Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document And Entity Information [Abstract]
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
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	LTS
Amendment Flag	false
Entity Common Stock, Shares Outstanding		193,892,686

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 105,989	$ 118,677
Securities owned, at fair value	3,646	4,079
Receivables from clearing brokers	35,018	44,466
Receivables from other broker-dealers	1,561	2,150
Notes receivable from financial advisors, net	29,180	26,967
Other receivables, net	51,689	48,564
Fixed assets, net	21,121	21,753
Restricted assets	1,011	1,011
Intangible assets, net	125,500	137,931
Goodwill	125,911	125,572
Cash surrender value of life insurance	9,616	9,247
Other assets	33,514	33,688
Total assets	543,756	574,105
LIABILITIES:
Securities sold, but not yet purchased, at fair value	676	238
Accrued compensation	19,055	29,115
Commissions and fees payable	57,136	59,995
Accounts payable and accrued liabilities	37,189	30,804
Deferred rent	1,480	1,551
Deferred income taxes	10,145	4,416
Deferred compensation liability	17,308	17,211
Accrued interest	1,107	823
Notes payable, net of $1,001 and $1,492 unamortized discount in 2016 and 2015, respectively and net of debt issuance costs of $1 and $253 in 2016 and 2015, respectively.	48,364	53,921
Total liabilities	192,460	198,074
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Preferred stock, $.0001 par value; authorized 50,000,000 shares in 2016 and 25,000,000 shares in 2015: 8% Series A cumulative redeemable preferred stock; authorized 17,290,000 shares in 2016 and 2015; 15,844,916 and 14,683,021 shares issued and outstanding in 2016 and 2015, respectively (liquidation preference $396,123 in 2016 and $367,076 in 2015)	1	1
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2016 and 800,000,000 shares in 2015; shares issued and outstanding, 183,639,584 in 2016 and 182,338,038 in 2015	19	19
Additional paid-in capital	509,335	511,138
Accumulated deficit	(158,055)	(135,156)
Total shareholders’ equity of the Company	351,300	376,002
Noncontrolling interest	(4)	29
Total shareholders' equity	351,296	376,031
Total liabilities and shareholders' equity	$ 543,756	$ 574,105

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Notes payable, unamortized discount	$ 1,001	$ 1,492
Debt issuance costs	$ 1	$ 253
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	25,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	800,000,000
Common stock, shares issued (in shares)	183,639,584	182,338,038
Common stock, shares outstanding (in shares)	183,639,584	182,338,038
Series A Preferred Stock
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	17,290,000	17,290,000
Preferred stock, dividend rate	8.00%	8.00%
Preferred stock, shares issued (in shares)	15,844,916	14,683,021
Preferred stock, shares outstanding (in shares)	15,844,916	14,683,021
Preferred stock, liquidation preference	$ 396,123	$ 367,076

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Commissions	$ 128,010	$ 136,919	$ 381,933	$ 419,664
Advisory fees	118,873	118,050	341,749	347,984
Investment banking	4,424	7,318	15,445	25,132
Principal transactions	173	(250)	686	757
Interest and dividends	2,799	1,076	7,198	2,423
Service fees and other income	20,044	19,101	62,883	61,825
Total revenues	274,323	282,214	809,894	857,785
Expenses:
Commissions and fees	207,342	214,659	605,881	647,034
Compensation and benefits	35,984	35,911	108,871	107,710
Non-cash compensation	1,300	242	3,996	5,926
Brokerage, communication and clearance fees	4,331	5,170	12,304	15,706
Rent and occupancy, net of sublease revenue	2,334	2,412	7,021	7,374
Professional services	3,540	3,628	10,543	10,472
Interest	1,133	1,255	3,512	3,970
Depreciation and amortization	7,014	6,798	21,130	20,080
Acquisition-related expenses	936	139	1,003	257
Loss on extinguishment of debt	0	0	0	252
Amortization of retention and forgivable loans	1,403	2,223	4,381	7,831
Other	15,845	12,926	45,946	42,478
Total expenses	281,162	285,363	824,588	869,090
Loss before item shown below	(6,839)	(3,149)	(14,694)	(11,305)
Change in fair value of contingent consideration	(72)	0	(178)	31
Loss before income taxes	(6,911)	(3,149)	(14,872)	(11,274)
Income tax expense (benefit)	604	(212)	8,060	(2,288)
Net loss	(7,515)	(2,937)	(22,932)	(8,986)
Net loss attributable to noncontrolling interest	(1)	(11)	(33)	(39)
Net loss attributable to the Company	(7,514)	(2,926)	(22,899)	(8,947)
Dividends declared on preferred stock	(7,780)	(7,289)	(22,514)	(20,773)
Net loss available to common shareholders	$ (15,294)	$ (10,215)	$ (45,413)	$ (29,720)
Net loss per common share available to common shareholders (basic) (in USD per share)	$ (0.08)	$ (0.06)	$ (0.25)	$ (0.16)
Net loss per common share available to common shareholders (diluted) (in USD per share)	$ (0.08)	$ (0.06)	$ (0.25)	$ (0.16)
Weighted average common shares used in computation of per share data:
Basic (in shares)	181,032,730	183,519,768	181,023,737	184,415,040
Diluted (in shares)	181,032,730	183,519,768	181,023,737	184,415,040

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 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
Beginning 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)					171,959
Issuance of common stock under employee stock purchase plan	392					392
Exercise of stock options, (in shares)					3,703,770
Exercise of stock options (net of 1,116,783 shares tendered in payment of exercise price)	2,256					2,256
Exercise of warrants (in shares)					1,689,545
Exercise of warrants (net of 846,789 shares tendered in payment of exercise price)	0					0
Stock-based compensation		$ 32	$ 3,964				$ 32	$ 3,964
Issuance of restricted stock, (in shares)					1,331,000
Issuance of restricted stock	$ 0
Repurchase and retirement of common stock (in shares)	(4,693,037)				(5,594,728)
Repurchase and retirement of common stock, including 901,691 shares surrendered for tax withholdings of $2,039	$ (13,554)					(13,554)
Preferred stock issued, net of underwriting discount and expenses (in shares)				1,161,895
Preferred stock issued, net of underwriting discount and expenses of $682	27,621					27,621
Preferred stock dividends declared and paid	(22,514)					(22,514)
Net loss	(22,932)								(22,899)	(33)
Ending Balance (in shares) at Sep. 30, 2016				15,844,916	183,639,584
Ending Balance at Sep. 30, 2016	$ 351,296			$ 1	$ 19	$ 509,335			$ (158,055)	$ (4)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)shares
Shares surrendered for tax withholdings (in shares)	901,691
Tax withholdings | $	$ 2,039
Options
Shares tendered in payment of exercise price and taxes (in shares)	1,116,783
Warrant
Shares tendered in payment of exercise price and taxes (in shares)	846,789
Preferred Stock
Underwriting discount and expenses | $	$ 682

