Ladenburg Thalmann Financial Services Inc. 6.50% NT 27 (LTSL) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	LTS
Amendment Flag	false
Entity Common Stock, Shares Outstanding		196,351,902

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 88,852	$ 98,930
Securities owned, at fair value	4,267	3,543
Receivables from clearing brokers	55,422	41,492
Receivables from other broker-dealers	2,346	853
Notes receivable from financial advisors, net	33,923	32,611
Other receivables, net	50,119	54,634
Fixed assets, net	22,118	21,253
Restricted assets	760	1,011
Intangible assets, net	114,051	124,938
Goodwill	124,031	124,031
Cash surrender value of life insurance	11,761	10,210
Other assets	30,638	32,497
Total assets	538,288	546,003
LIABILITIES:
Securities sold, but not yet purchased, at fair value	351	382
Accrued compensation	20,743	26,299
Commissions and fees payable	61,696	60,594
Accounts payable and accrued liabilities	38,202	39,876
Deferred rent	1,999	1,764
Deferred income taxes	9,290	10,642
Deferred compensation liability	17,904	17,247
Accrued interest	410	281
Notes payable, net of $647 and $872 unamortized discount in 2017 and 2016, respectively.	30,573	26,417
Total liabilities	181,168	183,502
Commitments and contingencies (Note 7)
SHAREHOLDERS' EQUITY:
Preferred stock, $.0001 par value; authorized 50,000,000 shares in 2017 and 2016: 8% Series A cumulative redeemable preferred stock; authorized 23,844,916 shares in 2017 and 17,290,000 in 2016; shares issued and outstanding 16,243,175 in 2017 and 15,844,916 in 2016, (liquidation preference $406,079 and $396,123 in 2017 and 2016)	2	1
Common stock, $.0001 par value; authorized 1,000,000,000 shares in 2017 and 2016; shares issued and outstanding, 196,616,897 in 2017 and 194,057,738 in 2016	20	19
Additional paid-in capital	516,901	519,879
Accumulated deficit	(159,822)	(157,425)
Total shareholders’ equity of the Company	357,101	362,474
Noncontrolling interest	19	27
Total shareholders' equity	357,120	362,501
Total liabilities and shareholders' equity	$ 538,288	$ 546,003

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Notes payable, unamortized discount	$ 647	$ 872
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	196,616,897	194,057,738
Common stock, shares outstanding (in shares)	196,616,897	194,057,738
Series A Preferred Stock
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	23,844,916	17,290,000
Preferred stock, dividend rate	8.00%	8.00%
Preferred stock, shares issued (in shares)	16,243,175	15,844,916
Preferred stock, shares outstanding (in shares)	16,243,175	15,844,916
Preferred stock, liquidation preference	$ 406,079	$ 396,123

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Commissions	$ 132,524	$ 125,583	$ 263,013	$ 253,008
Advisory fees	134,396	111,951	261,142	222,876
Investment banking	12,887	6,519	19,376	11,021
Principal transactions	258	380	578	513
Interest and dividends	5,868	2,670	9,642	4,399
Service fees and other income	25,603	22,672	48,076	43,754
Total revenues	311,536	269,775	601,827	535,571
Expenses:
Commissions and fees	226,089	198,798	444,823	398,539
Compensation and benefits	40,875	36,060	80,000	72,887
Non-cash compensation	1,378	1,341	2,807	2,696
Brokerage, communication and clearance fees	4,909	2,943	9,474	7,973
Rent and occupancy, net of sublease revenue	2,468	2,237	4,860	4,687
Professional services	3,870	3,259	7,934	6,414
Interest	521	1,172	998	2,379
Depreciation and amortization	7,294	7,241	14,726	14,116
Acquisition-related expenses	89	31	265	67
Amortization of retention and forgivable loans	1,671	1,544	3,262	2,978
Other	21,122	16,676	36,098	30,690
Total expenses	310,286	271,302	605,247	543,426
Income (loss) before item shown below	1,250	(1,527)	(3,420)	(7,855)
Change in fair value of contingent consideration	(63)	(49)	89	(106)
Income (loss) before income taxes	1,187	(1,576)	(3,331)	(7,961)
Income tax (benefit) expense	(138)	16,225	(977)	7,456
Net income (loss)	1,325	(17,801)	(2,354)	(15,417)
Net loss attributable to noncontrolling interest	(3)	(14)	(8)	(32)
Net income (loss) attributable to the Company	1,328	(17,787)	(2,346)	(15,385)
Dividends declared on preferred stock	(7,953)	(7,389)	(15,877)	(14,734)
Net loss available to common shareholders	$ (6,625)	$ (25,176)	$ (18,223)	$ (30,119)
Net loss per common share available to common shareholders (basic) (in USD per share)	$ (0.03)	$ (0.14)	$ (0.09)	$ (0.17)
Net loss per common share available to common shareholders (diluted) (in USD per share)	$ (0.03)	$ (0.14)	$ (0.09)	$ (0.17)
Weighted average common shares used in computation of per share data:
Basic (in shares)	192,304,828	180,674,937	192,287,816	181,019,191
Diluted (in shares)	192,304,828	180,674,937	192,287,816	181,019,191

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Advisory Board And Consultants	Employees	Preferred Stock	Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalAdvisory Board And Consultants	Accumulated Deficit	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2016				15,844,916	194,057,738
Beginning Balance at Dec. 31, 2016	$ 362,501			$ 1	$ 19	$ 519,879		$ (157,425)	$ 27
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)					110,614
Issuance of common stock under employee stock purchase plan	259					259
Exercise of stock options (in shares)					1,740,997
Exercise of stock options	3,720				$ 1	3,719
Stock-based compensation granted to advisory board, consultants and independent financial advisors		$ 23					$ 23
Stock-based compensation to employees	2,807		$ 2,784
Issuance of restricted stock (in shares)					1,771,000
Issuance of restricted stock	$ 0
Repurchase and retirement of common stock (in shares)	(897,874)				(1,063,452)
Repurchase and retirement of common stock	$ (2,581)					(2,581)
Repurchase of stock option award for cash	(850)					(850)
Preferred stock issued (in shares)				398,259
Preferred stock issued	9,483			$ 1		9,482
Preferred stock dividends declared and paid	(15,877)					(15,877)
Net loss	(2,354)							(2,346)	(8)
Ending Balance (in shares) at Jun. 30, 2017				16,243,175	196,616,897
Ending Balance at Jun. 30, 2017	357,120			$ 2	$ 20	516,901		(159,822)	$ 19
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adoption of ASU 2016-09 (Note 1)	$ 12					$ 63		$ (51)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)shares
Shares surrendered for tax withholdings (in shares)	145,920
Options
Shares tendered in payment of exercise price and taxes (in shares)	19,658
Preferred Stock
Payments for Underwriting Expense | $	$ 428

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (2,354)	$ (15,417)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in fair value of contingent consideration	(89)	106
Adjustment to deferred rent	235	(70)
Amortization of intangible assets	10,887	10,326
Amortization of debt discount	225	327
Amortization of debt issue cost	0	188
Amortization of retention and forgivable loans	3,262	2,978
Depreciation and other amortization	3,839	3,789
Deferred income taxes	(1,340)	6,460
Benefit attributable to reduction of goodwill	0	39
Non-cash interest expense on forgivable loan	190	205
Non-cash compensation expense	2,807	2,696
Loss on write-off of furniture, fixtures and leasehold improvements, net	2	1
(Increase) decrease in operating assets
Securities owned, at fair value	(724)	316
Receivables from clearing brokers	(13,930)	12,581
Receivables from other broker-dealers	(1,493)	(130)
Other receivables, net	4,515	(4,310)
Notes receivable from financial advisors, net	(4,574)	(3,735)
Cash surrender value of life insurance	(1,551)	1,043
Other assets	1,859	898
Increase (decrease) in operating liabilities
Securities sold, but not yet purchased, at fair value	(31)	390
Accrued compensation	(5,556)	(11,184)
Accrued interest	(61)	(17)
Commissions and fees payable	1,102	(4,472)
Deferred compensation liability	657	(579)
Accounts payable and accrued liabilities	(1,585)	(4,085)
Net cash used in operating activities	(3,708)	(1,656)
Cash flows from investing activities:
Purchases of fixed assets	(4,706)	(3,700)
Decrease in restricted assets	251	0
Net cash used in investing activities	(4,455)	(3,700)
Cash flows from financing activities:
Issuance of Series A preferred stock	9,483	8,777
Issuance of common stock	3,979	2,032
Series A preferred stock dividends paid	(15,877)	(14,734)
Repurchase of stock option award for cash	(850)	0
Repurchase and retirement of common stock	(2,581)	(8,904)
Borrowings on term loan	8,000	0
Bank loan and revolver repayments	(565)	(311)
Principal payments on notes payable	(3,504)	(3,442)
Net cash used in financing activities	(1,915)	(16,582)
Net decrease in cash and cash equivalents	(10,078)	(21,938)
Cash and cash equivalents, beginning of period	98,930	118,677
Cash and cash equivalents, end of period	88,852	96,739
Supplemental cash flow information:
Interest paid	644	1,675
Taxes paid	$ 440	$ 476

