Rcs Capital (RCAPQ) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014	Aug. 14, 2014
		Common Class A	Common Class B
Document Information [Line Items]	'	'	'
Entity Registrant Name	'RCS Capital Corp	'	'
Entity Central Index Key	'0001568832	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Document Type	'10-Q	'	'
Document Period End Date	30-Jun-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q2	'	'
Amendment Flag	'false	'	'
Entity Common Stock, Shares Outstanding	'	65,272,174	1

Consolidated_Statements_of_Fin

Consolidated Statements of Financial Condition (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$443,113	$70,059
Restricted cash	26,000	0
Cash and securities segregated under federal and other regulations	5,999	0
Available-for-sale securities	445	8,528
Trading securities	9,661	7,708
Selling commission and dealer manager fees	'	'
Due from related parties	1,579	1,072
Due from non-related parties	77,181	13,565
Reimbursable expenses receivable:	'	'
Due from related parties	13,439	18,772
Due from non-related parties	193	584
Receivable from customers	18,243	0
Investment banking fees receivable:	'	'
Due from related parties	2,466	21,420
Due from non-related parties	3,375	0
Receivables from broker, dealers, clearing organizations and other	13,421	4,383
Due from RCAP Holdings and other related parties	913	8,151
Prepaid expenses	15,952	4,139
Property and equipment (net of accumulated depreciation of $1,933 and $350, respectively)	23,005	1,883
Deferred compensation plan investments	79,611	0
Notes receivable (net of allowance of $739 and $424, respectively)	66,342	13,270
Deferred financing fees	31,036	0
Intangible assets (net of accumulated amortization of $17,424 and $1,892)	1,114,716	83,005
Goodwill	395,242	79,986
Other assets	47,364	0
Total assets	2,389,296	336,525
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Payable to customers	20,805	0
Payable to broker-dealers	20,639	1,259
Commissions payable	98,598	12,081
Accrued expenses	'	'
Due to related parties	3,265	5,894
Due to non-related parties	67,182	36,961
Deferred revenue	13,994	4,169
Derivative contracts	94,327	0
Other liabilities	42,073	758
Deferred compensation plan accrued liabilities	79,030	0
Net deferred tax liability	286,819	23,567
Contingent and deferred consideration	48,889	2,180
Long-term debt	818,703	33,302
Total liabilities	1,594,324	120,171
Convertible preferred stock $0.001 par value, 100,000,000 shares authorized, 14,657,980 issued and outstanding as of June 30, 2014, and no shares authorized, issued and outstanding as of December 31, 2013	275,510	0
Additional paid-in capital	509,191	180,528
Accumulated other comprehensive loss	7	-46
Retained earnings	0	1,164
Total stockholdersb equity	509,261	181,684
Non-controlling interest	10,201	34,670
Total liabilities, mezzanine and stockholdersb equity	2,389,296	336,525
Common Class A	'	'
Accrued expenses	'	'
Common stock	63	14
Common Class B	'	'
Accrued expenses	'	'
Common stock	$0	$24

Consolidated_Statements_of_Fin1

Consolidated Statements of Financial Condition (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified			Common Class A	Common Class A	Common Class B	Common Class B
Restricted cash	$26,000	$0	'	'	'	'
Property and equipment, accumulated depreciation	1,933	350	'	'	'	'
Notes receivable, allowance for credit losses	739	424	'	'	'	'
Intangible assets, accumulated amortization	$17,424	$1,892	'	'	'	'
Convertible preferred, par value (in dollars per share)	$0.00	$0.00	'	'	'	'
Convertible preferred, shares authorized (in shares)	100,000,000	0	'	'	'	'
Convertible preferred, shares issued (in shares)	14,657,980	0	'	'	'	'
Convertible preferred, shares outstanding (in shares)	14,657,980	0	'	'	'	'
Common stock, par value (in dollars per share)	'	'	$0.00	$0.00	$0.00	$0.00
Common stock, shares authorized (in shares)	'	'	100,000,000	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	'	'	63,209,261	13,764,929	1	24,000,000
Common stock, shares outstanding (in shares)	'	'	63,209,261	13,764,929	1	24,000,000

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Selling commissions:	'	'	'	'
Related party products	$169,591	$103,754	$262,011	$228,314
Non-related party products	2	32,215	159	41,389
Dealer manager fees:	'	'	'	'
Related party products	78,632	67,878	123,070	140,695
Non-related party products	0	16,831	72	21,406
Retail commissions	169,805	0	223,118	0
Investment banking fees:	'	'	'	'
Related party products	17,677	4,480	49,409	7,970
Non-related party products	3,375	0	3,375	0
Advisory and asset-based fees (non-related party)	102,881	0	137,025	0
Transfer agency revenue (related party products)	5,638	2,351	9,024	2,930
Services revenue:	'	'	'	'
Related party products	12,081	2,099	20,181	4,694
Non-related party products	86	204	166	300
Reimbursable expenses receivable:	'	'	'	'
Related party products	1,819	190	7,870	920
Non-related party products	32	5	62	15
Other	76,806	9	82,843	14
Total revenues	638,425	230,016	918,385	448,647
Wholesale commissions:	'	'	'	'
Related party products	141,724	103,757	234,151	228,319
Non-related party products	2	32,215	152	41,389
Wholesale reallowance:	'	'	'	'
Related party products	21,623	16,574	35,616	35,597
Non-related party products	0	5,129	28	6,631
Retail commissions and advisory	253,132	0	321,602	0
Internal commissions, payroll and benefits	74,736	30,754	117,985	58,528
Conferences and seminars	7,441	7,238	13,459	12,219
Travel	1,557	1,069	3,720	2,046
Marketing and advertising	6,630	1,761	10,682	3,221
Professional fees:	'	'	'	'
Related party expense allocations	588	962	1,271	1,790
Non-related party expenses	8,107	0	12,149	0
Data processing	8,365	1,892	11,985	2,343
Quarterly fee (related party)	247	678	2,029	678
Acquisition-related costs	6,545	0	13,262	0
Interest expense	12,706	0	12,930	0
Occupancy	6,324	724	9,616	1,580
Depreciation and amortization	15,530	37	17,546	70
Service, sub-advisor and mutual fund expense	5,117	0	7,105	0
Outperformance bonus (related party)	2,559	105	9,709	105
Other related party expense allocations	825	517	1,496	780
Other non-related party expenses	5,355	0	7,528	0
Total expenses	579,113	203,412	844,021	395,296
Income before taxes	59,312	26,604	74,364	53,351
Provision for income taxes	10,840	160	13,743	160
Net income	48,472	26,444	60,621	53,191
Less: net income attributable to non-controlling interests	256	26,242	9,120	52,989
Less: preferred dividends and deemed dividend	198,077	0	198,077	0
Net (loss) income attributable to Class A common stockholders	($149,861)	$202	($146,576)	$202
Per Share Data	'	'	'	'
Basic earnings per share (in dollars per share)	($3.49)	$0.08	($4.21)	$0.08
Diluted earnings per share (in dollars per share)	($3.59)	$0.08	($4.53)	$0.08
Weighted average number of shares outstanding, basic	43,030,018	2,500,000	34,975,636	2,500,000
Weighted average number of shares outstanding, diluted	48,295,269	2,500,000	37,622,806	2,500,000
Cash dividend declared per common share	$0.18	$0.18	$0.36	$0.18