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (22,932)	$ (8,986)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in fair value of contingent consideration	178	(31)
Adjustment to deferred rent	(71)	59
Amortization of intangible assets	15,501	15,445
Loss on extinguishment of debt	0	252
Amortization of debt discount	491	503
Amortization of debt issue cost	252	282
Amortization of retention loans	4,381	7,831
Depreciation and other amortization	5,629	4,635
Deferred income taxes	5,729	(3,259)
Benefit attributable to reduction of goodwill	59	57
Non-cash interest expense on forgivable loan	308	464
Non-cash compensation	3,996	5,926
Write-off of receivable from subtenant	0	855
Loss on write-off of furniture, fixtures and leasehold improvements, net	1	9
(Increase) decrease in operating assets, net of effects of acquisition:
Securities owned, at fair value	433	1,943
Receivables from clearing brokers	9,448	(11,883)
Receivables from other broker-dealers	589	827
Other receivables, net	(3,125)	1,026
Notes receivable from financial advisors, net	(6,594)	(7,058)
Cash surrender value of life insurance	(369)	1,598
Other assets	174	1,760
Increase (decrease) in operating liabilities, net of effects of acquisition:
Securities sold, but not yet purchased, at fair value	438	189
Accrued compensation	(10,060)	(570)
Accrued interest	(24)	(263)
Commissions and fees payable	(2,859)	1,267
Deferred compensation liability	97	(1,075)
Accounts payable and accrued liabilities	3,931	(9,224)
Net cash provided by operating activities	5,601	2,579
Cash flows from investing activities:
Purchases of fixed assets	(4,998)	(6,674)
Increase in restricted assets	0	(291)
Net cash used in investing activities	(6,190)	(26,487)
Cash flows from financing activities:
Issuance of Series A preferred stock	27,621	82,727
Issuance of common stock	2,648	1,499
Series A preferred stock dividends paid	(22,514)	(20,773)
Repurchase and retirement of common stock	(13,554)	(11,837)
Bank loan and revolver repayments	(524)	(357)
Principal payments on notes payable	(5,776)	(15,930)
Third party investment in subsidiary	0	40
Net cash (used in) provided by financing activities	(12,099)	35,369
Net (decrease) increase in cash and cash equivalents	(12,688)	11,461
Cash and cash equivalents, beginning of period	118,677	103,087
Cash and cash equivalents, end of period	105,989	114,548
Supplemental cash flow information:
Interest paid	2,485	2,977
Taxes paid	634	1,723
Wall Street Financial Group
Cash flows from investing activities:
Acquisition of net of cash acquired	(1,192)	0
Acquisitions
Assets acquired	3,468	0
Liabilities assumed	(2,276)	0
Net cash paid in acquisition	(1,192)	0
Securities Service Network, Inc. (SSN)
Cash flows from investing activities:
Acquisition of net of cash acquired	0	(16,919)
Acquisitions
Assets acquired	0	61,759
Liabilities assumed	0	(14,472)
Net assets acquired	0	47,287
Promissory note	0	(18,697)
Due to selling shareholders	0	(3,590)
Cash paid in acquisition	0	25,000
Cash acquired in acquisition	0	(8,081)
Net cash paid in acquisition	0	(16,919)
Dalton
Cash flows from investing activities:
Acquisition of net of cash acquired	0	(2,100)
Acquisitions
Assets acquired	0	2,689
Liabilities assumed	0	(589)
Net cash paid in acquisition	0	(2,100)
Select Brokerage Services, Inc
Cash flows from investing activities:
Acquisition of net of cash acquired	0	(503)
Acquisitions
Assets acquired	0	3,021
Liabilities assumed	0	(2,518)
Net cash paid in acquisition	$ 0	$ (503)

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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. 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. 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 Accounting Standards Update ("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 became effective for the Company for annual periods and interim periods beginning after December 15, 2015. 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 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 assessing the impact that the adoption of these amendments and the transition alternatives will have on its consolidated financial statements.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisition	Acquisition In September 2016, Securities America Financial Corporation, the parent company of Securities America, purchased certain assets of the broker-dealer business of Wall Street Financial Group, Inc. ("Wall Street") that was deemed to be a business acquisition. Relationships with certain registered representatives and investment advisor representatives including their client accounts were acquired. The consideration for the transaction was $3,468 , consisting of cash of $1,192 and contingent consideration having a fair value of $2,276 , for which a liability was recognized based on the estimated acquisition-date fair value of the potential earn-out. LADENBURG THALMANN FINANCIAL SERVICES INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited; Dollars in thousands, except share and per share amounts) The liability was valued using a Monte Carlo simulation based option pricing model. The fair value measurement of the earn-out, which relates to the three -year period following closing, is based on unobservable inputs (Level 3) and reflects the Company’s own assumptions. The purchase price was allocated as follows: $3,070 to identifiable intangibles and $398 to goodwill. Results of operations relating to the acquired assets of Wall Street are included in the accompanying consolidated statements of operations from the date of acquisition and were not material. In addition, based on materiality, pro forma results are not presented.

Securities Owned and Securities

Securities Owned and Securities Sold, But Not Yet Purchased	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015, which are carried at fair value were as follows: September 30, 2016 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 457 $ — Debt securities 1,624 (15 ) U.S. Treasury notes 101 (149 ) Common stock and warrants 255 (512 ) Restricted common stock and warrants 572 — Other investments 637 — Total $ 3,646 $ (676 ) 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 September 30, 2016 and December 31, 2015, approximately $3,236 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 September 30, 2016: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 457 $ — $ — $ 457 Debt securities — 1,624 — 1,624 U.S. Treasury notes — 101 — 101 Common stock and warrants 255 572 — 827 Other investments — 637 — 637 Total $ 712 $ 2,934 $ — $ 3,646 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (15 ) $ — $ (15 ) US Treasury Notes — (149 ) — (149 ) Common stock and warrants (512 ) — — (512 ) Total $ (512 ) $ (164 ) $ — $ (676 ) 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 September 30, 2016 and December 31, 2015, the fair values of the warrants were $272 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 of the Securities Act of 1933, as amended, including the requisite holding period. Restricted common stock is classified as Level 2 securities. Other investments consist principally of equity interests in real estate investment trusts, which are valued based on broker-dealer quotations and pricing available from buyers in the secondary market, and are classified as Level 2 securities.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets At September 30, 2016 and December 31, 2015, intangible assets subject to amortization consisted of the following: September 30, 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 $ 14,938 $ 25,563 $ 12,488 Relationships with financial advisors 15.3 113,681 38,350 110,671 32,028 Covenants not-to-compete 3.9 6,095 4,308 6,035 3,347 Customer accounts 8.3 2,029 1,944 2,029 1,765 Trade names 7.7 16,910 9,461 16,910 7,790 Renewal revenue 7.9 41,381 11,168 41,381 7,263 Referral agreement 6.6 124 114 124 101 Total $ 205,783 $ 80,283 $ 202,713 $ 64,782 Aggregate amortization expense for the nine months ended September 30, 2016 and 2015, respectively, amounted to $15,501 and $15,445 . The weighted-average amortization period for total amortizable intangibles at September 30, 2016 is 9.59 years. As of September 30, 2016, the remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: Remainder of 2016 $ 5,188 2017 20,379 2018 19,594 2019 16,124 2020 14,641 2021 - 2039 49,574 $ 125,500

