January 1, 2016. The adoption of ASU 2015-16 in the quarter ended March 31, 2016 did not have any impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB amended the existing accounting standards for stock-based compensation, ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments impact several aspects of accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company is required to adopt the amendments in the first quarter of 2017, with early adoption permitted. If early adoption is elected, all amendments must be adopted in the same period. The manner of application varies by the various provisions of the guidance, with certain provisions applied on a retrospective or modified retrospective approach, while others are applied prospectively. The Company has not yet elected early adoption and is currently evaluating the impact that the adoption of these amendments and the transition alternatives will have on its consolidated financial statements.

Securities Owned and Securiti22

Securities Owned and Securities Sold, But Not Yet Purchased (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Investments [Abstract]
Securities carried at fair value	Securities are classified as follows: As of March 31, 2016: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 339 $ — $ — $ 339 Debt securities — 1,586 — 1,586 U.S. Treasury notes — 102 — 102 Common stock and warrants 373 775 — 1,148 Other investments — 605 — 605 Total $ 712 $ 3,068 $ — $ 3,780 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (42 ) $ — $ (42 ) U.S. Treasury notes — (247 ) — (247 ) Common stock and warrants (22 ) — — (22 ) Total $ (22 ) $ (289 ) $ — $ (311 ) As of December 31, 2015: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 359 $ — $ — $ 359 Debt securities — 1,125 — 1,125 U.S. Treasury notes — 101 — 101 Common stock and warrants 927 958 — 1,885 Other investments — 609 — 609 Total $ 1,286 $ 2,793 $ — $ 4,079 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (30 ) $ — $ (30 ) U.S. Treasury notes — (200 ) — (200 ) Common stock and warrants (8 ) — — (8 ) Total $ (8 ) $ (230 ) $ — $ (238 ) The components of securities owned and securities sold, but not yet purchased at March 31, 2016 and December 31, 2015 which are carried at fair value were as follows: March 31, 2016 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 339 $ — Debt securities 1,586 (42 ) U.S. Treasury notes 102 (247 ) Common stock and warrants 373 (22 ) Restricted common stock and warrants 775 — Other investments 605 — Total $ 3,780 $ (311 ) December 31, 2015 Certificates of deposit $ 359 $ — Debt securities 1,125 (30 ) U.S. Treasury notes 101 (200 ) Common stock and warrants 927 (8 ) Restricted common stock and warrants 958 — Other investments 609 — Total $ 4,079 $ (238 )

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At March 31, 2016 and December 31, 2015, intangible assets subject to amortization consisted of the following: March 31, 2016 December 31, 2015 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 13,305 $ 25,563 $ 12,488 Relationships with financial advisors 15.2 110,671 34,136 110,671 32,028 Vendor relationships 7 3,613 3,613 3,613 3,613 Covenants not-to-compete 3.9 6,035 3,667 6,035 3,347 Customer accounts 8.3 2,029 1,827 2,029 1,765 Trade names 7.7 16,910 8,347 16,910 7,790 Renewal revenue 7.9 41,381 8,540 41,381 7,263 Relationships with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 105 124 101 Other 6 67 67 67 67 Total $ 209,840 $ 77,054 $ 209,840 $ 71,909
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2016, remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: 2016 $ 15,502 2017 20,208 2018 19,424 2019 15,875 2020 14,491 2021 - 2039 47,286 $ 132,786

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Asset Impairment [Abstract]
Schedule of Goodwill	Changes to the carrying amount of goodwill during the three months ended March 31, 2016 are as follows: Ladenburg Independent Brokerage and Advisory Services Insurance Brokerage Total Balance as of December 31, 2015 $ 301 $ 112,572 $ 12,699 $ 125,572 Benefit applied to reduce goodwill — (20 ) — (20 ) Balance as of March 31, 2016 $ 301 $ 112,552 $ 12,699 $ 125,552

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of notes payable	Notes payable consisted of the following: March 31, December 31, Notes payable to clearing firm under forgivable loans $ 6,429 $ 6,429 Notes payable to finance Securities America acquisition, net of $120 and $172 of unamortized discount in 2016 and 2015, respectively 17,856 17,804 Note payable under subsidiary's term loan with bank 463 564 Note payable under subsidiary's revolver with bank 922 950 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $313 and $343 of unamortized discount in 2016 and 2015, respectively 5,250 5,711 Notes payable to SSN's former shareholders, net of $895 and $977 of unamortized discount in 2016 and 2015, respectively 14,234 15,378 Other 600 600 Less: Unamortized debt issuance costs (159 ) (253 ) Total $ 52,333 $ 53,921