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$48,472	$26,444	$60,621	$53,191
Other comprehensive income, net of tax:	'	'	'	'
Unrealized gain on available-for-sale securities	92	61	508	61
Total other comprehensive income, net of tax	92	61	508	61
Total comprehensive income	48,564	26,505	61,129	53,252
Less: Net comprehensive income attributable to non-controlling interests	256	26,297	9,575	53,044
Less: preferred dividends and deemed dividend	198,077	0	198,077	0
Net comprehensive income attributable to stockholders	($149,769)	$208	($146,523)	$208

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders' Equity (USD $)

Total

Additional Paid-in Capital

Retained Deficit

Accumulated Other Comprehensive Income

Parent

Noncontrolling Interest

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class B

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

LTIP Units

LTIP Units

IPO

IPO

IPO

IPO

IPO

Private Placement

Private Placement

Private Placement

Private Placement

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

In Thousands, except Share data, unless otherwise specified

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Common Stock

Additional Paid-in Capital

Retained Deficit

Restricted Stock

Common Stock

USD ($)

Additional Paid-in Capital

Retained Deficit

Parent

USD ($)

Noncontrolling Interest

USD ($)

Additional Paid-in Capital

Parent

Common Class A

Common Class A

USD ($)

Additional Paid-in Capital

Parent

Common Class A

USD ($)

Additional Paid-in Capital

Parent

Common Class A

USD ($)

Additional Paid-in Capital

Parent

Common Class A

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Common Stock

USD ($)

USD ($)

Common Stock

USD ($)

USD ($)

Common Stock

USD ($)

USD ($)

Common Stock

USD ($)

USD ($)

Beginning Balance at Dec. 31, 2012

$0

$0

$0

$0

$0

$0

'

$0

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance, Shares at Dec. 31, 2012

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

-165

'

-165

'

-165

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Jun. 09, 2013

-165

'

-165

'

-165

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance, Shares at Jun. 09, 2013

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Jun. 10, 2013

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance at Jun. 09, 2013

-165

0

-165

0

-165

0

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance, Shares at Jun. 09, 2013

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,030

43,027

43,030

'

3

'

'

'

'

'

'

'

'

'

'

'

'

Reorganization, Shares

'

'

'

'

'

'

'

'

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reorganization

33,695

'

165

'

189

33,506

'

'

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity-based compensation (OPP)

105

105

'

'

105

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain on available-for-sale securities, net of tax

61

'

'

6

6

55

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

5,737

'

202

'

202

5,535

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions to non-controlling interests

-13,590

'

'

'

'

-13,590

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Dividend equivalents on Restricted Stock

-450

-248

-202

'

-450

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Jun. 30, 2013

68,423

42,884

0

6

42,917

25,506

'

3

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance, Shares at Jun. 30, 2013

'

'

'

'

'

'

'

2,500,000

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance at Dec. 31, 2013

216,354

180,528

1,164

-46

181,684

34,670

'

14

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance, Shares at Dec. 31, 2013

'

'

'

'

'

'

'

13,764,929

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity-based compensation (OPP)

210

'

'

'

'

210

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain on available-for-sale securities, net of tax

502

'

'

47

47

455

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

9,757

'

917

'

917

8,840

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Feb. 10, 2014

226,823

'

2,081

1

182,648

44,175

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance at Dec. 31, 2013

216,354

180,528

'

'

'

'

'

14

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance, Shares at Dec. 31, 2013

'

'

'

'

'

'

'

13,764,929

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain on available-for-sale securities, net of tax

508

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

60,621

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Dividend equivalents on Restricted Stock

'

'

'

'

'

'

'

'

'

'

'

'

-100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Jun. 30, 2014

519,462

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance at Feb. 10, 2014

226,823

180,528

2,081

1

182,648

44,175

'

14

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning Balance, Shares at Feb. 10, 2014

'

'

'

'

'

'

'

13,764,929

'

'

'

24,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

23,999,999

'

'

2,366,703

-23,999,999

'

'

'

'

'

'

'

'

'

'

19,870,248

'

'

'

'

'

'

'

498,884

'

'

'

239,362

Issuance of common stock

1,203

44,676

[1]

'

'

44,676

-43,473

'

24

'

'

3

-24

8,974

14,214

-5,243

8,974

'

'

373,871

373,851

373,871

'

20

47,727

47,725

47,727

2

10,431

10,431

10,431

'

4,860

4,860

4,860

'

Equity-based compensation (OPP)

9,499

'

'

'

'

9,499

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain on available-for-sale securities, net of tax

6

'

'

6

6

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

-147,213

-161,997

14,504

'

-147,493

280

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions to non-controlling interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-280

-280

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Dividend equivalents on Restricted Stock

'

'

'

'

-15,728

'

-15,728

'

-4,770

-10,958

'

'

-711

-327

-384

-711

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance at Jun. 30, 2014

$519,462

$509,191

$0

$7

$509,261

$10,201

'

$63

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance, Shares at Jun. 30, 2014

'

'

'

'

'

'

'

63,209,261

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Includes deferred tax impact of $1.2 million due to the Exchange.

Consolidated_Statements_of_Sto1

Consolidated Statements of Stockholders' Equity (Parenthetical) (Exchange Transaction, Additional Paid-in Capital, USD $)	Feb. 10, 2014
In Millions, unless otherwise specified
Exchange Transaction | Additional Paid-in Capital	'
Deferred tax impact	$1.20

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)

6 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Cetera Financial Group

Cetera Financial Group

Summit Financial Services Group

Summit Financial Services Group

Hatteras Funds Group

Hatteras Funds Group

JP Turner & Company, LLC

JP Turner & Company, LLC

SK Research

SK Research

Cash flows from operating activities:

'

'

'

'

'

'

'

'

'

'

'

'

Net income

$60,621

$53,191

'

'

'

'

'

'

'

'

'

'

Adjustments to reconcile net income to net cash provided by operating activities:

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation

2,014

70

'

'

'

'

'

'

'

'

'

'

Amortization

15,532

0

'

'

'

'

'

'

'

'

'

'

Equity-based compensation

18,683

105

'

'

'

'

'

'

'

'

'

'

Deferred income taxes

2,465

0

'

'

'

'

'