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Asset Impairment [Abstract]
Goodwill	Goodwill Changes to the carrying amount of goodwill during the nine months ended September 30, 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 — (59 ) — (59 ) Business acquisition — 398 — 398 Balance as of September 30, 2016 $ 301 $ 112,911 $ 12,699 $ 125,911 During the three and nine months ended September 30, 2016, the carrying amount of goodwill was reduced by $20 and $59 , respectively, representing state tax benefit realized for the excess of tax deductible goodwill over goodwill recognized for reporting purposes with respect to the Company’s subsidiaries.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
	Sep. 30, 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 September 30, 2016, each had a $250 minimum net capital requirement. At September 30, 2016, Securities America had regulatory net capital of $8,602 , Triad had regulatory net capital of $10,796 , Investacorp had regulatory net capital of $5,719 , KMS had regulatory net capital of $4,685 and Ladenburg had regulatory net capital of $17,210 . SSN has elected to compute its net capital under the basic method allowed by the Net Capital Rule and at September 30, 2016, it had net capital of $6,030 , which was $5,226 in excess of its required net capital of $804 , and had a net capital ratio of 2.00 to 1. Securities America, Triad, Investacorp, KMS, SSN and Ladenburg claim exemptions from the provisions of the SEC’s Rule 15c3-3 pursuant to paragraph (k)(2)(ii) as they clear their customer transactions through correspondent brokers on a fully disclosed basis. Premier Trust, chartered by the state of Nevada, is subject to regulation by the Nevada Department of Business and Industry Financial Institutions Division. Under Nevada law, Premier Trust must maintain minimum stockholders’ equity of at least $1,000 , including at least $250 in cash. At September 30, 2016, Premier Trust had stockholders’ equity of $1,648 , including at least $250 in cash.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s interim income tax provision or benefit consists of U.S. federal and state income taxes based on the estimated annual effective rate that the Company expects for the full year together with the tax effect of discrete items. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. As of September 30, 2016, the estimated annual effective tax rate for 2016 (exclusive of discrete items) is approximately 20% of projected pre-tax loss and consists of a deferred tax provision related to tax amortization of goodwill and a provision for state and local income taxes. For the three and nine months ended September 30, 2016, the Company recorded an income tax provision of $604 on a pre-tax loss of $6,911 and an income tax provision of $8,060 on a pre-tax loss of $14,872 , respectively. For the three and nine months ended September 30, 2016, we have not provided an income tax benefit on our pre-tax loss as we concluded that our deferred tax assets are not realizable on a more-likely-than not basis. The income tax provision for the nine months ended September 30, 2016 includes a discrete deferred tax provision of $6,009 related to an increase in the Company’s valuation allowance related to deferred tax assets existing as of December 31, 2015 and a discrete deferred tax benefit of $921 related to an overaccrual of deferred taxes applicable to goodwill in prior years. For the three and nine months ended September 30, 2015, the Company recorded an income tax benefit of $212 on pre-tax loss of $3,149 and an income tax benefit of $2,288 on a pre-tax loss of $11,274 , respectively. 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. In assessing the realizability of deferred tax assets, we evaluate whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As of June 30, 2016, we projected that as of December 31, 2016, the Company may be in a three year cumulative loss position which is considered to be a significant piece of negative evidence. Based on these factors, we established a full valuation allowance against our deferred tax assets as of June 30, 2016. In recording the valuation allowance, deferred tax liabilities associated with indefinite lived intangible assets, such as tax deductible goodwill, generally cannot be used as a source of income to realize deferred tax assets with a finite loss carryforward period, as such liabilities would only reverse on impairment or sale of the related asset which events are not anticipated. The Company does not amortize goodwill for financial reporting purposes but has amortized goodwill with tax basis for tax purposes. As of September 30, 2016, the deferred tax liability related to tax deductible goodwill approximates $10,145 .

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following: September 30, December 31, Notes payable to clearing firm under forgivable loans $ 6,429 $ 6,429 Notes payable to finance Securities America acquisition, net of $17 and $172 of unamortized discount in 2016 and 2015, respectively (see Note 15) 17,958 17,804 Note payable under subsidiary's term loan with bank 259 564 Note payable under subsidiary's revolver with bank 731 950 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $251 and $343 of unamortized discount in 2016 and 2015, respectively 4,321 5,711 Notes payable to SSN's former shareholders, net of $733 and $977 of unamortized discount in 2016 and 2015, respectively 11,929 15,378 Other — 600 Less: Unamortized debt issuance costs (1 ) (253 ) Total $ 48,364 $ 53,921 The Company estimates that the fair value of notes payable was $ 46,185 at September 30, 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 September 30, 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 September 30, 2016, outstanding principal amounts loaned by Frost Nevada and Vector Group were $15,120 and $1,680 , respectively. See Note 15 for information regarding cancellation of the November 2011 Loan in October 2016. At September 30, 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. KMS had a subordinated note payable to a current officer of KMS, in the amount of $600 payable in August 2016, plus monthly interest with an applicable rate of prime plus one percent. The note was repaid in full on August 1, 2016.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 complaint alleges, 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 June 2016, the court denied the underwriters’ motions to dismiss the complaint. Ladenburg intends to vigorously defend against these claims. 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 September 2016, the court denied the plaintiffs' motions to remand. Defendants' motion to consolidate the actions is currently pending. Ladenburg intends to vigorously defend against these claims. In January 2016, an amended complaint for a purported class action was filed in the U.S. District Court for the Southern District of Texas against Plains All American Pipeline, L.P., related entities and their officers and directors. The amended complaint added as defendants Ladenburg and other underwriters of securities offerings in 2013 and 2014 that in the aggregate raised approximately $2,900,000 . 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. Ladenburg intends to vigorously defend against these claims. 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. 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. Eight arbitration claims were settled during the period from February to June 2016 and the amounts paid by Triad in connection with those settlements were not material. The remaining arbitration claim concerns two individuals and seeks an immaterial amount in compensatory damages and other relief. Triad intends to vigorously defend against the remaining claims. 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. In October 2016, a settlement was reached with the bankruptcy trustee resolving those claims; the amount paid in connection with the settlement was not material. The remaining complaint seeks an unspecified amount of compensatory damages, and other relief. Securities America intends to vigorously defend against these claims. 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 and October 2016, Securities America received additional correspondence from two such states 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. During the period from May to July 2016, four arbitration claims were filed against Ladenburg by former customers concerning purported unauthorized trading, excessive trading and mishandling of their accounts by a former Ladenburg registered representative, and asserting compensatory damages in excess of $4,300 . Ladenburg intends to vigorously defend against these claims. SEC examination staff reports provided to Triad and Securities America Advisors, Inc. in May and August 2016, respectively, asserted that the firms had acted inconsistently with their fiduciary duties in recommending and selecting mutual fund share classes that paid 12b-1 fees where lower cost share classes also were available in those same funds. The staff also asserted that the firms’ disclosures of potential conflicts of interest and compensation related to the mutual fund share classes that paid 12b-1 fees were insufficient. The firms are reviewing the reports and the underlying circumstances, including, without limitation, the amounts of such payments and the contents of the firms’ disclosures to clients, are determining appropriate remedial actions, which may include restitution to clients, and are in communication with the staff as the firms seek to resolve the matter. 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 $3,224 at September 30, 2016 for certain pending matters, which are included in accounts payable and accrued liabilities. During the three and nine months ended September 30, 2016, the Company charged $3,584 and $5,384 , respectively, to operations with respect to such matters. For other pending matters, the Company was unable to estimate a range of possible loss; however, in the opinion of management, after consultation with counsel, the ultimate resolution of these matters is not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. Operating Leases New lease activity subsequent to December 31, 2015 is 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, for an aggregate commitment of $49,821 . 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	9 Months Ended
	Sep. 30, 2016
Risks and Uncertainties [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 September 30, 2016, the amount due from these clearing brokers was $35,018 , which represents a substantial concentration of credit risk should these clearing brokers be unable to fulfill their obligations. In the normal course of business, Securities America, Triad, Investacorp, KMS, SSN and Ladenburg may enter into transactions in financial instruments with off-balance sheet risk. As of September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016, 16,962,604 shares of common stock have been repurchased for $43,496 under the program and have been retired, including the repurchase of 1,597,126 shares for $3,800 and 4,693,037 shares for $11,515 during the three and nine months ended September 30, 2016, respectively. As of September 30, 2016, 537,396 shares remained available for purchase under the program. See Note 15 for information regarding a further amendment to the Company's stock repurchase program. Stock Compensation Plans Options granted during the nine months ended September 30, 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 May 18, 2016 (4) May 18, 2026 400,000 $ 2.40 $ 417 1,330,000 $ 1,427 (1) Fair value is calculated using the Black-Scholes option pricing model. (2) Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates. (3) Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date. (4) Options vest on the one year anniversary of the grant date. Options to purchase 17,407 and 69,835 shares of common stock were forfeited during the three and nine months ended September 30, 2016, respectively. As of September 30, 2016, there was $4,984 of unrecognized compensation cost for stock-based compensation related to options, of which $1,060 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 2.12 years for all grants and approximately 2.67 years for the 2016 grants. Options and warrants were exercised to purchase 3,797,272 and 7,356,887 shares of the Company’s common stock during the three and nine months ended September 30, 2016, respectively, for which the intrinsic value on dates of exercise was $5,426 and $10,210 , respectively. See Note 15 for information regarding the exercise of warrants to purchase 10,699,999 shares of the Company's common stock in October 2016. Restricted stock granted during the nine months ended September 30, 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 May 26, 2016 (2) May 26, 2020 10,000 $ 26 1,341,000 $ 3,014 (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. For the nine months ended September 30, 2016, 10,000 shares of restricted stock were forfeited. As of September 30, 2016, there was $5,006 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $2,358 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 2.72 years for all grants and approximately 3.25 years for the 2016 grants. Stock-based compensation, including options and restricted stock, attributed to employees was $1,286 and $3,964 for the three and nine months ended September 30, 2016, respectively. Stock based compensation for consultants and independent financial advisors was $14 and $32 for the three and nine months ended September 30, 2016, respectively. In the three and nine months ended September 30, 2016, 1,588,988 and 2,865,263 shares, respectively, were surrendered to cover payment of exercise prices and taxes. Capital Stock 25,000,000 to 50,000,000 and to increase the number of shares of common stock authorized from 800,000,000 to 1,000,000,000 . During the three and nine months ended September 30, 2016, the Company sold 789,468 and 1,161,895 shares of Series A Preferred Stock, pursuant to the Company's “at the market” offering program, which provided total gross proceeds to the Company of $19,266 and $28,303 , before deducting the commission paid to unaffiliated sales agents and offering expenses aggregating $422 and $682 , respectively. For the three and nine months ended September 30, 2016, the Company paid dividends of $7,780 and $22,514 , respectively, on its outstanding Series A Preferred Stock based on a monthly dividend of approximately $0.1667 per share.