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
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”), Ladenburg Thalmann & Co. Inc. (‘‘Ladenburg’’), Ladenburg Thalmann Asset Management Inc. (‘‘LTAM’’), Premier Trust, Inc. (‘‘Premier Trust’’), Highland Capital Brokerage, Inc. (“Highland”) and Ladenburg Thalmann Annuity Insurance Services LLC (‘‘LTAIS’’). 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. LTAIS provides marketing strategies, product expertise, and back-office processing for fixed and equity-indexed annuities. 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 and LTAIS are 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, 2016 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, 2016 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09 will become effective for fiscal years and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years and interim periods within those years, beginning after December 15, 2016, the original effective date of the standard. The Company is currently assessing the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is evaluating the effect that this guidance will have on its 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 adopted the amendments in the first quarter of 2017. Prior to adoption of ASU 2016-09, tax attributes related to stock option windfall deductions were not recorded until they resulted in a reduction of cash tax payable. As of December 31, 2016, the tax benefit related to the excluded windfall deductions for federal and state purposes were approximately $4,458 . Upon adoption of ASU 2016-09, the Company recognized the tax benefit related to the excluded windfall deductions as a deferred tax asset with a corresponding offset of $4,446 to valuation allowance. In regards to the forfeiture policy election, the Company is not continuing to estimate the number of awards expected to be forfeited, rather the Company will elect to account for forfeitures as they occur. As of December 31, 2016, additional compensation cost related to the elimination of estimated forfeitures was $63 , net of estimated tax benefit of $12 , which is reflected in the statement of changes in shareholders' equity. No other terms of the adopted guidance resulted in an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice on how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. LADENBURG THALMANN FINANCIAL SERVICES INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited; Dollars in thousands, except share and per share amounts) ASU 2016-15 also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. ASU 2016-15 is effective for the Company's fiscal year beginning January 1, 2018. Early adoption is permitted. The standard requires application using a retrospective transition method. The Company is currently assessing the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) ("ASU 2016-18"). ASU 2016-18 provides guidance on the classification of restricted cash to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. This pronouncement is effective for reporting periods beginning after December 15, 2017 using a retrospective adoption method and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-18 will have on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. ASU 2017-01 became effective for transactions beginning in the first quarter of 2017 and is being applied prospectively. The adoption of ASU 2017-01 did not have any impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and applies prospectively. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. The Company is currently assessing the impact the adoption of ASU 2017-04 will have on its consolidated financial statements.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities 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. The following tables present the carrying values and estimated fair values at June 30, 2017 and December 31, 2016 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. June 30, 2017 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 88,852 $ 88,852 $ — $ 88,852 Receivables from clearing brokers 55,422 — 55,422 55,422 Receivables from other broker-dealers 2,346 — 2,346 2,346 Notes receivables, net (1) 33,923 — 33,923 33,923 Other receivables, net 50,119 — 50,119 50,119 $ 230,662 $ 88,852 $ 141,810 $ 230,662 Liabilities Accrued compensation $ 20,743 $ — $ 20,743 $ 20,743 Commissions and fees payable 61,696 — 61,696 61,696 Accounts payable and accrued liabilities (2) 35,425 — 35,425 35,425 Accrued interest 410 — 410 410 Notes payable, net (3) 30,573 — 28,755 28,755 $ 148,847 $ — $ 147,029 $ 147,029 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,777 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. December 31, 2016 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 98,930 $ 98,930 $ — $ 98,930 Receivables from clearing brokers 41,492 — 41,492 41,492 Receivables from other broker-dealers 853 — 853 853 Notes receivables, net (1) 32,611 — 32,611 32,611 Other receivables, net 54,634 — 54,634 54,634 $ 228,520 $ 98,930 $ 129,590 $ 228,520 Liabilities Accrued compensation $ 26,299 $ — $ 26,299 $ 26,299 Commissions and fees payable 60,594 — 60,594 60,594 Accounts payable and accrued liabilities (2) 32,732 — 32,732 32,732 Accrued interest 281 — 281 281 Notes payable, net (3) 26,417 — 24,494 24,494 $ 146,323 $ — $ 144,400 $ 144,400 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $7,144 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. The following tables presents the financial assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016: June 30, 2017 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 513 $ 513 $ — $ — $ 513 Debt securities 2,454 — 2,454 — 2,454 U.S. Treasury notes 100 — 100 — 100 Common stock and warrants 1,200 335 865 — 1,200 Total $ 4,267 $ 848 $ 3,419 $ — $ 4,267 Liabilites Contingent consideration payable $ 2,777 $ — $ — $ 2,777 $ 2,777 Debt securities (117 ) — (117 ) — (117 ) U.S. Treasury notes (151 ) — (151 ) — (151 ) Common stock and warrants (83 ) (83 ) — — (83 ) Total $ 2,426 $ (83 ) $ (268 ) $ 2,777 $ 2,426 December 31, 2016 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 443 $ 443 $ — $ — $ 443 Debt securities 1,850 — 1,850 — 1,850 U.S. Treasury notes 101 — 101 — 101 Common stock and warrants 1,149 494 655 — 1,149 Total $ 3,543 $ 937 $ 2,606 $ — $ 3,543 Liabilites Contingent consideration payable $ 7,144 $ — $ — $ 7,144 $ 7,144 Debt securities 25 — 25 — 25 U.S. Treasury notes 96 — 96 — 96 Common stock and warrants 261 261 — — 261 Total $ 7,526 $ 261 $ 121 $ 7,144 $ 7,526 As of June 30, 2017 and December 31, 2016, approximately $3,428 and $3,161 , 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. 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 June 30, 2017 and December 31, 2016, the fair values of the warrants were $692 and $252 , 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. Set forth below are changes in the carrying value of contingent consideration related to acquisitions, which is included in accounts payable and accrued liabilities: Fair value of contingent consideration as of December 31, 2015 $ 2,813 Payments (827 ) Change in fair value of contingent consideration 216 Fair value of contingent consideration in connection with 2016 acquisitions 4,942 Fair value of contingent consideration as of December 31, 2016 $ 7,144 Payments (1,505 ) Change in fair value of contingent consideration (152 ) Fair value of contingent consideration as of March 31, 2017 $ 5,487 Payments (2,773 ) Change in fair value of contingent consideration 63 Fair value of contingent consideration as of June 30, 2017 $ 2,777

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets At June 30, 2017 and December 31, 2016, intangible assets subject to amortization consisted of the following: June 30, 2017 December 31, 2016 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 17,387 $ 25,563 $ 15,754 Relationships with financial advisors 14.7 117,995 45,255 117,995 40,505 Vendor relationships 7 3,613 3,613 3,613 3,613 Covenants not-to-compete 3.9 6,421 5,343 6,421 4,638 Customer accounts 8.3 2,029 2,023 2,029 1,971 Trade names 7.7 16,910 11,131 16,910 10,017 Renewal revenue 7.9 41,381 15,109 41,381 12,481 Relationship with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 124 124 119 Other 6 67 67 67 67 Total $ 217,550 $ 103,499 $ 217,550 $ 92,612 Aggregate amortization expense for the six months ended June 30, 2017 and 2016 amounted to $10,887 and $10,326 , respectively. The weighted-average amortization period for total amortizable intangibles at June 30, 2017 is 8.97 years. As of June 30, 2017, the remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: Remainder of 2017 $ 10,440 2018 20,462 2019 16,987 2020 15,400 2021 10,687 2022 - 2039 40,075 $ 114,051