'

'

'

'

'

Gain on the sale of available-for-sale securities

-171

0

'

'

'

'

'

'

'

'

'

'

Deferred income tax on the unrealized gain on available-for-sale securities

0

-111

'

'

'

'

'

'

'

'

'

'

Deferred income tax impact due to Exchange Transaction

-1,203

0

'

'

'

'

'

'

'

'

'

'

Unrealized gain on derivative contracts

-58,452

0

'

'

'

'

'

'

'

'

'

'

Unrealized gain on available-for-sale securities

135

0

'

'

'

'

'

'

'

'

'

'

Other

368

0

'

'

'

'

'

'

'

'

'

'

Increase (decrease) resulting from changes in:

'

'

'

'

'

'

'

'

'

'

'

'

Cash and securities segregated under federal and other regulations

2,000

0

'

'

'

'

'

'

'

'

'

'

Trading securities

-1,209

0

'

'

'

'

'

'

'

'

'

'

Fees and commissions receivable:

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties

-507

-329

'

'

'

'

'

'

'

'

'

'

Due from non-related parties

-16,109

-409

'

'

'

'

'

'

'

'

'

'

Reimbursable expenses receivable:

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties

5,333

-3,885

'

'

'

'

'

'

'

'

'

'

Due from non-related parties

391

-577

'

'

'

'

'

'

'

'

'

'

Receivable from customers

-8,220

0

'

'

'

'

'

'

'

'

'

'

Investment banking fees receivable:

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties

18,954

-2,807

'

'

'

'

'

'

'

'

'

'

Due from non-related parties

-3,375

0

'

'

'

'

'

'

'

'

'

'

Receivables from broker, dealers, clearing organizations and other

-5,208

0

'

'

'

'

'

'

'

'

'

'

Due from RCAP Holdings and related parties

7,238

-787

'

'

'

'

'

'

'

'

'

'

Prepaid expenses

6,018

-639

'

'

'

'

'

'

'

'

'

'

Change in notes receivable

-3,619

0

'

'

'

'

'

'

'

'

'

'

Payable to customers

-6,588

0

'

'

'

'

'

'

'

'

'

'

Payable to broker-dealers

17,507

4,334

'

'

'

'

'

'

'

'

'

'

Commissions payable

18,610

0

'

'

'

'

'

'

'

'

'

'

Accrued expenses and accounts payable:

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties

-2,629

1,670

'

'

'

'

'

'

'

'

'

'

Due from non-related parties

-28,916

6,947

'

'

'

'

'

'

'

'

'

'

Deferred revenue

-48,855

4,082

'

'

'

'

'

'

'

'

'

'

Other assets and liabilities, net

-36,488

949

'

'

'

'

'

'

'

'

'

'

Net cash (used) provided by operating activities

-43,274

61,804

'

'

'

'

'

'

'

'

'

'

Cash flows from investing activities:

'

'

'

'

'

'

'

'

'

'

'

'

Purchases of available-for-sale securities

-215

-10,000

'

'

'

'

'

'

'

'

'

'

Proceeds from the sale of available-for-sale securities

9,013

0

'

'

'

'

'

'

'

'

'

'

Payment of contingent consideration

-507

0

'

'

'

'

'

'

'

'

'

'

Purchase of property and equipment

-2,221

-311

'

'

'

'

'

'

'

'

'

'

Proceeds from the written put option

21,216

0

'

'

'

'

'

'

'

'

'

'

Change in restricted cash

-26,000

0

'

'

'

'

'

'

'

'

'

'

Payments to acquire businesses, net of cash acquired

'

'

-891,101

0

-33,374

0

-29,195

0

-2,615

0

-10,092

0

Net cash used in investing activities

-965,091

-10,311

'

'

'

'

'

'

'

'

'

'

Cash flows from financing activities:

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from the issuance of term loans

685,633

0

'

'

'

'

'

'

'

'

'

'

Payments on long-term debt

-1,352

0

'

'

'

'

'

'

'

'

'

'

Net proceeds from the issuance of convertible notes (including embedded derivative)

83,551

0

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of convertible preferred stock (including embedded derivative)

197,504

0

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of common stock

421,598

43,030

'

'

'

'

'

'

'

'

'

'

Distributions to non-controlling interest holders

0

-33,240

'

'

'

'

'

'

'

'

'

'

Dividends paid

-5,515

0

'

'

'

'

'

'

'

'

'

'

Net cash provided by financing activities

1,381,419

9,790

'

'

'

'

'

'

'

'

'

'

Net increase in cash

373,054

61,283

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents, beginning of period

70,059

12,683

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents, end of period

443,113

73,966

'

'

'

'

'

'

'

'

'

'

Supplemental disclosures:

'

'

'

'

'

'

'

'

'

'

'

'

Dividends declared but not yet paid

14,409

450

'

'

'

'

'

'

'

'

'

'

Cash paid for income taxes

24,986

53

'

'

'

'

'

'

'

'

'

'

Cash paid for interest

$9,577

$0

'

'

'

'

'

'

'

'

'

'