Per Share Data

Per Share Data	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Per Share Data	Per Share Data Basic net loss per common share is computed by dividing net loss attributable to the Company, decreased in the case of income and increased in the case of loss by dividends declared on preferred stock, by the weighted-average number of common shares outstanding. The dilutive effect of incremental common shares potentially issuable under outstanding options and warrants and unvested restricted stock is included in diluted earnings per share utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Basic weighted-average shares 181,032,730 183,519,768 181,023,737 184,415,040 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 181,032,730 183,519,768 181,023,737 184,415,040 For the three and nine months ended September 30, 2016, options and warrants to purchase 50,189,120 shares of common stock and 2,245,167 restricted shares of common stock were not included in the computation of diluted loss per share as the effect would have been anti-dilutive. For the three and nine months ended September 30, 2015, options and warrants to purchase 57,181,576 shares of common stock and 1,220,490 restricted shares of common stock were not included in the diluted computation as the effect would have been anti-dilutive.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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, severance costs 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, income (loss) before income taxes, net income (loss) and cash flows provided by (used in) operating activities. Segment information for the three and nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 251,045 $ 10,424 $ 12,680 $ 174 $ 274,323 Income (loss) before income taxes 607 (1,959 ) (1,611 ) (3,948 ) (1) (6,911 ) EBITDA, as adjusted (4) 9,503 (1,604 ) 462 (2,797 ) 5,564 Identifiable assets (2) 411,577 33,046 54,301 44,832 (3) 543,756 Depreciation and amortization 5,008 185 1,804 17 7,014 Interest 795 4 170 164 1,133 Capital expenditures 1,267 19 12 — 1,298 Non-cash compensation 253 135 61 851 1,300 Three Months Ended September 30, 2015 Revenues $ 256,671 $ 13,248 $ 12,210 $ 85 $ 282,214 Income (loss) before income taxes 3,141 (144 ) (1,585 ) (4,561 ) (1) (3,149 ) EBITDA, as adjusted (4) 10,925 98 417 (3,080 ) 8,360 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 4,834 178 1,769 17 6,798 Interest 834 — 172 249 1,255 Capital expenditures 1,646 51 188 — 1,885 Non-cash compensation (914 ) 151 60 945 242 Nine Months Ended September 30, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 738,429 $ 33,457 $ 37,422 $ 586 $ 809,894 Income (loss) before income taxes 7,291 (6,071 ) (4,963 ) (11,129 ) (1) (14,872 ) EBITDA, as adjusted (4) 32,222 (4,862 ) 1,294 (7,505 ) 21,149 Identifiable assets (2) 411,577 33,046 54,301 44,832 (3) 543,756 Depreciation and amortization 15,173 546 5,360 51 21,130 Interest 2,446 4 510 552 3,512 Capital expenditures 4,661 139 198 — 4,998 Non-cash compensation 756 406 183 2,651 3,996 Nine Months Ended September 30, 2015 Revenues $ 777,009 $ 44,806 $ 35,680 $ 290 $ 857,785 Income (loss) before income taxes 4,562 2,420 (5,628 ) (12,628 ) (1) (11,274 ) EBITDA, as adjusted (4) 33,677 4,765 203 (7,967 ) 30,678 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 14,377 528 5,141 34 20,080 Interest 2,713 7 511 739 3,970 Capital expenditures 5,849 87 652 86 6,674 Non-cash compensation 2,191 486 179 3,070 5,926 (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 $36,017 and $53,399 as of September 30, 2016 and 2015, respectively. (4) The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three and nine months ended September 30, 2016 and 2015. Three Months Ended Nine Months Ended EBITDA, as adjusted 2016 2015 2016 2015 Independent Brokerage and Advisory Services $ 9,503 $ 10,925 $ 32,222 $ 33,677 Ladenburg (1,604 ) 98 (4,862 ) 4,765 Insurance Brokerage 462 417 1,294 203 Corporate (2,797 ) (3,080 ) (7,505 ) (7,967 ) Total Segments 5,564 8,360 21,149 30,678 Adjustments: Interest income 187 69 479 178 Change in fair value of contingent consideration (72 ) — (178 ) 31 Loss on extinguishment of debt — — — (252 ) Interest expense (1,133 ) (1,255 ) (3,512 ) (3,970 ) Depreciation and amortization (7,014 ) (6,798 ) (21,130 ) (20,080 ) Non-cash compensation expense (1,300 ) (242 ) (3,996 ) (5,926 ) Financial advisor recruiting expense (514 ) (764 ) (1,191 ) (1,670 ) Amortization of retention and forgivable loans (1,403 ) (2,223 ) (4,381 ) (7,831 ) Acquisition-related expenses (1) (936 ) (139 ) (1,003 ) (257 ) Other (2) (289 ) (146 ) (1,076 ) (2,136 ) Net loss attributable to noncontrolling interest (1 ) (11 ) (33 ) (39 ) Loss before income taxes $ (6,911 ) $ (3,149 ) $ (14,872 ) $ (11,274 ) (1) Includes $60 in the nine months ended September 30, 2016, for acquisition-related expense that was previously included in professional services expense. (2) Includes loss on severance costs of $44 and $277 for the three and nine months ended September 30, 2016 and excise and franchise tax expense of $109 and $343 for the three and nine months ended September 30, 2016 and compensation expense that may be paid in stock, of $133 and $399 for the three and nine months ended September 30, 2016, respectively. Includes loss on write-off of receivable from subtenant of $855 for the nine months ended September 30, 2015, rent expense due to default of subtenant of $468 for the nine months ended September 30, 2015 and compensation expense that may be paid in stock, of $133 and $399 , for the three and nine months ended September 30, 2015, respectively, and excise and franchise tax expense of $263 for the nine months ended September 30, 2015.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 26, 2016, holders of warrants to purchase an aggregate of 10,699,999 shares of Company common stock for $1.68 per share exercised such warrants in full. The Company issued these warrants in connection with the November 2011 Loan, which was used to finance the acquisition of Securities America. Each holder paid the exercise price by cancellation of indebtedness represented by the remaining balance of the promissory note held by such lender. Accordingly, promissory notes with an aggregate remaining outstanding balance of $17,976 were canceled and no indebtedness related to the November 2011 Loan remains outstanding. On November 7, 2016, an amendment to the stock repurchase program was approved to permit the repurchase of up to an additional 10,000,000 shares.