Net Capital Requirements

Net Capital Requirements	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, each had a $250 minimum net capital requirement. At June 30, 2017, Securities America had regulatory net capital of $11,052 , Triad had regulatory net capital of $7,039 , Investacorp had regulatory net capital of $7,242 , KMS had regulatory net capital of $6,282 and Ladenburg had regulatory net capital of $23,425 . SSN has elected to compute its net capital under the basic method allowed by the Net Capital Rule and at June 30, 2017, it had net capital of $5,843 , which was $4,997 in excess of its required net capital of $846 , and had a net capital ratio of 2.17 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 June 30, 2017, Premier Trust had stockholders’ equity of $1,934 , including at least $250 in cash.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, the estimated annual effective tax rate for 2017 (exclusive of discrete items) is approximately 33% of projected pre-tax income. Our estimated annual tax expense consists of a deferred tax provision related to tax amortization of indefinite-lived intangibles including goodwill and a provision for state and local income taxes. For the three and six months ended June 30, 2017, the Company recorded an income tax benefit of $138 on pre-tax income of $1,187 and an income tax benefit of $977 on a pre-tax loss of $3,331 , respectively. Based on objective evidence including being in cumulative losses in recent years, the Company continues to maintain a valuation allowance against its net deferred tax assets as of June 30, 2017. For the three and six months ended June 30, 2016, the Company recorded an income tax provision of $16,225 on a pre-tax loss of $1,576 and an income tax provision of $7,456 on a pre-tax loss of $7,961 , respectively. The income tax provisions for both periods include a discrete expense 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. In addition, the income tax provision for the three months ended June 30, 2016, includes approximately $10,667 for a cumulative adjustment related to the income tax benefit recorded in the quarter ended March 31, 2016 due to a change in the estimated annual effective rate resulting from an anticipated valuation allowance to be required at year end for deferred tax assets arising in the current year. 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. Based on these factors, we established a full valuation allowance against our deferred tax assets effective 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.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consisted of the following: June 30, December 31, Notes payable to clearing firm under forgivable loans $ 4,285 $ 4,285 Note payable under subsidiary's term loan with bank 7,815 153 Note payable under subsidiary's revolver with bank 392 620 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $159 a nd $221 of unamortized discount in 2017 and 2016, respectively 2,910 3,852 Notes payable to SSN's former shareholders, net of $488 and $651 of unamortized discount in 2017 and 2016, respectively 8,433 10,769 Total $ 30,573 $ 26,417 The Company estimates that the fair value of notes payable was $ 28,755 at June 30, 2017 and $ 24,494 at December 31, 2016 based on then current interest rates at which similar amounts of debt could then be borrowed (Level 2 inputs). As of June 30, 2017, the Company was in compliance with all covenants in its debt agreements. At June 30, 2017, 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. On April 21, 2017, Securities America Financial Corporation ("SAFC") entered into an amended and restated loan agreement with a financial institution. The loan agreement modified the interest rate for new loans under SAFC's revolving credit facility to prime plus 2.25% . As of June 30, 2017, SAFC had $1,000 of availability under the revolving credit facility. This loan agreement also provides for an additional term loan in the aggregate principal amount of $8,000 subject to certain conditions. This second term loan bears interest at 5.75% , with a maturity date of May 1, 2020. The loans are collateralized by the assets of SAFC and Securities America Advisors, Inc.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 November 2016, the cases were consolidated. Defendants' motions to dismiss are 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. In March 2017 the court granted the defendants’ motions to dismiss without prejudice, and granted the plaintiffs leave to file an amended complaint. In May 2017, the plaintiffs filed a second amended complaint. In July 2017, the defendants filed motions to dismiss, which are pending. Ladenburg intends to vigorously defend against these 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 was dismissed without prejudice in May 2017. 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. Securities America has received additional correspondence from three 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 notices and believes that no material outcome would result if an action were commenced. During the period from May to July 2017, five 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. The total amount of compensatory damages asserted in these five claims is in excess of $5,500 . In July 2017, a settlement was reached resolving one of its claims; the amount paid in connection with the settlement was not material. Ladenburg intends to vigorously defend against the remaining claims. In July 2017, the SEC approved a settlement with KMS concerning disclosure of revenues received from KMS's clearing broker relating to sales of no-transaction-fee mutual funds in advisory client accounts and a 2014 reduction in execution and clearing costs that should have been passed on to its clients. Without admitting or denying the findings, KMS consented to cease and desist from violating sections 206 and 207 of the Investment Advisors Act of 1940, and to pay disgorgement of $383 plus prejudgement interest and a $100 penalty. 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. Triad has revised its disclosures and has completed restitution to its affected clients. Securities America Advisors, Inc. continues to review the circumstances, including, without limitation, the amounts of such payments and the contents of disclosures to clients, is determining appropriate remedial actions, including restitution to clients, and is in communication with the SEC staff as it seeks to resolve the matter. In November 2016, a consolidated class action complaint was filed in U.S. District Court for the Western District of Washington against CTI Biopharma Corp., its directors and officers, as well as the underwriters of two securities offerings in 2015 that raised approximately $105,000 . Ladenburg was one of the underwriters of the offerings. The complaint alleges, among other things, that the offering materials were misleading in their descriptions of safety results of Phase 3 clinical drug trials for the issuer’s lead drug candidate for myelofibrosis, 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 pending. In August 2017, the parties entered into memorandum of understanding to settle the class action complaint. The memorandum of understanding provides for no contribution from Ladenburg or the other underwriter defendants. Any final settlement agreement is subject to court approval and other customary terms and conditions. In the event that the lawsuit proceeds, Ladenburg intends to vigorously defend against these claims. 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 $7,714 at June 30, 2017 for certain pending matters which are included in accounts payable and accrued liabilities. During the three and six months ended June 30, 2017, the Company charged $4,543 and $4,667 , 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 At June 30, 2017, we were obligated under several non-cancelable lease agreements for office space, which provide for future minimum lease payments aggregating approximately $48,835 , through January 2030. Our Ladenburg subsidiary is obligated under an office lease agreement effective February 1, 2017 at 277 Park Avenue, New York, providing for payments of $3,569 through January 20, 2021, which is included in the amount above. 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. Because the subsidiary has not yet exercised the option to lease the newly-built space, beginning on June 1, 2017, it became required to pay certain holding and operating costs and imputed interest charges in the amount of approximately $25 per month through the earlier of the date the option is exercised and December 31, 2017. If such option is not exercised by December 31, 2017, the subsidiary would be required to pay certain financial penalties.

Off-Balance-Sheet Risk and Conc

Off-Balance-Sheet Risk and Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017, the amount due from these clearing brokers was $55,422 , 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 June 30, 2017, 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	6 Months Ended
	Jun. 30, 2017
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 each of October 2011, November 2014 and November 2016, the board approved an amendment to the repurchase program to permit the repurchase of an additional 5,000,000 shares, 10,000,000 shares and 10,000,000 shares, respectively. Since inception through June 30, 2017, 18,397,874 shares of common stock have been repurchased for $46,887 under the program and have been retired, including the repurchase of 782,874 shares for $1,916 and 897,874 shares for $2,196 during the three and six months ended June 30, 2017, respectively. As of June 30, 2017, 9,102,126 shares remained available for purchase under the program. Stock Compensation Plans As of June 30, 2017, there was $2,790 of unrecognized compensation cost for stock-based compensation related to options. This cost is expected to be recognized over the vesting periods of the options, which on a weighted-average basis are approximately 1.53 years for all grants. On May 12, 2017, the Company reached an agreement with an option holder to voluntarily cancel and terminate an option to purchase 3,000,000 shares of the company's common stock at the per share exercise price of $1.91 in exchange for the Company paying the option holder $850,000 . Options were exercised to purchase 1,569,901 and 1,740,997 shares of the Company’s common stock during the three and six months ended June 30, 2017, respectively, for which the intrinsic value on dates of exercise was $453 and $559 . Restricted stock granted during the six months ended June 30, 2017 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 13, 2017 (2) January 13, 2021 1,190,000 $ 2,844 January 20, 2017 (2) January 20, 2021 301,000 $ 674 April 3, 2017 (3) January 13, 2021 10,000 $ 25,000 May 24, 2017 (2) May 24, 2021 240,000 $ 535,200 June 7, 2017 (2) June 7, 2021 30,000 $ 67,800 1,771,000 $ 631,518 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Vests in four equal installments beginning on January 13, 2018. During the three and six months ended June 30, 2017, no shares of restricted stock were forfeited. As of June 30, 2017, there was $7,308 of unrecognized compensation cost for stock-based compensation related to restricted stock grants, of which $3,658 related to the 2017 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 2.70 years for all grants and approximately 3.33 years for the 2017 grants. Stock-based compensation, including options and restricted stock, attributed to employees was $1,366 and $2,784 for the three and six months ended June 30, 2017. Stock-based compensation for consultants and independent financial advisors was $12 and $23 for the three and six months ended June 30, 2017. In the three and six months ended June 30, 2017, 25,351 and 165,578 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 six months ended June 30, 2017, the Company sold 398,259 shares of Series A Preferred Stock, pursuant to the Company's “at the market” offering programs, which provided total gross proceeds to the Company of $9,911 , before deducting the commission paid to unaffiliated sales agents and offering expenses aggregating $401 and $428 , respectively. During July 2017, the Company sold an additional 12,310 shares of Series A Preferred Stock, which provided total gross proceeds of $305 before deducting selling expenses of $6 . On May 22, 2017, the Company designated an additional 6,554,916 Series A Preferred Stock. For the three and six months ended June 30, 2017, the Company paid dividends of $7,953 and $15,877 , 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	6 Months Ended
	Jun. 30, 2017
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 Six Months Ended 2017 2016 2017 2016 Basic weighted-average shares 192,304,828 180,674,937 192,287,816 181,019,191 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 192,304,828 180,674,937 192,287,816 181,019,191 For the three and six months ended June 30, 2017, options and warrants to purchase 33,923,501 shares of common stock and 3,377,094 unvested 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 six months ended June 30, 2016, options and warrants to purchase 54,003,799 shares of common stock and 2,245,167 unvested restricted shares of common stock were not included in the diluted computation as the effect would have been anti-dilutive.