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Options granted	Options granted during the three months ended March 31, 2016 were as follows: Grant Date Expiration Date Shares Exercise Price Grant Date Fair Value (1) January 14, 2016 (2) January 14, 2026 900,000 $ 2.65 $ 960 January 14, 2016 (2)(3) January 14, 2026 30,000 $ 2.65 $ 50 930,000 $ 1,010 (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.
Restricted stock granted	Restricted stock granted during the three months ended March 31, 2016 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 14, 2016 (2) January 14, 2020 1,050,000 $ 2,384 January 22, 2016 (2) January 22, 2020 281,000 $ 604 1,331,000 $ 2,988 (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.

Per Share Data (Tables)

Per Share Data (Tables)	3 Months Ended
	Mar. 31, 2016
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 2016 2015 Basic weighted-average shares 181,363,446 184,998,551 Effect of dilutive securities: Options to purchase common stock — — Warrants to purchase common stock — — Dilutive potential common shares — — Weighted average common shares outstanding and dilutive potential common shares 181,363,446 184,998,551

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment information	Segment information for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 243,744 $ 10,522 $ 11,324 $ 206 $ 265,796 Income (loss) before income taxes 3,253 (3,142 ) (2,734 ) (3,762 ) (1) (6,385 ) EBITDA, as adjusted (4) 11,008 (2,798 ) (656 ) (2,517 ) 5,037 Identifiable assets (2) 409,824 36,516 56,383 38,983 (3) 541,706 Depreciation and amortization 4,926 175 1,757 17 6,875 Interest 843 — 170 194 1,207 Capital expenditures 1,746 — 93 — 1,839 Non-cash compensation 251 136 61 907 1,355 Three Months Ended March 31, 2015 Revenues $ 254,869 $ 13,578 $ 10,273 $ 103 $ 278,823 Income (loss) before income taxes 716 174 (2,284 ) (3,898 ) (1) (5,292 ) EBITDA, as adjusted (4) 11,786 1,392 (378 ) (2,310 ) 10,490 Identifiable assets (2) 400,023 39,956 62,004 70,770 (3) 572,753 Depreciation and amortization 4,729 175 1,678 8 6,590 Interest 1,047 3 168 222 1,440 Capital expenditures 2,118 9 263 — 2,390 Non-cash compensation 1,908 184 59 1,109 3,260 (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 $34,441 and $67,595 as of March 31, 2016 and 2015, respectively. (4) The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three months ended March 31, 2016 and 2015. Three Months Ended EBITDA, as adjusted 2016 2015 Independent Brokerage and Advisory Services $ 11,008 $ 11,786 Ladenburg (2,798 ) 1,392 Insurance Brokerage (656 ) (378 ) Corporate (2,517 ) (2,310 ) Total Segments 5,037 10,490 Adjustments: Interest income 133 60 Change in fair value of contingent consideration (57 ) 31 Loss on extinguishment of debt — (252 ) Interest expense (1,207 ) (1,440 ) Depreciation and amortization (6,875 ) (6,590 ) Non-cash compensation expense (1,355 ) (3,260 ) Financial advisor recruiting expense (321 ) (520 ) Amortization of retention and forgivable loans (1,434 ) (2,698 ) Acquisition-related expenses — (108 ) Other (288 ) (985 ) (1) Net loss attributable to noncontrolling interest (18 ) (20 ) Loss before income taxes $ (6,385 ) $ (5,292 ) (1) Includes loss on write-off of receivable from subtenant of $855 for the three months ended March 31, 2015.

Securities Owned and Securiti29

Securities Owned and Securities Sold, But Not Yet Purchased - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned deposited with the Company's subsidiaries clearing broker	$ 3,225	$ 3,383
Securities owned, at fair value	3,780	4,079
Common stock and warrants
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	373	927
Level 2
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value		2,793
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	$ 393	$ 545

Securities Owned and Securiti30

Securities Owned and Securities Sold, But Not Yet Purchased - at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	$ 3,780	$ 4,079
Securities Sold, But Not Yet Purchased	(311)	(238)
Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	339	359
Securities Sold, But Not Yet Purchased	0	0
Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	1,586	1,125
Securities Sold, But Not Yet Purchased	(42)	(30)
U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	102	101
Securities Sold, But Not Yet Purchased	(247)	(200)
Common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	373	927
Securities Sold, But Not Yet Purchased	(22)	(8)
Restricted common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	775	958
Securities Sold, But Not Yet Purchased	0	0
Other investments
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	605	609
Securities Sold, But Not Yet Purchased	$ 0	$ 0