Description of Business and B23

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 Accounting Standards Update ("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 became effective for the Company for annual periods and interim periods beginning after December 15, 2015. 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 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 assessing the impact that the adoption of these amendments and the transition alternatives will have on its consolidated financial statements.

Securities Owned and Securiti24

Securities Owned and Securities Sold, But Not Yet Purchased (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Investments [Abstract]
Securities Carried at Fair Value	The components of securities owned and securities sold, but not yet purchased at September 30, 2016 and December 31, 2015, which are carried at fair value were as follows: September 30, 2016 Securities Owned Securities Sold, But Not Yet Purchased Certificates of deposit $ 457 $ — Debt securities 1,624 (15 ) U.S. Treasury notes 101 (149 ) Common stock and warrants 255 (512 ) Restricted common stock and warrants 572 — Other investments 637 — Total $ 3,646 $ (676 ) 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 ) Securities are classified as follows: As of September 30, 2016: Securities owned, at fair value Level 1 Level 2 Level 3 Total Certificates of deposit $ 457 $ — $ — $ 457 Debt securities — 1,624 — 1,624 U.S. Treasury notes — 101 — 101 Common stock and warrants 255 572 — 827 Other investments — 637 — 637 Total $ 712 $ 2,934 $ — $ 3,646 Securities sold, but not yet purchased, at fair value Level 1 Level 2 Level 3 Total Debt securities $ — $ (15 ) $ — $ (15 ) US Treasury Notes — (149 ) — (149 ) Common stock and warrants (512 ) — — (512 ) Total $ (512 ) $ (164 ) $ — $ (676 ) 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 )

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At September 30, 2016 and December 31, 2015, intangible assets subject to amortization consisted of the following: September 30, 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 $ 14,938 $ 25,563 $ 12,488 Relationships with financial advisors 15.3 113,681 38,350 110,671 32,028 Covenants not-to-compete 3.9 6,095 4,308 6,035 3,347 Customer accounts 8.3 2,029 1,944 2,029 1,765 Trade names 7.7 16,910 9,461 16,910 7,790 Renewal revenue 7.9 41,381 11,168 41,381 7,263 Referral agreement 6.6 124 114 124 101 Total $ 205,783 $ 80,283 $ 202,713 $ 64,782
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2016, the remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: Remainder of 2016 $ 5,188 2017 20,379 2018 19,594 2019 16,124 2020 14,641 2021 - 2039 49,574 $ 125,500

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2016
Goodwill and Intangible Asset Impairment [Abstract]
Schedule of Goodwill	Changes to the carrying amount of goodwill during the nine months ended September 30, 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 — (59 ) — (59 ) Business acquisition — 398 — 398 Balance as of September 30, 2016 $ 301 $ 112,911 $ 12,699 $ 125,911

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consisted of the following: September 30, December 31, Notes payable to clearing firm under forgivable loans $ 6,429 $ 6,429 Notes payable to finance Securities America acquisition, net of $17 and $172 of unamortized discount in 2016 and 2015, respectively (see Note 15) 17,958 17,804 Note payable under subsidiary's term loan with bank 259 564 Note payable under subsidiary's revolver with bank 731 950 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $251 and $343 of unamortized discount in 2016 and 2015, respectively 4,321 5,711 Notes payable to SSN's former shareholders, net of $733 and $977 of unamortized discount in 2016 and 2015, respectively 11,929 15,378 Other — 600 Less: Unamortized debt issuance costs (1 ) (253 ) Total $ 48,364 $ 53,921

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Options Granted	Options granted during the nine months ended September 30, 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 May 18, 2016 (4) May 18, 2026 400,000 $ 2.40 $ 417 1,330,000 $ 1,427 (1) Fair value is calculated using the Black-Scholes option pricing model. (2) Options vest in four equal annual installments beginning on the first anniversary of the respective grant dates. (3) Compensation expense recognized each period is based on the award's estimated value at the most recent reporting date. (4) Options vest on the one year anniversary of the grant date.
Restricted Stock Granted	Restricted stock granted during the nine months ended September 30, 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 May 26, 2016 (2) May 26, 2020 10,000 $ 26 1,341,000 $ 3,014 (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)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Basic weighted-average shares 181,032,730 183,519,768 181,023,737 184,415,040 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 181,032,730 183,519,768 181,023,737 184,415,040