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2017
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	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has three operating segments. The independent advisory and brokerage 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, and LTAIS, which provides marketing strategies, product expertise, and back-office processing for fixed and equity-indexed annuities. Earnings before interest, taxes, depreciation and amortization, or EBITDA, as adjusted for acquisition-related expense, amortization of retention and forgivable loans, change in fair value of contingent consideration related to acquisitions, 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 six months ended June 30, 2017 and 2016 was as follows: Three Months Ended June 30, 2017 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 280,855 $ 18,011 $ 12,339 $ 331 $ 311,536 Income (loss) before income taxes 5,404 1,829 (1,604 ) (4,442 ) (1) 1,187 EBITDA, as adjusted (3) 13,722 2,219 517 (3,301 ) 13,157 Identifiable assets (2) 421,277 43,733 46,077 27,201 538,288 Depreciation and amortization 5,350 124 1,806 14 7,294 Interest 277 — 171 73 521 Capital expenditures 2,064 143 101 5 2,313 Non-cash compensation 241 157 60 920 1,378 Three Months Ended June 30, 2016 Revenues $ 243,640 $ 12,511 $ 13,418 $ 206 $ 269,775 Income (loss) before income taxes 3,431 (970 ) (618 ) (3,419 ) (1) (1,576 ) EBITDA, as adjusted (3) 11,675 (460 ) 1,488 (2,192 ) 10,511 Identifiable assets (2) 407,989 34,721 55,976 33,385 532,071 Depreciation and amortization 5,239 186 1,799 17 7,241 Interest 808 — 170 194 1,172 Capital expenditures 1,648 120 93 — 1,861 Non-cash compensation 252 135 61 893 1,341 Six Months Ended June 30, 2017 Independent Ladenburg Insurance Brokerage Corporate Total Revenues $ 546,696 $ 29,876 $ 24,640 $ 615 $ 601,827 Income (loss) before income taxes 8,998 1,309 (4,119 ) (9,519 ) (1) (3,331 ) EBITDA, as adjusted (3) 25,457 2,332 74 (7,216 ) 20,647 Identifiable assets (2) 421,277 43,733 46,077 27,201 538,288 Depreciation and amortization 10,800 287 3,610 29 14,726 Interest 513 — 339 146 998 Capital expenditures 4,252 276 134 44 4,706 Non-cash compensation 509 315 122 1,861 2,807 Six Months Ended June 30, 2016 Revenues $ 487,384 $ 23,033 $ 24,742 $ 412 $ 535,571 Income (loss) before income taxes 6,684 (4,112 ) (3,352 ) (7,181 ) (1) (7,961 ) EBITDA, as adjusted (3) 22,719 (3,258 ) 832 (4,709 ) 15,584 Identifiable assets (2) 407,989 34,721 55,976 33,385 532,071 Depreciation and amortization 10,165 361 3,556 34 14,116 Interest 1,651 — 340 388 2,379 Capital expenditures 3,394 120 186 — 3,700 Non-cash compensation 503 271 122 1,800 2,696 (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) The following table reconciles income (loss) before income taxes for the three and six months ended June 30, 2017 and 2016 to EBITDA, as adjusted. Three Months Ended June 30 Six Months Ended June 30 2017 2016 2017 2016 Income (loss) before income taxes $ 1,187 $ (1,576 ) $ (3,331 ) $ (7,961 ) Adjustments: Interest income (98 ) (161 ) (200 ) (295 ) Change in fair value of contingent consideration 63 49 (89 ) 106 Interest expense 521 1,172 998 2,379 Depreciation and amortization 7,294 7,241 14,726 14,116 Non-cash compensation expense 1,378 1,341 2,807 2,696 Amortization of retention and forgivable loans 1,671 1,544 3,262 2,978 Financial advisor recruiting expense 564 356 1,432 677 Acquisition-related expense 89 31 265 67 Loss attributable to noncontrolling interest 3 14 8 32 Other (1) 485 500 769 789 EBITDA, as adjusted $ 13,157 $ 10,511 $ 20,647 $ 15,584 EBITDA, as adjusted Independent Advisory and Brokerage Services $ 13,722 $ 11,675 $ 25,457 $ 22,719 Ladenburg 2,219 (460 ) 2,332 (3,258 ) Insurance Brokerage 517 1,488 74 832 Corporate (3,301 ) (2,192 ) (7,216 ) (4,709 ) Total segments $ 13,157 $ 10,511 $ 20,647 $ 15,584 (1) Includes severance of $ 194 for the three and six months ended June 30, 2017, excise and franchise tax expense of $ 145 and $ 286 for the three and six months ended June 30, 2017 and compensation expense that may be paid in stock of $ 160 and $ 303 for the three and six months ended June 30, 2017, respectively. Includes severance of $ 233 for the three and six months ended June 30, 2016, excise and franchise tax expense of $ 99 and $ 234 for the three and six months ended June 30, 2016 and compensation expense that may be paid in stock of $ 168 and $ 323 for the three and six months ended June 30, 2016.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 8, 2017, the Company's board of directors declared a cash dividend of $0.01 per share on the Company's outstanding common stock to be paid on September 28, 2017 to all shareholders of record on September 15, 2017.

Description of Business and B21

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
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, 2016 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, 2016 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 May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and the International Financial Reporting Standards. ASU 2014-09 will become effective for fiscal years and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for fiscal years and interim periods within those years, beginning after December 15, 2016, the original effective date of the standard. The Company is currently assessing the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is evaluating the effect that this guidance will have on its 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 adopted the amendments in the first quarter of 2017. Prior to adoption of ASU 2016-09, tax attributes related to stock option windfall deductions were not recorded until they resulted in a reduction of cash tax payable. As of December 31, 2016, the tax benefit related to the excluded windfall deductions for federal and state purposes were approximately $4,458 . Upon adoption of ASU 2016-09, the Company recognized the tax benefit related to the excluded windfall deductions as a deferred tax asset with a corresponding offset of $4,446 to valuation allowance. In regards to the forfeiture policy election, the Company is not continuing to estimate the number of awards expected to be forfeited, rather the Company will elect to account for forfeitures as they occur. As of December 31, 2016, additional compensation cost related to the elimination of estimated forfeitures was $63 , net of estimated tax benefit of $12 , which is reflected in the statement of changes in shareholders' equity. No other terms of the adopted guidance resulted in an impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice on how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. LADENBURG THALMANN FINANCIAL SERVICES INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued) (Unaudited; Dollars in thousands, except share and per share amounts) ASU 2016-15 also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. ASU 2016-15 is effective for the Company's fiscal year beginning January 1, 2018. Early adoption is permitted. The standard requires application using a retrospective transition method. The Company is currently assessing the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) ("ASU 2016-18"). ASU 2016-18 provides guidance on the classification of restricted cash to be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. This pronouncement is effective for reporting periods beginning after December 15, 2017 using a retrospective adoption method and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-18 will have on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides that when substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. ASU 2017-01 became effective for transactions beginning in the first quarter of 2017 and is being applied prospectively. The adoption of ASU 2017-01 did not have any impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and applies prospectively. Early adoption is permitted, including in an interim period, for impairment tests performed after January 1, 2017. The Company is currently assessing the impact the adoption of ASU 2017-04 will have on its consolidated financial statements.