Organization_and_Description_o

Organization and Description of the Company	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Description of the Company	'
	Organization and Description of the Company
	Formation
	RCS Capital Corporation (“we”, ”us”, “our company” or the “Company”) is a holding company incorporated under the laws of the State of Delaware on December 27, 2012, originally named 405 Holding Corporation. On February 19, 2013, 405 Holding Corporation changed its name to RCS Capital Corporation. The Company was initially formed to hold Realty Capital Securities, LLC (“Realty Capital Securities”), RCS Advisory Services, LLC (“RCS Advisory”) and American National Stock Transfer, LLC (“ANST”) (together known as the “Original Operating Subsidiaries”) and to grow business lines under the Original Operating Subsidiaries.
	Initial Public Offering
	On June 10, 2013, the Company closed its initial public offering (the “IPO”) of Class A common stock, par value $0.001 per share (“Class A common stock”), in which it sold 2,500,000 shares of Class A common stock at $20.00 per share, resulting in net proceeds after offering costs and underwriting discounts and commissions of $43.6 million. Class A common stock entitles holders to one vote per share and full economic rights (including rights to dividends, if any, and distributions upon liquidation). Holders of Class A common stock hold 100% of the economic rights and a portion of the voting rights of the Company. Concurrently with the closing of the IPO on June 10, 2013, the Company underwent a reorganization, in which RCAP Holdings, LLC (“RCAP Holdings”) received 24,000,000 shares of Class B common stock, par value $0.001 per share (“Class B common stock”), in exchange for 100 unclassified shares in the Company previously purchased by RCAP Holdings.
	Concurrently with the commencement of the IPO, the Original Operating Subsidiaries also underwent a reorganization (the “subsidiary reorganization”), in which a new class of operating subsidiary units called “Class A Units,” which entitle the holders thereof to voting and economic rights, were issued to the Company, and a new class of operating subsidiary units called “Class B Units,” which entitle the holder thereof to economic rights but not voting rights, were issued to RCAP Holdings. Also created were “Class C Units” and “LTIP Units.” After the subsidiary reorganization and IPO, through their ownership of Class A Units and Class B Units, the Company owned a 9.4% economic interest in the Original Operating Subsidiaries and RCAP Holdings owned a 90.6% economic interest in the Original Operating Subsidiaries. Prior to the subsidiary reorganization and IPO, RCAP Holdings held a 100% interest in each of the Original Operating Subsidiaries and the Company.
	Upon completion of the subsidiary reorganization and the IPO in June of 2013, the Company became the managing member of the Original Operating Subsidiaries and the Company assumed the exclusive right to manage and conduct the business and affairs of the Original Operating Subsidiaries and to take any and all actions on their behalf in such capacity. As a result, the Company consolidated the financial results of the Original Operating Subsidiaries with its own financial results. Net profits and net losses of the Original Operating Subsidiaries were allocated to their members pro rata in accordance with the respective percentages of their membership interests in the Original Operating Subsidiaries. Because the Company and the Original Operating Subsidiaries were under common control at the time of the subsidiary reorganization, the Company’s acquisition of control of the Original Operating Subsidiaries was accounted for at historical cost in the accompanying consolidated financial statements. Accordingly, the operating results of the Original Operating Subsidiaries have been included in the Company’s consolidated financial statements from the date of common control.
	Restructuring Transactions
	On February 11, 2014, the Company entered into certain additional corporate restructuring transactions (the “Restructuring Transactions”) involving the Company, RCAP Holdings, the Original Operating Subsidiaries, and RCS Capital Management, LLC (“RCS Capital Management”) to help simplify the Company’s corporate structure.
	As an initial step in the Restructuring Transactions, on February 11, 2014, the Company entered into a First Amendment to the Exchange Agreement (the “Amendment”) with RCAP Holdings. The purpose of the Amendment was to amend the Exchange Agreement dated as of June 10, 2013 so as to permit an exchange by RCAP Holdings of one Class B Unit of each of the Original Operating Subsidiaries (each such unit, an “Original Operating Subsidiaries Unit”) for shares of Class A common stock and the related cancellation of a corresponding number of shares of Class B common stock, par value $0.001 per share.
	On February 11, 2014, also as part of the Restructuring Transactions, RCAP Holdings elected to exchange 23,999,999 Original Operating Subsidiaries Units for 23,999,999 shares of Class A common stock (the “Exchange”). After giving effect to the Exchange, as of February 11, 2014, RCAP Holdings held 24,051,499 shares of Class A common stock and one share of Class B common stock, which entitled RCAP Holdings, in the aggregate, to 90.76% of the economic rights in the Company and 95.38% of the voting power of the Class A common stock and Class B common stock voting together as a single class. As a result, RCAP Holdings was entitled to both economic and voting rights.
	Also in connection with the Restructuring Transactions, the Company formed RCS Capital Holdings, LLC (“RCS Holdings”), a Delaware limited liability company. In connection with the formation of RCS Holdings, on February 11, 2014, (a) the Company entered into a Contribution and Exchange Agreement (the “Exchange Agreement”) with RCS Capital Management and RCS Holdings, pursuant to which the Company contributed to RCS Holdings 26,499,999 Class A Units of each of the Original Operating Subsidiaries (collectively, the “Class A Operating Subsidiary Units”) in exchange for 26,499,999 Class A RCS Holdings Units (as defined below), and (b) RCS Capital Management contributed to RCS Holdings an aggregate of 3,975,000 LTIP Units of the Original Operating Subsidiaries (the “Operating Subsidiary LTIP Units”) in exchange for 1,325,000 RCS Holdings LTIP Units.
	Pursuant to the RCS Capital Holdings LLC Agreement, there are three authorized classes of equity interests in RCS Holdings, designated as “Class A Units” (“Class A RCS Holdings Units”), “Class C Units” (“Class C RCS Holdings Units) and “LTIP Units” (“RCS Holdings LTIP Units”). In connection with the execution of the RCS Capital Holdings LLC Agreement and the Contribution and Exchange Agreement, 100% of the Class A RCS Holdings Units were issued to the Company and 100% of the RCS Holdings LTIP Units were issued to RCS Capital Management. The Class A RCS Holdings Units issued to the Company are fully vested, are not subject to any put and call rights, and entitle the holder thereof to voting and economic rights (including rights to dividends and distributions upon liquidation).
	2014 Public Offering
	On June 10, 2014, the Company issued 19,000,000 shares of Class A common stock in a public offering (the “public offering”). In connection with the public offering, the Company granted the underwriters the option to purchase up to 3,600,000 additional shares of Class A common stock to cover over-allotments, if any, for a period of 30 days. On June 18, 2014, the underwriters purchased an additional 870,248 shares at the public offering price per share pursuant to the over-allotment option.
	Recent and Pending Acquisitions
	During the three months ended June 30, 2014, the Company completed the acquisitions (collectively, the “recent acquisitions”) of Cetera Financial Holdings, Inc. (“Cetera”), Summit Financial Services Group, Inc. (“Summit”), J.P. Turner & Company, LLC and J.P. Turner & Company Capital Management, LLC (collectively, “J.P. Turner”), Hatteras Funds Group (“Hatteras”) and First Allied Holdings Inc. (“First Allied”) (collectively, the acquired businesses”). As of June 30, 2014, the acquisitions (collectively, the “pending acquisitions” and together with the recent acquisitions the “recent and pending acquisitions”) of Investors Capital Holdings, Ltd. (“ICH”) and Validus/Strategic Capital Partners, LLC (“StratCap”) were pending. All of the recent and pending acquisitions have been or will be accounted for using the purchase method of accounting except for the First Allied acquisition.
	The First Allied acquisition, which closed on June 30, 2014, was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. Beginning with the Company’s financial statements for the quarter ended June 30, 2014, the Company has presented restated financial information for the relevant periods to reflect the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings. Therefore, First Allied’s results for the three and six months ended June 30, 2013 are not included in the Company’s results but First Allied’s results for the three and six months ended June 30, 2014 are included in the Company’s results. See Notes 2 and 3 for more information.
	The Company’s results of operations only include the results of operations of Cetera, Summit, J.P. Turner and Hatteras beginning on the date of each company’s acquisition. See Note 2 for more information on each of the recent acquisitions.
	Operating Subsidiaries other than the Recent Acquisitions
	Realty Capital Securities, a limited liability company organized in Delaware, is a wholesale broker-dealer registered with the U.S. Securities and Exchange Commission (the “SEC”) and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and is the securities broker-dealer for proprietary products sponsored by AR Capital, LLC (an entity under common control) and other entities under common control, consisting primarily of non-traded real estate investment trusts (“REITs”), as well as a closed-end real estate securities fund, an open-end real estate securities fund and a non-traded business development company fund and, from time to time, programs not sponsored by AR Capital, LLC. Realty Capital Securities also provides investment banking advisory services and capital markets services to related and non-related party issuers of public securities in connection with strategic alternatives related to potential liquidity events and other capital markets and mergers and acquisition corporate transactions. Realty Capital Securities markets securities throughout the United States by means of a national network of broker-dealers and their registered representatives.
	RCS Advisory was organized in Delaware in December 2012 as a limited liability company and commenced operations in January 2013 as a transaction management services business. RCS Advisory provides a range of services to alternative investment programs and other investment vehicles, including offering registration and blue sky filings advice with respect to SEC and FINRA registration maintenance, transaction management, marketing support, due diligence advice and related meetings, events, training and education, conference management and strategic advice in connection with liquidity events and other strategic transactions.
	ANST was organized in Delaware in November 2012 as a limited liability company and commenced operations in January 2013 as an SEC-registered transfer agent. ANST acts as a registrar, provides record-keeping services and executes the transfer, issuance and cancellation of shares or other securities in connection with offerings conducted by issuers sponsored or co-sponsored directly or indirectly by AR Capital, LLC using third-party service providers.
	SK Research, LLC (“SK Research”) was organized in Delaware in March 2014. On March 10, 2014, the Company announced the hiring of due diligence and research professionals Todd D. Snyder and John F. Kearney, formerly of Snyder Kearney, LLC, as part of an initiative to launch a new division of RCAP’s research platform, dedicated to alternative investment programs. SK Research provides focused intelligence and due diligence on non-traditional investment products. The Company has made an upfront payment to acquire the rights to use the business name and web-based publications of Messrs. Snyder and Kearney and certain related fixed assets. The Company has also entered into employment agreements with Messrs. Snyder and Kearney and with certain members of their team.