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment information for the three and nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 251,045 $ 10,424 $ 12,680 $ 174 $ 274,323 Income (loss) before income taxes 607 (1,959 ) (1,611 ) (3,948 ) (1) (6,911 ) EBITDA, as adjusted (4) 9,503 (1,604 ) 462 (2,797 ) 5,564 Identifiable assets (2) 411,577 33,046 54,301 44,832 (3) 543,756 Depreciation and amortization 5,008 185 1,804 17 7,014 Interest 795 4 170 164 1,133 Capital expenditures 1,267 19 12 — 1,298 Non-cash compensation 253 135 61 851 1,300 Three Months Ended September 30, 2015 Revenues $ 256,671 $ 13,248 $ 12,210 $ 85 $ 282,214 Income (loss) before income taxes 3,141 (144 ) (1,585 ) (4,561 ) (1) (3,149 ) EBITDA, as adjusted (4) 10,925 98 417 (3,080 ) 8,360 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 4,834 178 1,769 17 6,798 Interest 834 — 172 249 1,255 Capital expenditures 1,646 51 188 — 1,885 Non-cash compensation (914 ) 151 60 945 242 Nine Months Ended September 30, 2016 Independent Brokerage and Advisory Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 738,429 $ 33,457 $ 37,422 $ 586 $ 809,894 Income (loss) before income taxes 7,291 (6,071 ) (4,963 ) (11,129 ) (1) (14,872 ) EBITDA, as adjusted (4) 32,222 (4,862 ) 1,294 (7,505 ) 21,149 Identifiable assets (2) 411,577 33,046 54,301 44,832 (3) 543,756 Depreciation and amortization 15,173 546 5,360 51 21,130 Interest 2,446 4 510 552 3,512 Capital expenditures 4,661 139 198 — 4,998 Non-cash compensation 756 406 183 2,651 3,996 Nine Months Ended September 30, 2015 Revenues $ 777,009 $ 44,806 $ 35,680 $ 290 $ 857,785 Income (loss) before income taxes 4,562 2,420 (5,628 ) (12,628 ) (1) (11,274 ) EBITDA, as adjusted (4) 33,677 4,765 203 (7,967 ) 30,678 Identifiable assets (2) 400,290 44,053 63,522 55,425 (3) 563,290 Depreciation and amortization 14,377 528 5,141 34 20,080 Interest 2,713 7 511 739 3,970 Capital expenditures 5,849 87 652 86 6,674 Non-cash compensation 2,191 486 179 3,070 5,926 (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 $36,017 and $53,399 as of September 30, 2016 and 2015, respectively. (4) The following table reconciles EBITDA, as adjusted, to loss before income taxes for the three and nine months ended September 30, 2016 and 2015. Three Months Ended Nine Months Ended EBITDA, as adjusted 2016 2015 2016 2015 Independent Brokerage and Advisory Services $ 9,503 $ 10,925 $ 32,222 $ 33,677 Ladenburg (1,604 ) 98 (4,862 ) 4,765 Insurance Brokerage 462 417 1,294 203 Corporate (2,797 ) (3,080 ) (7,505 ) (7,967 ) Total Segments 5,564 8,360 21,149 30,678 Adjustments: Interest income 187 69 479 178 Change in fair value of contingent consideration (72 ) — (178 ) 31 Loss on extinguishment of debt — — — (252 ) Interest expense (1,133 ) (1,255 ) (3,512 ) (3,970 ) Depreciation and amortization (7,014 ) (6,798 ) (21,130 ) (20,080 ) Non-cash compensation expense (1,300 ) (242 ) (3,996 ) (5,926 ) Financial advisor recruiting expense (514 ) (764 ) (1,191 ) (1,670 ) Amortization of retention and forgivable loans (1,403 ) (2,223 ) (4,381 ) (7,831 ) Acquisition-related expenses (1) (936 ) (139 ) (1,003 ) (257 ) Other (2) (289 ) (146 ) (1,076 ) (2,136 ) Net loss attributable to noncontrolling interest (1 ) (11 ) (33 ) (39 ) Loss before income taxes $ (6,911 ) $ (3,149 ) $ (14,872 ) $ (11,274 ) (1) Includes $60 in the nine months ended September 30, 2016, for acquisition-related expense that was previously included in professional services expense. (2) Includes loss on severance costs of $44 and $277 for the three and nine months ended September 30, 2016 and excise and franchise tax expense of $109 and $343 for the three and nine months ended September 30, 2016 and compensation expense that may be paid in stock, of $133 and $399 for the three and nine months ended September 30, 2016, respectively. Includes loss on write-off of receivable from subtenant of $855 for the nine months ended September 30, 2015, rent expense due to default of subtenant of $468 for the nine months ended September 30, 2015 and compensation expense that may be paid in stock, of $133 and $399 , for the three and nine months ended September 30, 2015, respectively, and excise and franchise tax expense of $263 for the nine months ended September 30, 2015

Acquisition (Narrative) (Detail

Acquisition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 125,911	$ 125,572
Wall Street Financial Group
Business Acquisition [Line Items]
Purchase price	3,468
Cash paid in acquisition	1,192
Contingent consideration, liability	$ 2,276
Earn out period	3 years
Identifiable intangible assets	$ 3,070
Goodwill	$ 398

Securities Owned and Securiti32

Securities Owned and Securities Sold, But Not Yet Purchased - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned deposited with the Company's subsidiaries clearing broker	$ 3,236	$ 3,383
Securities owned, at fair value	3,646	4,079
Common stock and warrants
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	255	927
Level 2
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	2,934	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	$ 272	$ 545

Securities Owned and Securiti33

Securities Owned and Securities Sold, But Not Yet Purchased - at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	$ 3,646	$ 4,079
Securities Sold, But Not Yet Purchased	(676)	(238)
Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	457	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	1,624	1,125
Securities Sold, But Not Yet Purchased	(15)	(30)
U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	101	101
Securities Sold, But Not Yet Purchased	(149)	(200)
Common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	255	927
Securities Sold, But Not Yet Purchased	(512)	(8)
Restricted common stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities Owned	572	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	637	609
Securities Sold, But Not Yet Purchased	$ 0	$ 0

Securities Owned and Securiti34

Securities Owned and Securities Sold, But Not Yet Purchased - Classifications (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 3,646	$ 4,079
Securities sold, but not yet purchased, at fair value	(676)	(238)
Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	712	1,286
Securities sold, but not yet purchased, at fair value	(512)	(8)
Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	2,934	2,793
Securities sold, but not yet purchased, at fair value	(164)	(230)
Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Securities sold, but not yet purchased, at fair value	0	0
Certificates of deposit
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	457	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	457	359
Certificates of deposit | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Certificates of deposit | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Debt securities
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,624	1,125
Securities sold, but not yet purchased, at fair value	(15)	(30)
Debt securities | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Securities sold, but not yet purchased, at fair value	0	0
Debt securities | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	1,624	1,125
Securities sold, but not yet purchased, at fair value	(15)	(30)
Debt securities | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	0	0
Securities sold, but not yet purchased, at fair value	0	0
U.S. Treasury notes
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	101	101
Securities sold, but not yet purchased, at fair value	(149)	(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	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	101
Securities sold, but not yet purchased, at fair value	(149)	(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	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	827	1,885
Securities sold, but not yet purchased, at fair value	(512)	(8)
Common stock and warrants | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	255	927
Securities sold, but not yet purchased, at fair value	(512)	(8)
Common stock and warrants | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	572	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	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	637	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	0
Other investments | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	637	609
Other investments | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, at fair value	$ 0	$ 0

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	9 years 6 months 33 days
Gross Carrying Amount	$ 205,783	$ 202,713
Accumulated Amortization	$ 80,283	64,782
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	$ 14,938	12,488
Relationships with financial advisors
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	15 years 3 months 18 days
Gross Carrying Amount	$ 113,681	110,671
Accumulated Amortization	$ 38,350	32,028
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	$ 6,095	6,035
Accumulated Amortization	$ 4,308	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	$ 1,944	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	$ 9,461	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	$ 11,168	7,263
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	$ 114	$ 101

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 15,501	$ 15,445
Weighted-Average Estimated Useful Life (years)	9 years 6 months 33 days

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Sep. 30, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2016	$ 5,188
2,017	20,379
2,018	19,594
2,019	16,124
2,020	14,641
2021 - 2039	49,574
Estimated amortization expense	$ 125,500

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Goodwill [Roll Forward]
Balance as of December 31, 2015		$ 125,572
Benefit applied to reduce goodwill		(59)
Business acquisition		398
Balance as of September 30, 2016	$ 125,911	125,911
Goodwill, impairment loss	20	59
Ladenburg
Goodwill [Roll Forward]
Balance as of December 31, 2015		301
Benefit applied to reduce goodwill		0
Business acquisition		0
Balance as of September 30, 2016	301	301
Independent Brokerage and Advisory Services
Goodwill [Roll Forward]
Balance as of December 31, 2015		112,572
Benefit applied to reduce goodwill		(59)
Business acquisition		398
Balance as of September 30, 2016	112,911	112,911
Insurance Brokerage
Goodwill [Roll Forward]
Balance as of December 31, 2015		12,699
Benefit applied to reduce goodwill		0
Business acquisition		0
Balance as of September 30, 2016	$ 12,699	$ 12,699