Fair Value of Assets and Liab22

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis	The following tables present the carrying values and estimated fair values at June 30, 2017 and December 31, 2016 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. June 30, 2017 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 88,852 $ 88,852 $ — $ 88,852 Receivables from clearing brokers 55,422 — 55,422 55,422 Receivables from other broker-dealers 2,346 — 2,346 2,346 Notes receivables, net (1) 33,923 — 33,923 33,923 Other receivables, net 50,119 — 50,119 50,119 $ 230,662 $ 88,852 $ 141,810 $ 230,662 Liabilities Accrued compensation $ 20,743 $ — $ 20,743 $ 20,743 Commissions and fees payable 61,696 — 61,696 61,696 Accounts payable and accrued liabilities (2) 35,425 — 35,425 35,425 Accrued interest 410 — 410 410 Notes payable, net (3) 30,573 — 28,755 28,755 $ 148,847 $ — $ 147,029 $ 147,029 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $2,777 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed. December 31, 2016 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash and cash equivalents $ 98,930 $ 98,930 $ — $ 98,930 Receivables from clearing brokers 41,492 — 41,492 41,492 Receivables from other broker-dealers 853 — 853 853 Notes receivables, net (1) 32,611 — 32,611 32,611 Other receivables, net 54,634 — 54,634 54,634 $ 228,520 $ 98,930 $ 129,590 $ 228,520 Liabilities Accrued compensation $ 26,299 $ — $ 26,299 $ 26,299 Commissions and fees payable 60,594 — 60,594 60,594 Accounts payable and accrued liabilities (2) 32,732 — 32,732 32,732 Accrued interest 281 — 281 281 Notes payable, net (3) 26,417 — 24,494 24,494 $ 146,323 $ — $ 144,400 $ 144,400 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $7,144 . (3) Estimated fair value based on then current rates at which similar amounts of debt could be borrowed.
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	The following tables presents the financial assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016: June 30, 2017 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 513 $ 513 $ — $ — $ 513 Debt securities 2,454 — 2,454 — 2,454 U.S. Treasury notes 100 — 100 — 100 Common stock and warrants 1,200 335 865 — 1,200 Total $ 4,267 $ 848 $ 3,419 $ — $ 4,267 Liabilites Contingent consideration payable $ 2,777 $ — $ — $ 2,777 $ 2,777 Debt securities (117 ) — (117 ) — (117 ) U.S. Treasury notes (151 ) — (151 ) — (151 ) Common stock and warrants (83 ) (83 ) — — (83 ) Total $ 2,426 $ (83 ) $ (268 ) $ 2,777 $ 2,426 December 31, 2016 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Certificates of deposit $ 443 $ 443 $ — $ — $ 443 Debt securities 1,850 — 1,850 — 1,850 U.S. Treasury notes 101 — 101 — 101 Common stock and warrants 1,149 494 655 — 1,149 Total $ 3,543 $ 937 $ 2,606 $ — $ 3,543 Liabilites Contingent consideration payable $ 7,144 $ — $ — $ 7,144 $ 7,144 Debt securities 25 — 25 — 25 U.S. Treasury notes 96 — 96 — 96 Common stock and warrants 261 261 — — 261 Total $ 7,526 $ 261 $ 121 $ 7,144 $ 7,526
Schedule of Changes in Carrying Value of Contingent Consideration	Set forth below are changes in the carrying value of contingent consideration related to acquisitions, which is included in accounts payable and accrued liabilities: Fair value of contingent consideration as of December 31, 2015 $ 2,813 Payments (827 ) Change in fair value of contingent consideration 216 Fair value of contingent consideration in connection with 2016 acquisitions 4,942 Fair value of contingent consideration as of December 31, 2016 $ 7,144 Payments (1,505 ) Change in fair value of contingent consideration (152 ) Fair value of contingent consideration as of March 31, 2017 $ 5,487 Payments (2,773 ) Change in fair value of contingent consideration 63 Fair value of contingent consideration as of June 30, 2017 $ 2,777

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	At June 30, 2017 and December 31, 2016, intangible assets subject to amortization consisted of the following: June 30, 2017 December 31, 2016 Weighted-Average Estimated Useful Life (years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Technology 7.9 $ 25,563 $ 17,387 $ 25,563 $ 15,754 Relationships with financial advisors 14.7 117,995 45,255 117,995 40,505 Vendor relationships 7 3,613 3,613 3,613 3,613 Covenants not-to-compete 3.9 6,421 5,343 6,421 4,638 Customer accounts 8.3 2,029 2,023 2,029 1,971 Trade names 7.7 16,910 11,131 16,910 10,017 Renewal revenue 7.9 41,381 15,109 41,381 12,481 Relationship with investment banking clients 4 2,586 2,586 2,586 2,586 Leases 6 861 861 861 861 Referral agreement 6.6 124 124 124 119 Other 6 67 67 67 67 Total $ 217,550 $ 103,499 $ 217,550 $ 92,612
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2017, the remaining estimated amortization expense for each of the five succeeding years and thereafter is as follows: Remainder of 2017 $ 10,440 2018 20,462 2019 16,987 2020 15,400 2021 10,687 2022 - 2039 40,075 $ 114,051

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consisted of the following: June 30, December 31, Notes payable to clearing firm under forgivable loans $ 4,285 $ 4,285 Note payable under subsidiary's term loan with bank 7,815 153 Note payable under subsidiary's revolver with bank 392 620 Notes payable by subsidiary to certain former shareholders of Highland 6,738 6,738 Notes payable to KMS' former shareholders, net of $159 a nd $221 of unamortized discount in 2017 and 2016, respectively 2,910 3,852 Notes payable to SSN's former shareholders, net of $488 and $651 of unamortized discount in 2017 and 2016, respectively 8,433 10,769 Total $ 30,573 $ 26,417

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Restricted Stock Granted	Restricted stock granted during the six months ended June 30, 2017 was as follows: Grant Date Final Vesting Date Shares Fair Value (1) January 13, 2017 (2) January 13, 2021 1,190,000 $ 2,844 January 20, 2017 (2) January 20, 2021 301,000 $ 674 April 3, 2017 (3) January 13, 2021 10,000 $ 25,000 May 24, 2017 (2) May 24, 2021 240,000 $ 535,200 June 7, 2017 (2) June 7, 2021 30,000 $ 67,800 1,771,000 $ 631,518 (1) Fair value is calculated using the closing price on the grant date. (2) Vests in four equal annual installments beginning on the first anniversary of the grant date. (3) Vests in four equal installments beginning on January 13, 2018.

Per Share Data (Tables)

Per Share Data (Tables)	6 Months Ended
	Jun. 30, 2017
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 Six Months Ended 2017 2016 2017 2016 Basic weighted-average shares 192,304,828 180,674,937 192,287,816 181,019,191 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 192,304,828 180,674,937 192,287,816 181,019,191