Recent_and_Pending_Acquisition

Recent and Pending Acquisitions	6 Months Ended
	Jun. 30, 2014
Business Combinations [Abstract]	'
Recent and Pending Acquisitions	'
	Recent and Pending Acquisitions
	During the three months ended June 30, 2014, the Company completed the acquisitions of Cetera, Summit, J.P. Turner, Hatteras and First Allied. The recent acquisitions were made in order for the Company to diversify its revenue stream and product offerings. The resulting goodwill associated with the recent acquisitions is made up of synergies related to higher strategic partner and financial advisor revenues as well as expense synergies associated with back office management, technology efficiencies, savings from the consolidation of the Company’s clearing platforms, the elimination of duplicative public company expenses and other factors.
	As of June 30, 2014, the acquisitions of ICH and StratCap were pending.
	Details of each recent and pending acquisition are as follows:
	Cetera Financial Holdings
	On April 29, 2014, the Company completed the acquisition of Cetera. The purchase price was $1.15 billion (subject to certain adjustments); the Company paid $1.13 billion in cash after adjustments. Cetera is a financial services holding company formed in 2010 that provides independent broker-dealer services and investment advisory services through four distinct independent broker-dealer platforms: Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services and Cetera Financial Specialists. The acquisition, including related costs, was financed with a $575.0 million senior secured first lien term loan, a $150.0 million senior secured second lien term loan, the issuance of $120.0 million (face value) convertible notes and $270.0 million (aggregate stated liquidation value) of convertible preferred securities, as described in further detail in Notes 9 and 11, and cash on hand.
	The preliminary assignment of the total consideration for the Cetera acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	241,641
	Cash and segregated securities	7,999
	Trading securities	741
	Receivables	49,883
	Property and equipment	20,079
	Prepaid expenses	15,083
	Deferred compensation plan investments	76,010
	Notes receivable	45,175
	Other assets	36,553
	Accounts payable	(94,074		)
	Accrued expenses	(32,421		)
	Other liabilities	(112,979		)
	Deferred compensation plan accrued liabilities	(75,294		)
	Total fair value excluding goodwill and intangible assets	178,396
	Goodwill	259,646
	Intangible assets	942,991
	Deferred tax liability	(248,291		)
	Total consideration	$	1,132,742
	As of June 30, 2014, approximately $20.0 million of the goodwill from Cetera’s historic pre-acquisition goodwill is deductible for income tax purposes.
	The total Cetera consideration consisted of the following (in thousands):
	Cash paid by the Company	$	1,132,742
	Adjustments	17,258
	Total adjusted purchase price	$	1,150,000
	The results of operations of the Company include the results of operations of Cetera from April 29, 2014, the acquisition date, to June 30, 2014 which reflects $200.8 million in revenues and a $3.5 million loss before taxes.
	The Company’s supplemental pro forma results of operations for Cetera for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	595.2		$	458.5
	Loss before taxes	(86.9		)	(55.8		)
	The supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets and interest expense. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.
	Summit Financial Services Group
	On June 11, 2014, the Company completed the acquisition of Summit. Summit was a public company that had financial advisors providing securities brokerage and investment retail advice in the United States with its common stock listed on the OTC Markets Group, Inc. under the symbol “SFNS.”
	Pursuant to the merger agreement, each share of Summit common stock issued and outstanding immediately prior to the effective time of the merger was converted into the right to receive $1.588 in merger consideration, which consisted of cash and Class A common stock. Summit shareholders who received merger consideration were also entitled to receive the pro rata portion of certain tax refunds generated after the closing of the merger as a result of certain net operating losses expected to be incurred by Summit in 2014 and which were not acquired by the Company pursuant to the merger agreement. The aggregate amount of these refunds is currently estimated to be approximately $2.5 million, or approximately $0.06 per share of Summit common stock, and will be paid (without interest) no later than June 30, 2015.
	As consideration in the merger, the Company issued 498,884 shares of Class A common stock pursuant to a registration statement on Form S-4 and paid a consideration in cash of $38.6 million, which does not include cash distributed by Summit to its shareholders. The aggregate consideration paid was $46.7 million which is inclusive of the cash distributed by Summit.
	The preliminary assignment of the total consideration for the Summit acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	13,353
	Receivables	3,147
	Property and equipment	362
	Prepaid expenses	1,531
	Notes receivable	1,585
	Other assets	3
	Accounts payable	(7,465		)
	Accrued expenses	(3,099		)
	Total fair value excluding goodwill and intangible assets	9,417
	Goodwill	28,997
	Intangible assets	31,240
	Deferred tax liability	(12,496		)
	Total consideration	$	57,158
	As of June 30, 2014, all of the goodwill from the Summit acquisition is deductible for income tax purposes.
	The total Summit consideration consisted of the following (in thousands):
	Cash paid by the Company	$	46,727
	Stock issued by the Company	10,431
	Total consideration	$	57,158
	The results of operations of the Company include the results of operations of Summit from June 11, 2014, the acquisition date, to June 30, 2014 which reflects $5.3 million in revenues and a $0.8 million loss before taxes.
	The Company’s supplemental pro forma results of operations for Summit for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
	2014			2013
Total revenues	$	47.7		$	39.6
Income (loss) before taxes	(5.5		)	1
The supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.
J.P. Turner & Company
On June 12, 2014, the Company completed the acquisition of J.P. Turner for cash in the aggregate amount of $12.8 million, subject to post-closing adjustments, plus 239,362 shares of Class A common stock. J.P. Turner is a retail broker-dealer and investment adviser which also offers a variety of other services, including investment banking.
Pursuant to the purchase agreement, on June 12, 2015 (the one-year anniversary of the closing date of the J.P. Turner purchase), the Company will make an additional aggregate cash payment of $7.6 million to the sellers and issue to the sellers an aggregate number of shares of Class A common stock equal to (i) $3.2 million divided by (ii) the average of the per share closing price of Class A common stock for the five trading days ending on the trading day immediately prior to June 12, 2015.
Pursuant to the purchase agreement, the Company also has agreed to make earn-out payments to the sellers with respect to each of the fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016, based on the achievement of certain agreed-upon revenue or earnings before interest, taxes and depreciation and amortization (“EBITDA”) performance targets in those years (subject to an annual combined minimum performance hurdle of 8.0% and an annual dollar cap of $2.5 million). Each earn-out payment, if any, will be made by the Company 50% in cash and 50% in the form of Class A common stock (unless the sellers elect to receive a greater amount of Class A common stock). The Company recorded a liability at fair value of $12.7 million as of June 30, 2014, related to contingent and deferred payments. The fair value was determined by an independent third-party valuation firm, which was reviewed by the Company, using probability weightings and discounted cash flow analysis.