Net Capital Requirements (Detai

Net Capital Requirements (Details)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	$ 351,300,000	$ 376,002,000
Securities America
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	8,602,000
Securities America | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Triad
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	10,796,000
Triad | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Investacorp Inc
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	5,719,000
Investacorp Inc | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
KMS Financial Services, Inc. (KMS)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	4,685,000
KMS Financial Services, Inc. (KMS) | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Ladenburg
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	17,210,000
Ladenburg | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	250,000
Securities Service Network, Inc. (SSN)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	804,000
Regulatory net capital	6,030,000
Alternative excess amount over net capital requirement	$ 5,226,000
Indebtedness to net capital	2
Securities Service Network, Inc. (SSN) | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	$ 804,000
Premier
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	1,648,000
Premier | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	1,000,000
Premier | Minimum | Cash
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	$ 250,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Valuation Allowance [Line Items]
Effective tax rate	20.00%
Income tax expense (benefit)		$ 604	$ (212)		$ 8,060	$ (2,288)
Pre-tax loss		(6,911)	$ (3,149)		(14,872)	(11,274)
Deferred tax liability related to tax deductible goodwill	$ 10,145	$ 10,145			10,145
Discrete Expense Related to an Increase Valuation Allowance
Valuation Allowance [Line Items]
Adjustment to valuation allowance						$ 6,009
Over Accrual of Deferred Taxes Applicable to Goodwill
Valuation Allowance [Line Items]
Adjustment to valuation allowance					$ (921)
Scenario, Forecast
Valuation Allowance [Line Items]
Cumulative loss position term				3 years

Notes Payable - Components of N

Notes Payable - Components of Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (1)	$ (253)
Total	48,364	53,921
Unamortized discount	1,001	1,492
Notes payable to finance Securities America acquisition
Debt Instrument [Line Items]
Unamortized discount	17	172
Notes payable to KMS' former shareholders
Debt Instrument [Line Items]
Unamortized discount	251	343
Notes payable to SSN's former shareholders
Debt Instrument [Line Items]
Unamortized discount	733	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	17,958	17,804
Notes Payable | Note payable under subsidiary's term loan with bank
Debt Instrument [Line Items]
Long-term debt	259	564
Notes Payable | Note payable under subsidiary's revolver with bank
Debt Instrument [Line Items]
Long-term debt	731	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	4,321	5,711
Notes Payable | Notes payable to SSN's former shareholders
Debt Instrument [Line Items]
Long-term debt	11,929	15,378
Notes Payable | Other
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 600

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Aug. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
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
Notes Payable | KMS Subordinated Notes Payable
Line of Credit Facility [Line Items]
Repayments of debt	$ 600,000
Prime Rate | Notes Payable | KMS Subordinated Notes Payable
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Estimate of Fair Value Measurement | Level 2
Line of Credit Facility [Line Items]
Fair value of notes payable		$ 46,185,000	$ 50,416,000

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Thousands	Feb. 01, 2016USD ($)	Oct. 31, 2016plaintiff	Nov. 30, 2015claim	Sep. 30, 2015USD ($)	Jan. 31, 2015USD ($)note_offeringplaintiffclaim	Sep. 30, 2016USD ($)	Jul. 31, 2016USD ($)claim	Jun. 30, 2016plaintiffclaim	Sep. 30, 2016USD ($)	Feb. 29, 2016plaintiffclaim	Dec. 31, 2014USD ($)security_offeringfirmunderwriter
Loss Contingencies [Line Items]
Number of prior note offerings | note_offering					3
Number of firms that underwrote security offerings | firm											9
Number of security offerings | security_offering											6
Loss contingency accrual, product liability						$ 3,224			$ 3,224
Charges to operations						3,584			5,384
Term of contract	14 years
2,016	$ 1,791
2,017						1,791			1,791
2,018	$ 1,954
Increase per year thereafter, percent	2.00%
Aggregate commitment						$ 49,821			$ 49,821
Ladenburg
Loss Contingencies [Line Items]
New claims filed, number | claim							4
Number of security offerings | security_offering											2
Damages sought by plaintiff							$ 4,300
Number of underwriters | underwriter											1
Subsidiaries
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 | plaintiff					17
Damages sought by plaintiff											$ 151,000
Compensatory damages | Ladenburg
Loss Contingencies [Line Items]
Damages sought by plaintiff											$ 2,900,000
Compensatory damages | Triad
Loss Contingencies [Line Items]
New claims filed, number | claim										8
Number of plaintiffs | plaintiff								2		45
New lawsuits filed, number | claim										1
Number of claims settled | claim								8
Number of claims pending decision | claim
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
Pending Litigation | Compensatory damages | Triad
Loss Contingencies [Line Items]
Damages sought by plaintiff				$ 3,714
ARCP July 2013 Offering | Compensatory damages
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff					8
Subsequent Event | Securities America
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff		2

Off-Balance-Sheet Risk and Co44

Off-Balance-Sheet Risk and Concentration of Credit Risk (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)clearing_broker	Dec. 31, 2015USD ($)
Risks and Uncertainties [Abstract]
Number of clearing brokers | clearing_broker	3
Receivables from clearing broker | $	$ 35,018	$ 44,466

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	115 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2016	Nov. 07, 2016	Oct. 31, 2016	Oct. 26, 2016	May 18, 2016	Dec. 31, 2015	Oct. 31, 2011	Mar. 31, 2007
Capital Unit [Line Items]
Shares authorized for repurchase (in shares) (up to)										2,500,000
Shares authorized for additional repurchase (in shares)									5,000,000
Repurchase and retirement of common stock (in shares)	1,597,126	4,693,037	16,962,604
Shares repurchased, value	$ 3,800	$ 11,515	$ 43,496
Shares available for purchase (in shares)	537,396	537,396	537,396
Shares surrendered for tax withholdings (in shares)		901,691
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000				50,000,000	25,000,000
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000				1,000,000,000	800,000,000
Options
Capital Unit [Line Items]
Options forfeited (in shares)	17,407	69,835
Unrecognized compensation cost for stock based compensation	$ 4,984	$ 4,984	$ 4,984
Unrecognized compensation cost for stock based compensation, period of recognition		2 years 1 month 13 days
Purchase of shares (in shares)	3,797,272	7,356,887
Intrinsic value of options exercised	$ 5,426	$ 10,210
Options | Awards Granted in 2016
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	1,060	$ 1,060	1,060
Unrecognized compensation cost for stock based compensation, period of recognition		2 years 8 months 2 days
Restricted shares
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	5,006	$ 5,006	5,006
Unrecognized compensation cost for stock based compensation, period of recognition		2 years 8 months 18 days
Restricted stock forfeited (in shares)		10,000
Restricted shares | Employees
Capital Unit [Line Items]
Non-cash compensation expense	1,286	$ 3,964
Restricted shares | Consultants and Independent Financial Advisors
Capital Unit [Line Items]
Non-cash compensation expense	14	32
Restricted shares | Awards Granted in 2016
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation	$ 2,358	$ 2,358	$ 2,358
Unrecognized compensation cost for stock based compensation, period of recognition		3 years 3 months
Options, Warrants, and Other
Capital Unit [Line Items]
Shares surrendered for tax withholdings (in shares)	1,588,988	2,865,263
Series A Preferred Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (in shares)	17,290,000	17,290,000	17,290,000					17,290,000
At the market shares sold (in shares)	789,468	1,161,895
Proceeds from issuance of public offering	$ 19,266	$ 28,303
Offering expenses	422	682
Dividends paid	$ 7,780	$ 22,514
Dividends paid per share on monthly basis (in USD per share)		$ 0.1667
Subsequent Event
Capital Unit [Line Items]
Shares authorized for repurchase (in shares) (up to)				10,000,000	10,000,000
Number of securities purchased by conversion of warrant (in shares)						10,699,999

Shareholders' Equity - Options

Shareholders' Equity - Options Granted (Details) - Options $ / shares in Units, $ in Thousands	May 18, 2016USD ($)$ / sharesshares	Jan. 14, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	May 18, 2016
Expiration Date	May 18, 2026
Shares | shares	400,000		1,330,000
Exercise Price (in USD per share) | $ / shares	$ 2.40
Grant Date Fair Value | $	$ 417		$ 1,427
Number of vesting installments | installment			4
Vesting period			1 year
Employees
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 USD per share) | $ / shares		$ 2.65
Grant Date Fair Value | $		$ 960
Nonemployee
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 USD per share) | $ / shares		$ 2.65
Grant Date Fair Value | $		$ 50