Securities Owned and Securiti31

Securities Owned and Securities Sold, But Not Yet Purchased - Classifications (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 3,780	$ 4,079
Securities sold, but not yet purchased, at fair value	(311)	(238)
Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		1,286
Securities sold, but not yet purchased, at fair value	(22)	(8)
Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		2,793
Securities sold, but not yet purchased, at fair value	(289)	(230)
Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		0
Securities sold, but not yet purchased, 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	339	359
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		359
Certificates of deposit | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		0
Certificates of deposit | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		0
Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,586	1,125
Securities sold, but not yet purchased, at fair value	(42)	(30)
Debt securities | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		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		1,125
Securities sold, but not yet purchased, at fair value	(42)	(30)
Debt securities | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		0
Securities sold, but not yet purchased, 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	102	101
Securities sold, but not yet purchased, at fair value	(247)	(200)
U.S. Treasury notes | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		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		101
Securities sold, but not yet purchased, at fair value	(247)	(200)
U.S. Treasury notes | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		0
Securities sold, but not yet purchased, 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		1,885
Securities sold, but not yet purchased, at fair value	(22)	(8)
Common stock and warrants | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		927
Securities sold, but not yet purchased, at fair value	(22)	(8)
Common stock and warrants | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		958
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
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	605	609
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
Other investments | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		609
Other investments | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value		$ 0
Fair value
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	3,780
Fair value | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	712
Fair value | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	3,068
Fair value | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	339
Fair value | Certificates of deposit | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	339
Fair value | Certificates of deposit | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Certificates of deposit | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,586
Fair value | Debt securities | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Debt securities | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,586
Fair value | Debt securities | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	102
Fair value | U.S. Treasury notes | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | U.S. Treasury notes | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	102
Fair value | U.S. Treasury notes | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,148
Fair value | Common stock and warrants | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	373
Fair value | Common stock and warrants | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	775
Fair value | Common stock and warrants | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Other investments
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	605
Fair value | Other investments | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0
Fair value | Other investments | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	605
Fair value | Other investments | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 0

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5,145	$ 5,109
Weighted-Average Estimated Useful Life (years)	9 years 6 months 26 days

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	9 years 6 months 26 days
Gross Carrying Amount	$ 209,840	$ 209,840
Accumulated Amortization	$ 77,054	71,909
Technology
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years 10 months 24 days
Gross Carrying Amount	$ 25,563	25,563
Accumulated Amortization	$ 13,305	12,488
Relationships with financial advisors
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	15 years 2 months 12 days
Gross Carrying Amount	$ 110,671	110,671
Accumulated Amortization	$ 34,136	32,028
Vendor relationships
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years
Gross Carrying Amount	$ 3,613	3,613
Accumulated Amortization	$ 3,613	3,613
Covenants not-to-compete
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	3 years 10 months 24 days
Gross Carrying Amount	$ 6,035	6,035
Accumulated Amortization	$ 3,667	3,347
Customer accounts
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	8 years 3 months 18 days
Gross Carrying Amount	$ 2,029	2,029
Accumulated Amortization	$ 1,827	1,765
Trade name
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years 8 months 12 days
Gross Carrying Amount	$ 16,910	16,910
Accumulated Amortization	$ 8,347	7,790
Renewal revenue
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years 10 months 24 days
Gross Carrying Amount	$ 41,381	41,381
Accumulated Amortization	$ 8,540	7,263
Relationships with investment banking clients
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	4 years
Gross Carrying Amount	$ 2,586	2,586
Accumulated Amortization	$ 2,586	2,586
Leases
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years
Gross Carrying Amount	$ 861	861
Accumulated Amortization	$ 861	861
Referral agreement
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years 7 months 6 days
Gross Carrying Amount	$ 124	124
Accumulated Amortization	$ 105	101
Other
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years
Gross Carrying Amount	$ 67	67
Accumulated Amortization	$ 67	$ 67

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 15,502
2,017	20,208
2,018	19,424
2,019	15,875
2,020	14,491
2021 - 2039	47,286
Estimated amortization expense	$ 132,786