The preliminary assignment of the total consideration for the J.P. Turner acquisition as of the date of the acquisition was as follows:
Cash and cash equivalents	$	10,171
Receivables	712
Property and equipment	232
Prepaid expenses	892
Notes receivable	1,660
Other assets	2,171
Accounts payable	(1,710		)
Accrued expenses	(8,543		)
Other liabilities	(656		)
Total fair value excluding goodwill and intangible assets	4,929
Goodwill	11,265
Intangible assets	14,200
Total consideration	$	30,394
As of June 30, 2014, all of the goodwill from the J.P. Turner acquisition is deductible for income tax purposes.
The total J.P. Turner consideration consisted of the following (in thousands):
Cash paid by the Company	$	12,786
Stock issued by the Company	4,860
Contingent and deferred consideration	12,748
Total consideration	$	30,394
The results of operations of the Company include the results of operations of J.P. Turner from June 12, the acquisition date, to June 30, 2014, which reflects $2.5 million in revenues and $0.4 million in income before taxes.
The Company’s supplemental pro forma results of operations with J.P. Turner for the six months ended June 30, 2014 and 2013 are as follows (in millions):
	Six Months Ended June 30,
	2014			2013
Total revenues	$	25.4		$	25.5
Income before taxes	1.8			0.6
The supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.
Hatteras Funds Group
On June 30, 2014, the Company completed the purchase of substantially all the assets related to the business and operations of Hatteras and assumed certain liabilities of Hatteras. Hatteras was a private company that is the sponsor of, investment advisor to and distributor for the Hatteras Funds complex, a family of alternative investment funds registered as investment companies with the SEC.
Pursuant to the purchase agreement, the aggregate initial purchase price paid by the Company was $40.0 million (subject to certain adjustments for net working capital, net assets under management and consolidated pre-tax net income) payable as follows: (A) 75.0% was paid on the closing date of the Hatteras acquisition; (B) 7.5% will be payable on June 30, 2015, the first anniversary of the closing date of the Hatteras acquisition; (C) 7.5% will be payable on June 30, 2016, the second anniversary of the closing date of the Hatteras acquisition; and (D) 10.0% will be payable on June 30, 2017, the third anniversary of the closing date of the Hatteras acquisition. Additionally, pursuant to the purchase agreement, the Company will pay additional consideration calculated and payable based on the consolidated pre-tax net operating income generated by the businesses of the Hatteras Funds Group in the fiscal years ending December 31, 2016 and December 31, 2018. The Company recorded a liability at fair value of $34.3 million as of June 30, 2014, related to contingent and deferred payments. The fair value was determined by an independent third-party valuation firm, which was reviewed by the Company, using projected pre-tax net income and discounted cash flow analysis.
The preliminary assignment of the total consideration for the Hatteras acquisition as of the date of the acquisition was as follows:
Cash and cash equivalents	$	805
Receivables	7,747
Property and equipment	192
Prepaid expenses	326
Other assets	120
Accounts payable	(3,721		)
Accrued expenses	(5,277		)
Total fair value excluding goodwill and intangible assets	192
Goodwill	15,348
Intangible assets	48,770
Total consideration	$	64,310
As of June 30, 2014, all of the goodwill from the Hatteras acquisition is deductible for income tax purposes.
The total Hatteras consideration consisted of the following (in thousands):
Cash paid by the Company	$	30,000
Contingent and deferred consideration	34,310
Total consideration	$	64,310
The results of operations for the Company for the three and six months ended June 30, 2014 did not include any results related to Hatteras because the acquisition of Hatteras did not close until June 30, 2014.
The Company’s supplemental pro forma results of operations for Hatteras for the six months ended June 30, 2014 and 2013 are as follows (in millions):
	Six Months Ended June 30,
	2014			2013
Total revenues	$	29.7		$	19.9
Income (loss) before taxes	2.5			(0.7		)
The supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.
First Allied Holdings
On June 30, 2014, RCAP Holdings contributed all its equity interests in First Allied to the Company. As consideration for the contribution, 11,264,929 shares of Class A common stock were issued to RCAP Holdings. First Allied is an independent broker-dealer with financial advisors in branch offices across the United States. First Allied was acquired by RCAP Holdings through a merger transaction on September 25, 2013 for an effective cost of $177.0 million, consisting of $145.0 million in merger consideration (including exchangeable notes issued by RCAP Holdings in the initial aggregate principal amount of $26.0 million (the “First Allied notes”)) paid to the former owners of First Allied and $32.0 million in bank indebtedness of First Allied outstanding immediately following consummation of the merger.
The number of shares issued as consideration was determined based on a value of $207.5 million for the equity of First Allied and the one-day volume weighted average price (“VWAP”), of Class A common stock on January 15, 2014, the day prior to the announcement of the signing of the Cetera merger agreement. The value of $207.5 million for the equity of First Allied established by the Company’s board of directors in January 2014 was determined as the effective cost to RCAP Holdings for First Allied of $177.0 million (consisting of $145.0 million in merger consideration (including First Allied notes) paid by RCAP Holdings to the former owners of First Allied and $32.0 million in bank indebtedness of First Allied outstanding immediately following consummation of the merger), minus indebtedness (net of cash) of First Allied of $7.0 million plus a carrying cost of $37.5 million. The value of the shares of Class A common stock issued by the Company as consideration in the First Allied acquisition was $239.2 million, based on the closing price for Class A common stock of $21.23 per share on June 30, 2014, the date of the consummation of the contribution. Accordingly, the effective cost to the Company for the First Allied acquisition was $271.2 million (including $32.0 million of First Allied indebtedness), which is $94.2 million more than the effective cost to RCAP Holdings for First Allied on September 25, 2013 under the terms of the original First Allied merger agreement. As of September 25, 2013, the date of common control, the Company recorded $137.2 million of net assets related to First Allied as a result of the contribution.
In addition, following consummation of the contribution, $32.0 million of First Allied indebtedness was outstanding. On July 28, 2014, the First Allied outstanding indebtedness was repaid by the Company as required by the terms of the bank facilities (the “Bank Facilities”) the Company entered into in connection with the financings we entered into in connection with the closing of the acquisition of Cetera (the “Cetera financings”) on April 29, 2014.
The Company’s acquisition of First Allied was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. See Note 3 for additional detail.
As of June 30, 2014, approximately $0.4 million of the goodwill from First Allied’s historic pre-acquisition goodwill is deductible for income tax purposes.
Validus/Strategic Capital Partners
On May 19, 2014, the Company entered into an acquisition agreement pursuant to which the Company will purchase all outstanding membership interests of StratCap.