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - Restricted shares $ in Thousands	May 26, 2016USD ($)shares	Jan. 22, 2016USD ($)shares	Jan. 14, 2016USD ($)shares	Sep. 30, 2016USD ($)installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	May 26, 2016	Jan. 22, 2016	Jan. 14, 2016
Final Vesting Date	May 26, 2020	Jan. 22, 2020	Jan. 14, 2020
Shares | shares	10,000	281,000	1,050,000	1,341,000
Fair Value | $	$ 26	$ 604	$ 2,384	$ 3,014
Number of vesting installments | installment				4

Per Share Data - Computations o

Per Share Data - Computations of Basic and Diluted Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Basic weighted-average shares	181,032,730	183,519,768	181,023,737	184,415,040
Effect of dilutive securities:
Options to purchase common stock (in shares)	0	0	0	0
Warrants to purchase common stock (in shares)	0	0	0	0
Dilutive potential common shares	0	0	0	0
Weighted average common shares outstanding and dilutive potential common shares	181,032,730	183,519,768	181,023,737	184,415,040

Per Share Data - (Narrative) (D

Per Share Data - (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Options and warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,189,120	57,181,576	50,189,120	57,181,576
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,245,167	1,220,490	2,245,167	1,220,490

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Arbor Point Advisors, LLC	Sep. 30, 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
	Sep. 30, 2016Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Segment I

Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 274,323	$ 282,214	$ 809,894	$ 857,785
Income (loss) before income taxes	(6,911)	(3,149)	(14,872)	(11,274)
EBITDA, as adjusted	5,564	8,360	21,149	30,678
Identifiable assets	543,756	563,290	543,756	563,290	$ 574,105
Depreciation and amortization	7,014	6,798	21,130	20,080
Interest	1,133	1,255	3,512	3,970
Capital expenditures	1,298	1,885	4,998	6,674
Non-cash compensation	1,300	242	3,996	5,926
Cash and cash equivalents	105,989	114,548	105,989	114,548	$ 118,677	$ 103,087
Corporate
Segment Reporting Information [Line Items]
Revenues	174	85	586	290
Income (loss) before income taxes	(3,948)	(4,561)	(11,129)	(12,628)
EBITDA, as adjusted	(2,797)	(3,080)	(7,505)	(7,967)
Identifiable assets	44,832	55,425	44,832	55,425
Depreciation and amortization	17	17	51	34
Interest	164	249	552	739
Capital expenditures	0	0	0	86
Non-cash compensation	851	945	2,651	3,070
Cash and cash equivalents	36,017	53,399	36,017	53,399
Independent Brokerage and Advisory Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	251,045	256,671	738,429	777,009
Income (loss) before income taxes	607	3,141	7,291	4,562
EBITDA, as adjusted	9,503	10,925	32,222	33,677
Identifiable assets	411,577	400,290	411,577	400,290
Depreciation and amortization	5,008	4,834	15,173	14,377
Interest	795	834	2,446	2,713
Capital expenditures	1,267	1,646	4,661	5,849
Non-cash compensation	253	(914)	756	2,191
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
Revenues	10,424	13,248	33,457	44,806
Income (loss) before income taxes	(1,959)	(144)	(6,071)	2,420
EBITDA, as adjusted	(1,604)	98	(4,862)	4,765
Identifiable assets	33,046	44,053	33,046	44,053
Depreciation and amortization	185	178	546	528
Interest	4	0	4	7
Capital expenditures	19	51	139	87
Non-cash compensation	135	151	406	486
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,680	12,210	37,422	35,680
Income (loss) before income taxes	(1,611)	(1,585)	(4,963)	(5,628)
EBITDA, as adjusted	462	417	1,294	203
Identifiable assets	54,301	63,522	54,301	63,522
Depreciation and amortization	1,804	1,769	5,360	5,141
Interest	170	172	510	511
Capital expenditures	12	188	198	652
Non-cash compensation	$ 61	$ 60	$ 183	$ 179

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
EBITDA, as adjusted	$ 5,564	$ 8,360	$ 21,149	$ 30,678
Interest income	187	69	479	178
Change in fair value of contingent consideration	(72)	0	(178)	31
Loss on extinguishment of debt	0	0	0	(252)
Interest expense	(1,133)	(1,255)	(3,512)	(3,970)
Depreciation and amortization	(7,014)	(6,798)	(21,130)	(20,080)
Non-cash compensation expense	(1,300)	(242)	(3,996)	(5,926)
Financial advisor recruiting expense	(514)	(764)	(1,191)	(1,670)
Amortization of retention and forgivable loans	(1,403)	(2,223)	(4,381)	(7,831)
Acquisition-related expenses	(936)	(139)	(1,003)	(257)
Other	(289)	(146)	(1,076)	(2,136)
Net loss attributable to noncontrolling interest	(1)	(11)	(33)	(39)
Income (loss) before income taxes	(6,911)	(3,149)	(14,872)	(11,274)
Loss related to severance cost	44		277
Excise and franchise tax expense (benefit)	109		343	263
Reconciliation of EBITDA, Adjustments, Allocated Share-based Compensation	133	133	399	399
Write-off of receivable from subtenant			0	855
Rent expense		468
Corporate
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(2,797)	(3,080)	(7,505)	(7,967)
Interest expense	(164)	(249)	(552)	(739)
Depreciation and amortization	(17)	(17)	(51)	(34)
Non-cash compensation expense	(851)	(945)	(2,651)	(3,070)
Income (loss) before income taxes	(3,948)	(4,561)	(11,129)	(12,628)
Independent Brokerage and Advisory Services | Operating Segments
Segment Reporting Information [Line Items]
EBITDA, as adjusted	9,503	10,925	32,222	33,677
Interest expense	(795)	(834)	(2,446)	(2,713)
Depreciation and amortization	(5,008)	(4,834)	(15,173)	(14,377)
Non-cash compensation expense	(253)	914	(756)	(2,191)
Income (loss) before income taxes	607	3,141	7,291	4,562
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
EBITDA, as adjusted	(1,604)	98	(4,862)	4,765
Interest expense	(4)	0	(4)	(7)
Depreciation and amortization	(185)	(178)	(546)	(528)
Non-cash compensation expense	(135)	(151)	(406)	(486)
Income (loss) before income taxes	(1,959)	(144)	(6,071)	2,420
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
EBITDA, as adjusted	462	417	1,294	203
Interest expense	(170)	(172)	(510)	(511)
Depreciation and amortization	(1,804)	(1,769)	(5,360)	(5,141)
Non-cash compensation expense	(61)	(60)	(183)	(179)
Income (loss) before income taxes	$ (1,611)	$ (1,585)	(4,963)	$ (5,628)
Professional Services Expense
Segment Reporting Information [Line Items]
Acquisition-related expenses			$ (60)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 26, 2016	Nov. 07, 2016	Oct. 31, 2016	Mar. 31, 2007
Subsequent Event [Line Items]
Shares authorized for repurchase (up to) (in shares)				2,500,000
Subsequent Event
Subsequent Event [Line Items]
Number of securities purchased by conversion of warrant (in shares)	10,699,999
Exercise price of warrants (in USD per share)	$ 1.68
Shares authorized for repurchase (up to) (in shares)		10,000,000	10,000,000
November 2011 Loan | Notes Payable to Banks | Subsequent Event
Subsequent Event [Line Items]
Cancellation of indebtedness amount	$ 17,976,000
Outstanding balance on promissory note	$ 0