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2015	$ 125,572
Benefit applied to reduce goodwill	(20)
Balance as of March 31, 2016	125,552
Goodwill, impairment loss	20
Ladenburg
Goodwill [Roll Forward]
Balance as of December 31, 2015	301
Benefit applied to reduce goodwill	0
Balance as of March 31, 2016	301
Independent Brokerage and Advisory Services
Goodwill [Roll Forward]
Balance as of December 31, 2015	112,572
Benefit applied to reduce goodwill	(20)
Balance as of March 31, 2016	112,552
Insurance Brokerage
Goodwill [Roll Forward]
Balance as of December 31, 2015	12,699
Benefit applied to reduce goodwill	0
Balance as of March 31, 2016	$ 12,699

Net Capital Requirements (Detai

Net Capital Requirements (Details)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Net Capital Requirements [Line Items]
Stockholder's equity	$ 370,227,000	$ 376,031,000
Securities America
Net Capital Requirements [Line Items]
Regulatory net capital	8,992,000
Securities America | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Triad
Net Capital Requirements [Line Items]
Regulatory net capital	10,352,000
Triad | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	250,000
Investacorp Inc
Net Capital Requirements [Line Items]
Regulatory net capital	5,077,000
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	6,599,000
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	16,887,000
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	5,791,000
Alternative excess amount over net capital requirement	$ 4,871,000
Indebtedness to net capital	2.38
Securities Service Network, Inc. (SSN) | Minimum
Net Capital Requirements [Line Items]
Alternative minimum net capital requirement	$ 920,000
Premier | Regulatory requirements
Net Capital Requirements [Line Items]
Stockholder's equity	1,506,000
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 (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax benefit	$ 8,769	$ 1,720
Pre-tax loss	$ 6,385	$ 5,292
Federal statutory income tax rate, percent	35.00%

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (159)	$ (253)
Total	52,333	53,921
Unamortized discount	1,328	1,492
Notes payable to finance Securities America acquisition
Debt Instrument [Line Items]
Unamortized discount	120	172
Notes payable to KMS' former shareholders
Debt Instrument [Line Items]
Unamortized discount	313	343
Notes payable to SSN's former shareholders
Debt Instrument [Line Items]
Unamortized discount	895	977
Notes Payable | Notes payable to clearing firm under forgivable loans
Debt Instrument [Line Items]
Long-term debt	6,429	6,429
Notes Payable | Notes payable to finance Securities America acquisition
Debt Instrument [Line Items]
Long-term debt	17,856	17,804
Notes Payable | Note payable under subsidiary's term loan with bank
Debt Instrument [Line Items]
Long-term debt	463	564
Notes Payable | Note payable under subsidiary's revolver with bank
Debt Instrument [Line Items]
Long-term debt	922	950
Notes Payable | Notes payable by subsidiary to certain former shareholders of Highland
Debt Instrument [Line Items]
Long-term debt	6,738	6,738
Notes Payable | Notes payable to KMS' former shareholders
Debt Instrument [Line Items]
Long-term debt	5,250	5,711
Notes Payable | Notes payable to SSN's former shareholders
Debt Instrument [Line Items]
Long-term debt	14,234	15,378
Notes Payable | Other
Debt Instrument [Line Items]
Long-term debt	$ 600	$ 600

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Fair value of notes payable	$ 49,131,000	$ 50,416,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused borrowing capacity, amount	40,000,000
Face amount of debt	$ 40,000,000
Extension period	5 years
Revolving Credit Facility | Frost Nevada
Line of Credit Facility [Line Items]
Amount outstanding	$ 15,120,000
Revolving Credit Facility | Vector Group
Line of Credit Facility [Line Items]
Amount outstanding	$ 1,680,000