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment information for the three and six months ended June 30, 2017 and 2016 was as follows: Three Months Ended June 30, 2017 Independent Advisory and Brokerage Services Ladenburg Insurance Brokerage Corporate Total Revenues $ 280,855 $ 18,011 $ 12,339 $ 331 $ 311,536 Income (loss) before income taxes 5,404 1,829 (1,604 ) (4,442 ) (1) 1,187 EBITDA, as adjusted (3) 13,722 2,219 517 (3,301 ) 13,157 Identifiable assets (2) 421,277 43,733 46,077 27,201 538,288 Depreciation and amortization 5,350 124 1,806 14 7,294 Interest 277 — 171 73 521 Capital expenditures 2,064 143 101 5 2,313 Non-cash compensation 241 157 60 920 1,378 Three Months Ended June 30, 2016 Revenues $ 243,640 $ 12,511 $ 13,418 $ 206 $ 269,775 Income (loss) before income taxes 3,431 (970 ) (618 ) (3,419 ) (1) (1,576 ) EBITDA, as adjusted (3) 11,675 (460 ) 1,488 (2,192 ) 10,511 Identifiable assets (2) 407,989 34,721 55,976 33,385 532,071 Depreciation and amortization 5,239 186 1,799 17 7,241 Interest 808 — 170 194 1,172 Capital expenditures 1,648 120 93 — 1,861 Non-cash compensation 252 135 61 893 1,341 Six Months Ended June 30, 2017 Independent Ladenburg Insurance Brokerage Corporate Total Revenues $ 546,696 $ 29,876 $ 24,640 $ 615 $ 601,827 Income (loss) before income taxes 8,998 1,309 (4,119 ) (9,519 ) (1) (3,331 ) EBITDA, as adjusted (3) 25,457 2,332 74 (7,216 ) 20,647 Identifiable assets (2) 421,277 43,733 46,077 27,201 538,288 Depreciation and amortization 10,800 287 3,610 29 14,726 Interest 513 — 339 146 998 Capital expenditures 4,252 276 134 44 4,706 Non-cash compensation 509 315 122 1,861 2,807 Six Months Ended June 30, 2016 Revenues $ 487,384 $ 23,033 $ 24,742 $ 412 $ 535,571 Income (loss) before income taxes 6,684 (4,112 ) (3,352 ) (7,181 ) (1) (7,961 ) EBITDA, as adjusted (3) 22,719 (3,258 ) 832 (4,709 ) 15,584 Identifiable assets (2) 407,989 34,721 55,976 33,385 532,071 Depreciation and amortization 10,165 361 3,556 34 14,116 Interest 1,651 — 340 388 2,379 Capital expenditures 3,394 120 186 — 3,700 Non-cash compensation 503 271 122 1,800 2,696 (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) The following table reconciles income (loss) before income taxes for the three and six months ended June 30, 2017 and 2016 to EBITDA, as adjusted. Three Months Ended June 30 Six Months Ended June 30 2017 2016 2017 2016 Income (loss) before income taxes $ 1,187 $ (1,576 ) $ (3,331 ) $ (7,961 ) Adjustments: Interest income (98 ) (161 ) (200 ) (295 ) Change in fair value of contingent consideration 63 49 (89 ) 106 Interest expense 521 1,172 998 2,379 Depreciation and amortization 7,294 7,241 14,726 14,116 Non-cash compensation expense 1,378 1,341 2,807 2,696 Amortization of retention and forgivable loans 1,671 1,544 3,262 2,978 Financial advisor recruiting expense 564 356 1,432 677 Acquisition-related expense 89 31 265 67 Loss attributable to noncontrolling interest 3 14 8 32 Other (1) 485 500 769 789 EBITDA, as adjusted $ 13,157 $ 10,511 $ 20,647 $ 15,584 EBITDA, as adjusted Independent Advisory and Brokerage Services $ 13,722 $ 11,675 $ 25,457 $ 22,719 Ladenburg 2,219 (460 ) 2,332 (3,258 ) Insurance Brokerage 517 1,488 74 832 Corporate (3,301 ) (2,192 ) (7,216 ) (4,709 ) Total segments $ 13,157 $ 10,511 $ 20,647 $ 15,584 (1) Includes severance of $ 194 for the three and six months ended June 30, 2017, excise and franchise tax expense of $ 145 and $ 286 for the three and six months ended June 30, 2017 and compensation expense that may be paid in stock of $ 160 and $ 303 for the three and six months ended June 30, 2017, respectively. Includes severance of $ 233 for the three and six months ended June 30, 2016, excise and franchise tax expense of $ 99 and $ 234 for the three and six months ended June 30, 2016 and compensation expense that may be paid in stock of $ 168 and $ 323 for the three and six months ended June 30, 2

Description of Business and B28

Description of Business and Basis of Presentation - (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit from share based compensation		$ 4,458
Forfeitures for share-based compensation		63
Tax benefit for share-based compensation forfeitures		$ 12
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit related to excluded windfall deductions	$ 4,446

Fair Value of Assets and Liab29

Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned deposited with the Company's subsidiaries clearing broker	$ 3,428	$ 3,161
Securities owned, at fair value	4,267	3,543
Common Stock and Warrants | Warrants to purchase common stock | Level 2
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities owned, at fair value	$ 692	$ 252

Fair Value of Assets and Liab30

Fair Value of Assets and Liabilities (Schedule of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Liabilities
Contingent consideration payable	$ 2,777	$ 7,144
Carrying Value | Fair Value, Measurements, Nonrecurring
Assets
Cash and cash equivalents	88,852	98,930
Notes receivable, net	33,923	32,611
Other receivables, net	50,119	54,634
Total assets	230,662	228,520
Liabilities
Accrued compensation	20,743	26,299
Commissions and fees payable	61,696	60,594
Accounts payable and accrued liabilities	35,425	32,732
Accrued interest	410	281
Notes payable, net	30,573	26,417
Total liabilities	148,847	146,323
Fair Value | Level 2
Liabilities
Notes payable, net	28,755	24,494
Fair Value | Fair Value, Measurements, Nonrecurring
Assets
Cash and cash equivalents	88,852	98,930
Notes receivable, net	33,923	32,611
Other receivables, net	50,119	54,634
Total assets	230,662	228,520
Liabilities
Accrued compensation	20,743	26,299
Commissions and fees payable	61,696	60,594
Accounts payable and accrued liabilities	35,425	32,732
Accrued interest	410	281
Notes payable, net	28,755	24,494
Total liabilities	147,029	144,400
Fair Value | Fair Value, Measurements, Nonrecurring | Level 1
Assets
Cash and cash equivalents	88,852	98,930
Notes receivable, net	0	0
Other receivables, net	0	0
Total assets	88,852	98,930
Liabilities
Accrued compensation	0	0
Commissions and fees payable	0	0
Accounts payable and accrued liabilities	0	0
Accrued interest	0	0
Notes payable, net	0	0
Total liabilities	0	0
Fair Value | Fair Value, Measurements, Nonrecurring | Level 2
Assets
Cash and cash equivalents	0	0
Notes receivable, net	33,923	32,611
Other receivables, net	50,119	54,634
Total assets	141,810	129,590
Liabilities
Accrued compensation	20,743	26,299
Commissions and fees payable	61,696	60,594
Accounts payable and accrued liabilities	35,425	32,732
Accrued interest	410	281
Notes payable, net	28,755	24,494
Total liabilities	147,029	144,400
Receivables from clearing brokers | Carrying Value | Fair Value, Measurements, Nonrecurring
Assets
Receivables	55,422	41,492
Receivables from clearing brokers | Fair Value | Fair Value, Measurements, Nonrecurring
Assets
Receivables	55,422	41,492
Receivables from clearing brokers | Fair Value | Fair Value, Measurements, Nonrecurring | Level 1
Assets
Receivables	0	0
Receivables from clearing brokers | Fair Value | Fair Value, Measurements, Nonrecurring | Level 2
Assets
Receivables	55,422	41,492
Receivables from other broker-dealers | Carrying Value | Fair Value, Measurements, Nonrecurring
Assets
Receivables	2,346	853
Receivables from other broker-dealers | Fair Value | Fair Value, Measurements, Nonrecurring
Assets
Receivables	2,346	853
Receivables from other broker-dealers | Fair Value | Fair Value, Measurements, Nonrecurring | Level 1
Assets
Receivables	0	0
Receivables from other broker-dealers | Fair Value | Fair Value, Measurements, Nonrecurring | Level 2
Assets
Receivables	$ 2,346	$ 853

Fair Value of Assets and Liab31

Fair Value of Assets and Liabilities (Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Value
Assets
Total assets	$ 4,267	$ 3,543
Liabilities
Contingent consideration payable	2,777	7,144
Total liabilities	2,426	7,526
Carrying Value | Debt securities
Assets
Other investments	2,454	1,850
Liabilities
Liabilities	(117)	25
Carrying Value | U.S. Treasury notes
Assets
Other investments	100	101
Liabilities
Liabilities	(151)	96
Carrying Value | Common stock and warrants
Assets
Other investments	1,200	1,149
Liabilities
Liabilities	(83)	261
Fair Value
Assets
Total assets	4,267	3,543
Liabilities
Contingent consideration payable	2,777	7,144
Total liabilities	2,426	7,526
Fair Value | Level 1
Assets
Total assets	848	937
Liabilities
Contingent consideration payable	0	0
Total liabilities	(83)	261
Fair Value | Level 2
Assets
Total assets	3,419	2,606
Liabilities
Contingent consideration payable	0	0
Total liabilities	(268)	121
Fair Value | Level 3
Assets
Total assets	0	0
Liabilities
Contingent consideration payable	2,777	7,144
Total liabilities	2,777	7,144
Fair Value | Debt securities
Assets
Other investments	2,454	1,850
Liabilities
Liabilities	(117)	25
Fair Value | Debt securities | Level 1
Assets
Other investments	0	0
Liabilities
Liabilities	0	0
Fair Value | Debt securities | Level 2
Assets
Other investments	2,454	1,850
Liabilities
Liabilities	(117)	25
Fair Value | Debt securities | Level 3
Assets
Other investments	0	0
Liabilities
Liabilities	0	0
Fair Value | U.S. Treasury notes
Assets
Other investments	100	101
Liabilities
Liabilities	(151)	96
Fair Value | U.S. Treasury notes | Level 1
Assets
Other investments	0	0
Liabilities
Liabilities	0	0
Fair Value | U.S. Treasury notes | Level 2
Assets
Other investments	100	101
Liabilities
Liabilities	(151)	96
Fair Value | U.S. Treasury notes | Level 3
Assets
Other investments	0	0
Liabilities
Liabilities	0	0
Fair Value | Common stock and warrants
Assets
Other investments	1,200	1,149
Liabilities
Liabilities	(83)	261
Fair Value | Common stock and warrants | Level 1
Assets
Other investments	335	494
Liabilities
Liabilities	(83)	261
Fair Value | Common stock and warrants | Level 2
Assets
Other investments	865	655
Liabilities
Liabilities	0	0
Fair Value | Common stock and warrants | Level 3
Assets
Other investments	0	0
Liabilities
Liabilities	0	0
Certificates of deposit | Carrying Value
Assets
Cash and cash equivalents	513	443
Certificates of deposit | Fair Value
Assets
Cash and cash equivalents	513	443
Certificates of deposit | Fair Value | Level 1
Assets
Cash and cash equivalents	513	443
Certificates of deposit | Fair Value | Level 2
Assets
Cash and cash equivalents	0	0
Certificates of deposit | Fair Value | Level 3
Assets
Cash and cash equivalents	$ 0	$ 0