StratCap, through its subsidiaries, is a wholesale distributor of alternative investment programs. StratCap’s subsidiaries distribute a platform of offerings consisting of two non-traded REITS, a non-traded BDC and two public non-traded limited liability companies. StratCap holds minority interests in four of the investment programs that it distributes, and is a joint venture partner along with the sponsor to the fifth investment program.
The obligations of the parties to close the StratCap acquisitions are subject to satisfaction or waiver of customary closing conditions, including receipt of approval under FINRA Rule 1017.
Pursuant to the StratCap acquisition, the Company will pay at closing $60.0 million in cash, subject to certain adjustments, and $10.0 million in shares of Class A common stock. The Company will also pay $10.0 million in cash 90 days after the closing plus earn-out payments in 2015 and 2016 based on the achievement of certain agreed-upon EBITDA performance targets.
Investors Capital Holdings
On July 11, 2014, the Company completed the acquisition of ICH. ICH was a public company with its common stock listed on the NYSE MKT under the symbol “ICH”. ICH provides broker-dealer services to investors in support of trading and investment in securities, alternative investments and variable life insurance as well as investment advisory and asset management services.
The aggregate consideration was $52.5 million. The Company issued 2,029,261 shares of Class A common stock pursuant to a registration statement on Form S-4 and paid aggregate consideration in cash of $8.7 million.
The results of operations for the Company for the three and six months ended June 30, 2014 did not include any results related to ICH because the acquisition of ICH did not close until after June 30, 2014.
The Company’s supplemental pro forma results of operations for ICH for the six months ended June 30, 2014 and 2013 are as follows (in millions):
	Six Months Ended June 30,
	2014			2013
Total revenues	$	45.6		$	42
Loss before taxes	(1.8		)	(1.5		)
The supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses, and one-time transaction costs.
Consolidated pro forma results
The Company’s supplemental pro forma results of operations, which includes RCS Capital, Cetera, Summit, J.P. Turner, Hatteras, First Allied and ICH for the six months ended June 30, 2014 and 2013 are as follows (in millions, except earnings per share):
	Six Months Ended June 30,
	2014			2013
Total revenues	$	1,448.90		$	1,192.70
Income (loss) before taxes	3.7			(1.7		)
Provision for income taxes (40%)	1.5			(0.7		)
Net income	2.2			(1.0		)
Less: income attributable to non-controlling interest	9.1			(0.6		)
Less: preferred dividends and deemed dividend	198.1			—
Net (loss) income attributable to Class A common stockholders	$	(205.0	)	$	(0.4	)
Per share data
Pro forma basic earnings per share	$	(5.46	)	$	(0.03	)
Pro forma diluted earnings per share	$	(5.68	)	$	(0.03	)
Pro forma weighted average basic shares	37,645,469			16,515,013
Pro forma weighted average diluted shares	40,318,237			16,515,013
The consolidated supplemental pro forma results of operations include adjustments which reflect a full six months of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Presentation
	The consolidated financial statements include the accounts of the Company, Realty Capital Securities, RCS Advisory, ANST, SK Research, Cetera, Summit, J.P. Turner and Hatteras for the periods since acquisition and of First Allied for the periods since it was under the control of RCAP Holdings. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (‘‘U.S. GAAP’’) and Article 8 of Regulation S-X. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results.
	The statement of financial condition as of December 31, 2013 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
	The Company’s acquisition of First Allied was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. Beginning with the Company’s financial statements for the quarter ended June 30, 2014, the Company has presented restated financial information, including the elimination of transactions between the Company and First Allied, for the relevant periods to reflect the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings. The acquisition of First Allied by RCAP Holdings was accounted for by RCAP Holdings using the purchase method of accounting; therefore, the purchase price was allocated to First Allied’s assets and liabilities at fair value and any excess purchase price was then attributed to intangible assets and goodwill. When the Company acquired First Allied from RCAP Holdings, no additional intangible assets or goodwill were recorded.
	Reclassifications
	Certain reclassifications have been made to the prior period financial statement presentation to conform to the current period presentation primarily as a result of the need to harmonize the financial statements of the Company with those of the entities acquired during the three months ended June 30, 2014 and to reflect the combination of the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings.
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates, and these differences could be material.
	Cash and Cash Equivalents
	Cash and cash equivalents include all highly liquid instruments purchased with original maturities of 90 days or less. The Company had $424.9 million and $66.4 million in cash balances as of June 30, 2014 and December 31, 2013, respectively, that were in excess of the FDIC insured limits.
	Restricted Cash
	As of June 30, 2014, $26.0 million of restricted cash was held in escrow related to the contribution of First Allied.
	Cash and Segregated Securities
	Cash and segregated securities represents cash and securities deposited by customers and funds accruing to customers as a result of trades or contracts that the Company’s registered broker-dealers segregate in separate accounts on behalf of customers pursuant to the requirements of SEC Rule 15c3-3.
	Available-For-Sale Securities
	Available-for-sale securities represent investments by RCS Advisory in an equity mutual fund managed by a related party, which consist of shares of AR Capital Real Estate Income Fund. RCS Advisory treats these securities as available-for-sale securities with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings. See Notes 4 and 5 for more information.
	Trading Securities
	The Company’s trading securities are carried at fair value with realized and unrealized gains and losses recognized in other revenue in the consolidated statement of income. Trading securities are recorded on a trade date basis. Dividend income on trading securities is recorded when declared. Interest income on trading securities is recorded when earned. See Note 4 for more information.
	Fees and Commissions Receivable
	Fees and commissions receivable includes selling commission receivables and dealer manager receivables due from related party and non-related party entities in connection with the distribution of programs sponsored by an entity under common control, AR Capital, LLC, and other sponsors. Receivables also include receivables from brokers, dealers and clearing organizations that arise in the ordinary course of the Company’s brokerage activities and receivables due from customers on cash and margin transactions.
	Reimbursable Expenses and Investment Banking Fees
	Reimbursable expenses and investment banking fees represent fees receivable for services provided to related parties and non-related party entities related to investment banking, capital markets and related advisory services performed.
	Fixed Assets
	Fixed assets are recorded at cost, net of accumulated depreciation and amortization. Office furniture and equipment and computer hardware and software are depreciated on a straight-line basis over the estimated useful life which ranges from one to ten years. Leasehold improvements are amortized over the lesser of their useful lives or the term of the lease. See Note 7 for more information.