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Thousands	Apr. 04, 2016USD ($)	Apr. 30, 2016USD ($)plaintiffs	Nov. 30, 2015claim	Sep. 30, 2015USD ($)	Jan. 31, 2015USD ($)employeeclaim	Mar. 31, 2016USD ($)	Feb. 29, 2016USD ($)employeeclaim	Dec. 31, 2014USD ($)security_offeringfirmunderwriter
Loss Contingencies [Line Items]
Number of firms that underwrote security offerings | firm								9
Number of security offerings | security_offering								6
Loss contingency accrual, product liability						$ 598
Charges to operations						$ 677
Subsequent Event
Loss Contingencies [Line Items]
Term of contract	14 years
2,016	$ 1,791
2,017	1,791
2,018	$ 1,954
Increase per year thereafter, percent	2.00%
Ladenburg
Loss Contingencies [Line Items]
Number of security offerings | security_offering								2
Number of Underwriters | underwriter								1
Ladenburg | Subsequent Event
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiffs		2
Damages sought by plaintiff		$ 1,900
Subsidiaries | Subsequent Event
Loss Contingencies [Line Items]
Term of contract	12 years
Annual rental payments	$ 1,811
Compensatory damages
Loss Contingencies [Line Items]
New claims filed, number | claim			2		2
Number of plaintiffs | employee					17
Damages sought by plaintiff								$ 151,000
Compensatory damages | Ladenburg
Loss Contingencies [Line Items]
Number of plaintiffs | employee					1
Damages sought by plaintiff								$ 2,900,000
Compensatory damages | Triad
Loss Contingencies [Line Items]
New claims filed, number | claim							8
Number of plaintiffs | employee							45
Damages sought by plaintiff							$ 1,071
New lawsuits filed, number | claim							1
Compensatory damages | Triad | Unspecified Litigation
Loss Contingencies [Line Items]
New claims filed, number | claim							3
Compensatory damages | Triad | Settled Litigation
Loss Contingencies [Line Items]
New claims filed, number | claim							6
Number of plaintiffs | employee							35
Compensatory damages | Triad | Pending Litigation
Loss Contingencies [Line Items]
Damages sought by plaintiff				$ 3,714
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

Off-Balance-Sheet Risk and Co41

Off-Balance-Sheet Risk and Concentration of Credit Risk (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Off-Balance-Sheet Risk and Concentration of Credit Risk [Abstract]
Receivables from clearing broker	$ 34,160	$ 44,466

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		106 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	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	1,523,392		13,792,959
Shares repurchased, value	$ 3,664		$ 35,643
Shares available for purchase (in shares)	3,707,041		3,707,041
Non-cash compensation expense	$ 1,355	$ 3,260
Options
Capital Unit [Line Items]
Options forfeited (in shares)	52,428
Unrecognized compensation cost for stock based compensation	$ 12,166		$ 12,166
Unrecognized compensation cost for stock based compensation, period of recognition	2 years 5 months 9 days
Purchase of shares	1,304,539
Intrinsic value of options exercised	$ 1,717
Options | Awards Granted in 2016 [Member]
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 950		950
Unrecognized compensation cost for stock based compensation, period of recognition	3 years 9 months
Restricted shares
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 5,922		5,922
Unrecognized compensation cost for stock based compensation, period of recognition	3 years 2 months 12 days
Restricted shares | Employees
Capital Unit [Line Items]
Non-cash compensation expense	$ 1,352
Restricted shares | Consultants and Independent Financial Advisors
Capital Unit [Line Items]
Non-cash compensation expense	3
Restricted shares | Awards Granted in 2016 [Member]
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 2,699		$ 2,699
Unrecognized compensation cost for stock based compensation, period of recognition	3 years 9 months

Shareholders' Equity - Options

Shareholders' Equity - Options Granted (Details) - Options $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares | shares	930,000
Grant Date Fair Value | $	$ 1,010
Vesting Period	4 years
January 14, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 14, 2016
Expiration Date	Jan. 14, 2026
Shares | shares	900,000
Exercise Price (in dollars per share) | $ / shares	$ 2.65
Grant Date Fair Value | $	$ 960
January 14, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 14, 2016
Expiration Date	Jan. 14, 2026
Shares | shares	30,000
Exercise Price (in dollars per share) | $ / shares	$ 2.65
Grant Date Fair Value | $	$ 50

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - Restricted shares $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares | shares	1,331,000
Fair Value | $	$ 2,988
Vesting Period	4 years
January 14, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 14, 2016
Final Vesting Date	Jan. 14, 2020
Shares | shares	1,050,000
Fair Value | $	$ 2,384
January 22, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jan. 22, 2016
Final Vesting Date	Jan. 22, 2020
Shares | shares	281,000
Fair Value | $	$ 604

Shareholders' Equity - Capital

Shareholders' Equity - Capital Stock (Details) - Series A Preferred Stock $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Class of Stock [Line Items]
At the market shares sold | shares	10,000
Proceeds from Issuance of public offering	$ 241
Offering expenses	41
Dividends paid	$ (7,345)
Dividends paid per share on monthly basis | $ / shares	$ 0.1667