Fair Value of Assets and Liab32

Fair Value of Assets and Liabilities (Schedule of Changes in Carrying Value of Contingent Consideration) (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance of contingent consideration	$ 5,487	$ 7,144	$ 2,813
Payments	(2,773)	(1,505)	(827)
Change in fair value of contingent consideration	63	(152)	216
Fair value of contingent consideration in connection with acquisition			4,942
Ending balance of contingent consideration	$ 2,777	$ 5,487	$ 7,144

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject To Amortization (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	8 years 9 months 80 days
Gross Carrying Amount	$ 217,550	$ 217,550
Accumulated Amortization	$ 103,499	92,612
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	$ 17,387	15,754
Relationships with financial advisors
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	14 years 8 months 12 days
Gross Carrying Amount	$ 117,995	117,995
Accumulated Amortization	$ 45,255	40,505
Vendor relationships
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	7 years
Gross Carrying Amount	$ 3,613	3,613
Accumulated Amortization	$ 3,613	3,613
Covenants not-to-compete
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	3 years 10 months 24 days
Gross Carrying Amount	$ 6,421	6,421
Accumulated Amortization	$ 5,343	4,638
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	$ 2,023	1,971
Trade names
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	$ 11,131	10,017
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	$ 15,109	12,481
Relationship with investment banking clients
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	4 years
Gross Carrying Amount	$ 2,586	2,586
Accumulated Amortization	$ 2,586	2,586
Leases
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years
Gross Carrying Amount	$ 861	861
Accumulated Amortization	$ 861	861
Referral agreement
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years 7 months 6 days
Gross Carrying Amount	$ 124	124
Accumulated Amortization	$ 124	119
Other
Indefinite-lived Intangible Assets [Line Items]
Weighted-Average Estimated Useful Life (years)	6 years
Gross Carrying Amount	$ 67	67
Accumulated Amortization	$ 67	$ 67

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,887	$ 10,326
Weighted-Average Estimated Useful Life (years)	8 years 9 months 80 days

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2017	$ 10,440
2,018	20,462
2,019	16,987
2,020	15,400
2,021	10,687
2022 - 2039	40,075
Estimated amortization expense	$ 114,051

Net Capital Requirements (Detai

Net Capital Requirements (Details)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	$ 357,101,000	$ 362,474,000
Securities America
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Regulatory net capital	11,052,000
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	7,039,000
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	7,242,000
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	6,282,000
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	23,425,000
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	846,000
Regulatory net capital	5,843,000
Alternative excess amount over net capital requirement	$ 4,997,000
Indebtedness to net capital	2.17
Securities Service Network, Inc. (SSN) | Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Alternative minimum net capital requirement	$ 846,000
Premier
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Stockholder's equity	1,934,000
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	Dec. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective tax rate				33.00%
Income tax provision (benefit)		$ (138)	$ 16,225	$ (977)	$ 7,456
Pre-tax income (loss)		$ 1,187	(1,576)	(3,331)	(7,961)
Other tax expense (benefit)	$ 6,009
Discrete deferred expense (benefit)	$ (921)			$ (1,340)	$ 6,460
Cumulative tax adjustment			$ 10,667

Notes Payable - Components of N

Notes Payable - Components of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total	$ 30,573	$ 26,417
Unamortized discount	647	872
Notes payable to KMS' former shareholders, net of $159 and $221 of unamortized discount in 2017 and 2016, respectively
Debt Instrument [Line Items]
Unamortized discount	159	221
Notes payable to SSN's former shareholders, net of $488 and $651 of unamortized discount in 2017 and 2016, respectively
Debt Instrument [Line Items]
Unamortized discount	488	651
Notes Payable | Notes payable to clearing firm under forgivable loans
Debt Instrument [Line Items]
Long-term debt	4,285	4,285
Notes Payable | Note payable under subsidiary's term loan with bank
Debt Instrument [Line Items]
Long-term debt	7,815	153
Notes Payable | Note payable under subsidiary's revolver with bank
Debt Instrument [Line Items]
Long-term debt	392	620
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, net of $159 and $221 of unamortized discount in 2017 and 2016, respectively
Debt Instrument [Line Items]
Long-term debt	2,910	3,852
Notes Payable | Notes payable to SSN's former shareholders, net of $488 and $651 of unamortized discount in 2017 and 2016, respectively
Debt Instrument [Line Items]
Long-term debt	$ 8,433	$ 10,769

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	Apr. 21, 2017	Mar. 09, 2016	Jun. 30, 2017	Dec. 31, 2016
Securities America | Amended and Restated Loan Agreement | Term Loan
Line of Credit Facility [Line Items]
Face amount of debt	$ 8,000,000
Interest rate	5.75%
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 | Securities America | Amended and Restated Loan Agreement | Line of Credit
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Availability under revolving credit facility			1,000,000
Fair Value | Level 2
Line of Credit Facility [Line Items]
Notes payable, net			$ 28,755,000	$ 24,494,000

Commitments and Contingencies (

Commitments and Contingencies (Detail)	Apr. 01, 2017USD ($)	Mar. 28, 2016USD ($)	Jul. 31, 2017USD ($)	Nov. 30, 2016USD ($)security_offering	Oct. 31, 2013plaintiff	Jan. 31, 2015USD ($)note_offeringplaintiffclaim	Jun. 30, 2017USD ($)	Jul. 31, 2016USD ($)claim	Jun. 30, 2017USD ($)claim
Loss Contingencies [Line Items]
Number of prior note offerings | note_offering						3
Loss contingency accrual, product liability							$ 7,714,000		$ 7,714,000
Loss contingency in period							4,543,000		4,667,000
Future minimum payments due							48,835,000		$ 48,835,000
Reduction in future payments	$ 0
Subsidiaries
Loss Contingencies [Line Items]
Office space lease term		12 years
Estimated annual rent expense		$ 1,811,000
Financial penalties due to lease obligation		$ 25,000
Securities America
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff					3
Ladenburg
Loss Contingencies [Line Items]
New claims filed, number | claim								5	5
Damages sought by plaintiff								$ 5,500,000
Future minimum payments due							$ 3,569,000		$ 3,569,000
Settled Litigation | KMS Financial Services, Inc. (KMS) | Subsequent Event
Loss Contingencies [Line Items]
Disgorgement			$ 383,000
Litigation settlement expense			$ 100,000
Convertible Notes Payable
Loss Contingencies [Line Items]
Proceeds from issuance Public Offering						$ 300,000
Common Stock
Loss Contingencies [Line Items]
Proceeds from issuance Public Offering						$ 1,656,000
Compensatory damages
Loss Contingencies [Line Items]
New claims filed, number | claim						2
Number of plaintiffs | plaintiff						17
Compensatory damages | Ladenburg
Loss Contingencies [Line Items]
Number of security offerings | security_offering				2
Damages sought by plaintiff				$ 105,000,000
Compensatory damages | ARCP July 2013 Offering
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff						8

Off-Balance-Sheet Risk and Co41

Off-Balance-Sheet Risk and Concentration of Credit Risk (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)clearing_broker	Dec. 31, 2016USD ($)
Risks and Uncertainties [Abstract]
Number of clearing brokers | clearing_broker	3
Receivables from clearing broker | $	$ 55,422	$ 41,492