Per Share Data - Computations o

Per Share Data - Computations of Basic and Diluted Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Basic weighted-average shares	181,363,446	184,998,551
Effect of dilutive securities:
Options to purchase common stock	0	0
Warrants to purchase common stock	0	0
Dilutive potential common shares	0	0
Weighted average common shares outstanding and dilutive potential common shares	181,363,446	184,998,551

Per Share Data - (Narrative) (D

Per Share Data - (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Options and warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	55,858,875
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,260,792	1,157,990
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		57,297,236

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Arbor Point Advisors, LLC	Mar. 31, 2016
Noncontrolling Interest [Line Items]
Ownership percentage by parent	80.00%
Ownership percentage by noncontrolling owners	20.00%

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Segment I

Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 265,796	$ 278,823
Income (loss) before income taxes	(6,385)	(5,292)
EBITDA, as adjusted	5,037	10,490
Identifiable assets	541,706	572,753	$ 574,105
Depreciation and amortization	6,875	6,590
Interest	1,207	1,440
Capital expenditures	1,839	2,390
Non-cash compensation	1,355	3,260
Cash and cash equivalents	96,529	122,773	118,677	$ 103,087
Corporate
Segment Reporting Information [Line Items]
Revenues	206	103
Income (loss) before income taxes	(3,762)	(3,898)
EBITDA, as adjusted	(2,517)	(2,310)
Identifiable assets	38,983	70,770
Depreciation and amortization	17	8
Interest	194	222
Capital expenditures	0	0
Non-cash compensation	907	1,109
Cash and cash equivalents	34,441		$ 67,595
Independent Brokerage and Advisory Services
Segment Reporting Information [Line Items]
Revenues	243,744	254,869
Income (loss) before income taxes	3,253	716
EBITDA, as adjusted	11,008	11,786
Identifiable assets	409,824	400,023
Depreciation and amortization	4,926	4,729
Interest	843	1,047
Capital expenditures	1,746	2,118
Non-cash compensation	251	1,908
Ladenburg
Segment Reporting Information [Line Items]
Revenues	10,522	13,578
Income (loss) before income taxes	(3,142)	174
EBITDA, as adjusted	(2,798)	1,392
Identifiable assets	36,516	39,956
Depreciation and amortization	175	175
Interest	0	3
Capital expenditures	0	9
Non-cash compensation	136	184
Insurance Brokerage
Segment Reporting Information [Line Items]
Revenues	11,324	10,273
Income (loss) before income taxes	(2,734)	(2,284)
EBITDA, as adjusted	(656)	(378)
Identifiable assets	56,383	62,004
Depreciation and amortization	1,757	1,678
Interest	170	168
Capital expenditures	93	263
Non-cash compensation	$ 61	$ 59

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
EBITDA, as adjusted	$ 5,037	$ 10,490
Interest income	133	60
Change in fair value of contingent consideration	(57)	31
Loss on extinguishment of debt	0	(252)
Interest expense	(1,207)	(1,440)
Depreciation and amortization	(6,875)	(6,590)
Non-cash compensation expense	(1,355)	(3,260)
Financial advisor recruiting expense	(321)	(520)
Amortization of retention and forgivable loans	(1,434)	(2,698)
Acquisition-related expenses	0	(108)
Other	(288)	(985)
Net loss attributable to noncontrolling interest	(18)	(20)
Loss before income taxes	(6,385)	(5,292)
Write-off of receivable from subtenant	0	855
Corporate
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(2,517)	(2,310)
Interest expense	(194)	(222)
Depreciation and amortization	(17)	(8)
Non-cash compensation expense	(907)	(1,109)
Loss before income taxes	(3,762)	(3,898)
Independent Brokerage and Advisory Services
Segment Reporting Information [Line Items]
EBITDA, as adjusted	11,008	11,786
Interest expense	(843)	(1,047)
Depreciation and amortization	(4,926)	(4,729)
Non-cash compensation expense	(251)	(1,908)
Loss before income taxes	3,253	716
Ladenburg
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(2,798)	1,392
Interest expense	0	(3)
Depreciation and amortization	(175)	(175)
Non-cash compensation expense	(136)	(184)
Loss before income taxes	(3,142)	174
Insurance Brokerage
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(656)	(378)
Interest expense	(170)	(168)
Depreciation and amortization	(1,757)	(1,678)
Non-cash compensation expense	(61)	(59)
Loss before income taxes	$ (2,734)	$ (2,284)