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	May 12, 2017	Jul. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	May 22, 2017	Dec. 31, 2016	Nov. 30, 2016	May 18, 2016	May 17, 2016	Nov. 30, 2014	Oct. 31, 2011	Mar. 31, 2007
Capital Unit [Line Items]
Shares authorized for repurchase (in shares) (up to)										10,000,000			10,000,000		2,500,000
Shares authorized for additional repurchase (in shares)														5,000,000
Repurchase and retirement of common stock (in shares)			782,874		897,874		18,397,874
Repurchase and retirement of common stock					$ 2,581,000		$ 46,887,000
Shares repurchased, value			$ 1,916,000		$ 2,196,000
Shares available for purchase (in shares)			9,102,126		9,102,126		9,102,126
Payment to option holder	$ 850,000
Non-cash compensation expense			$ 1,378,000	$ 1,341,000	$ 2,807,000	$ 2,696,000
Shares surrendered for tax withholdings (in shares)					145,920
Preferred stock, shares authorized (in shares)			50,000,000		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		1,000,000,000	800,000,000
Issuance of Series A preferred stock					$ 9,483,000	$ 8,777,000
Series A Preferred Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (in shares)			23,844,916		23,844,916		23,844,916	6,554,916	17,290,000
Preferred shares sold in period			398,259		398,259
Issuance of Series A preferred stock			$ 9,911,000
Commission paid			401,000		$ 428,000
Dividends paid			7,953,000		$ 15,877,000
Dividends paid per share on monthly basis (in USD per share)					$ 0.1667
Employees
Capital Unit [Line Items]
Non-cash compensation expense					$ 2,784,000
Options
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation			$ 2,790,000		$ 2,790,000		$ 2,790,000
Unrecognized compensation cost for stock based compensation, period of recognition					1 year 6 months 12 days
Options voluntarily canceled and terminated	3,000,000
Exercise price per share	$ 1.91
Purchase of shares (in shares)			1,569,901		1,740,997
Intrinsic value of options exercised			$ 453,000		$ 559,000
Restricted shares
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation			$ 7,308,000		$ 7,308,000		7,308,000
Unrecognized compensation cost for stock based compensation, period of recognition					2 years 8 months 12 days
Restricted stock forfeited (in shares)			0		0
Restricted shares | Employees
Capital Unit [Line Items]
Non-cash compensation expense			$ 1,366,000		$ 2,784,000
Restricted shares | Consultants and Independent Financial Advisors
Capital Unit [Line Items]
Non-cash compensation expense			12,000		23,000
Restricted shares | Awards Granted in 2017
Capital Unit [Line Items]
Unrecognized compensation cost for stock based compensation			$ 3,658,000		$ 3,658,000		$ 3,658,000
Unrecognized compensation cost for stock based compensation, period of recognition					3 years 3 months 29 days
Options, Warrants, and Other
Capital Unit [Line Items]
Shares surrendered for tax withholdings (in shares)			25,351		165,578
Subsequent Event | Series A Preferred Stock
Capital Unit [Line Items]
Preferred shares sold in period		12,310
Issuance of Series A preferred stock		$ 305,000
Commission paid		$ 6,000

Shareholders' Equity - Restrict

Shareholders' Equity - Restricted Stock (Details) - Restricted shares $ in Thousands	Jun. 07, 2017USD ($)shares	May 24, 2017USD ($)shares	Apr. 03, 2017USD ($)shares	Jan. 20, 2017USD ($)shares	Jan. 13, 2017USD ($)shares	Jun. 30, 2017USD ($)installmentshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares | shares	30,000	240,000	10,000	301,000	1,190,000	1,771,000
Fair Value | $	$ 67,800	$ 535,200	$ 25,000	$ 674	$ 2,844	$ 631,518
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic weighted-average shares	192,304,828	180,674,937	192,287,816	181,019,191
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	192,304,828	180,674,937	192,287,816	181,019,191

Per Share Data - (Narrative) (D

Per Share Data - (Narrative) (Details) - shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
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)	33,923,501	54,003,799
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,377,094	2,245,167

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - Arbor Point Advisors, LLC	Jun. 30, 2017
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
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment Information - Segment I

Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 311,536	$ 269,775	$ 601,827	$ 535,571
Income (loss) before income taxes	1,187	(1,576)	(3,331)	(7,961)
EBITDA, as adjusted	13,157	10,511	20,647	15,584
Identifiable assets	538,288	532,071	538,288	532,071	$ 546,003
Depreciation and amortization	7,294	7,241	14,726	14,116
Interest	521	1,172	998	2,379
Capital expenditures	2,313	1,861	4,706	3,700
Non-cash compensation	1,378	1,341	2,807	2,696
Corporate
Segment Reporting Information [Line Items]
Revenues	331	206	615	412
Income (loss) before income taxes	(4,442)	(3,419)	(9,519)	(7,181)
EBITDA, as adjusted	(3,301)	(2,192)	(7,216)	(4,709)
Identifiable assets	27,201	33,385	27,201	33,385
Depreciation and amortization	14	17	29	34
Interest	73	194	146	388
Capital expenditures	5	0	44	0
Non-cash compensation	920	893	1,861	1,800
Independent Advisory and Brokerage Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	280,855	243,640	546,696	487,384
Income (loss) before income taxes	5,404	3,431	8,998	6,684
EBITDA, as adjusted	13,722	11,675	25,457	22,719
Identifiable assets	421,277	407,989	421,277	407,989
Depreciation and amortization	5,350	5,239	10,800	10,165
Interest	277	808	513	1,651
Capital expenditures	2,064	1,648	4,252	3,394
Non-cash compensation	241	252	509	503
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
Revenues	18,011	12,511	29,876	23,033
Income (loss) before income taxes	1,829	(970)	1,309	(4,112)
EBITDA, as adjusted	2,219	(460)	2,332	(3,258)
Identifiable assets	43,733	34,721	43,733	34,721
Depreciation and amortization	124	186	287	361
Interest	0	0	0	0
Capital expenditures	143	120	276	120
Non-cash compensation	157	135	315	271
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
Revenues	12,339	13,418	24,640	24,742
Income (loss) before income taxes	(1,604)	(618)	(4,119)	(3,352)
EBITDA, as adjusted	517	1,488	74	832
Identifiable assets	46,077	55,976	46,077	55,976
Depreciation and amortization	1,806	1,799	3,610	3,556
Interest	171	170	339	340
Capital expenditures	101	93	134	186
Non-cash compensation	$ 60	$ 61	$ 122	$ 122

Segment Information - Reconcili

Segment Information - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Income (loss) before income taxes	$ 1,187	$ (1,576)	$ (3,331)	$ (7,961)
Interest income	(98)	(161)	(200)	(295)
Change in fair value of contingent consideration	63	49	(89)	106
Interest	521	1,172	998	2,379
Depreciation and amortization	7,294	7,241	14,726	14,116
Non-cash compensation expense	1,378	1,341	2,807	2,696
Amortization of retention and forgivable loans	1,671	1,544	3,262	2,978
Financial advisor recruiting expense	564	356	1,432	677
Acquisition-related expense	89	31	265	67
Loss attributable to noncontrolling interest	3	14	8	32
Other	485	500	769	789
EBITDA, as adjusted	13,157	10,511	20,647	15,584
Loss On Severance			194	233
Non-cash compensation expense	1,378	1,341	2,807	2,696
Sublease write off			(14)
Corporate
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(4,442)	(3,419)	(9,519)	(7,181)
Interest	73	194	146	388
Depreciation and amortization	14	17	29	34
EBITDA, as adjusted	(3,301)	(2,192)	(7,216)	(4,709)
Non-cash compensation expense	920	893	1,861	1,800
Independent Advisory and Brokerage Services | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	5,404	3,431	8,998	6,684
Interest	277	808	513	1,651
Depreciation and amortization	5,350	5,239	10,800	10,165
EBITDA, as adjusted	13,722	11,675	25,457	22,719
Non-cash compensation expense	241	252	509	503
Ladenburg | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	1,829	(970)	1,309	(4,112)
Interest	0	0	0	0
Depreciation and amortization	124	186	287	361
EBITDA, as adjusted	2,219	(460)	2,332	(3,258)
Non-cash compensation expense	157	135	315	271
Insurance Brokerage | Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(1,604)	(618)	(4,119)	(3,352)
Interest	171	170	339	340
Depreciation and amortization	1,806	1,799	3,610	3,556
EBITDA, as adjusted	517	1,488	74	832
Non-cash compensation expense	60	61	122	122
Other Adjustments to Income
Segment Reporting Information [Line Items]
Loss On Severance	194	233
Excise and franchise tax expense	145	99	286	234
Non-cash compensation expense	$ 160	$ 168	$ 303	$ 323

Subsequent Events - (Details)

Subsequent Events - (Details)	Aug. 08, 2017$ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock cash dividend (in dollars per share)	$ 0.01