	Deferred Compensation Plan Investments and Accrued Liabilities
	The Company offers a plan to certain of its financial advisors which allows them to defer a portion of their compensation which earns a rate of return based on the financial advisor’s selection of investments. In order to economically hedge this exposure, the Company invests in money market, international, U.S. equity and U.S. fixed income funds which are measured at fair value. The liability to the financial advisors is recorded in deferred compensation plan accrued liabilities and the related economic hedges are recorded in deferred compensation plan investments in the consolidated statement of financial condition. See Notes 4 and 20 for more information.
	Notes Receivable
	The Company loans money to certain of its financial advisors under two types of promissory note agreements, which bear interest at various rates and have various maturities. Such agreements include forgivable promissory notes and payback promissory notes. Management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the financial advisor and the Company’s historical experience in collecting on such transactions. The notes receivable were acquired through the recent acquisitions and the Company has determined that these loans are not impaired. See Note 6 for more information.
	Deferred Financing Fees
	The Company incurs expenses in connection with registering and issuing debt securities and bank debt and equity securities to finance its recent and pending acquisitions. For debt issuances, direct costs are deferred until the debt is issued at which point they are amortized over the contractual terms of the debt using the effective interest rate method. For equity issuances, direct costs are deferred until the equity is issued at which point they are recorded as a reduction of the proceeds in additional paid-in capital.
	Goodwill and Identifiable Intangible Assets
	Goodwill represents the amount by which the purchase price exceeds the fair value of the net tangible and intangible assets of an acquired company on the date of acquisition. Intangible assets, primarily financial advisor relationships, trade names and non-compete agreements, are recorded at their fair value at the completion of an acquisition. Goodwill and indefinite-lived intangible assets are reviewed annually for impairment as of October 31.The Company’s indefinite-lived intangible assets are comprised of trade names and a distribution network of registered investment advisers and broker-dealers. Intangible assets that do not have indefinite lives are amortized over their useful lives and reviewed for impairment annually.
	The goodwill and intangible assets from each acquisition were determined by an independent valuation company and reviewed by the Company using estimates such as future revenues attributable to financial advisors and the financial advisors’ client retention rates which were used to derive economic cash flows that were fair valued at an appropriate rate of return over their respective useful lives. See Note 8 for more information.
	Derivative Contracts
	On April 29, 2014, the Company entered into a series of contemporaneous transactions, as described below, that qualify as derivative contracts or include derivative contracts. These derivative contracts include a put/call agreement, which is a free-standing derivative contract, and embedded derivative contracts related to the Company’s issuance of convertible notes and convertible preferred stock (“hybrid instruments”). The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and convertible preferred stock were first allocated to the fair value of the put/call agreement and then, on a relative fair value basis, to the hybrid instruments. The proceeds allocated to each hybrid instrument were then attributed between the host contract and the embedded derivative contracts. These derivative contracts are carried at their fair value with changes in fair value reflected in other revenues in the consolidated statements of income. See Notes 4 and 10 for more information.
	Contingent and Deferred Consideration
	Contingent consideration, also referred to as earn-outs, and deferred payments represent future payments of cash or equity interests to the former owners of the businesses acquired in the recent acquisitions and are initially recorded at fair value in the consolidated statements of financial condition. Contingent consideration is subsequently remeasured each reporting period at fair value.
	Preferred Stock
	On April 29, 2014, the Company issued shares of convertible preferred stock in a private placement. Based on the convertible preferred stock’s redemption and conversion features, the Company has classified the convertible preferred stock as mezzanine equity on the statement of financial condition. The Company’s convertible preferred stock is convertible, at the holder’s option, into shares of Class A common stock. See Notes 10 and 11 for more information.
	Acquisition Accounting
	The Company accounts for its acquisitions using the purchase method of accounting except for the First Allied acquisition which was accounted for at historical cost.
	Under the purchase method of accounting the purchase price is preliminarily allocated to the acquiree’s assets and liabilities at fair value and any excess purchase price is then attributed to identifiable intangible assets and goodwill. The preliminary purchase price allocation may be modified as more information is obtained for a period of no more than one year. For acquisitions accounted for under the purchase method, the results of operations of the acquiree are included in the Company’s results from the day after the acquisition closed and prior period financial statements are not restated.
	The Company’s acquisition of First Allied was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. Beginning with the Company’s financial statements for the quarter ended June 30, 2014, the Company has presented restated financial information for the relevant periods to reflect the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings. The acquisition of First Allied by RCAP Holdings was accounted for by RCAP Holdings using the purchase method of accounting; therefore, the purchase price was allocated to First Allied’s assets and liabilities at fair value and any excess purchase price was then attributed to intangible assets and goodwill. When the Company acquired First Allied from RCAP Holdings, no additional intangible assets or goodwill were recorded.
	Revenue Recognition
	The Company recognizes revenue generally when it is earned and realized or realizable, when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured.
	Selling Commissions and Dealer Manager Fees
	Realty Capital Securities receives selling commissions and dealer manager fees from related party and non-related party sponsors for its wholesale distribution efforts. The commission and dealer manager fee rates are established jointly in a single contract negotiated with each individual issuer. Realty Capital Securities generally receives commissions of up to 7.0% of gross offering proceeds for funds raised through the participating independent broker-dealer channel, all of which are reallowed as commissions, in accordance with industry practices. Commission percentages are generally established in the issuers’ offering documents leaving Realty Capital Securities no discretion as to the payment of commissions. Commission revenues and related expenses are recorded on a trade date basis as securities transactions occur.
	Realty Capital Securities, serving as a dealer manager, receives fees and compensation in connection with the wholesale distribution of registered non-traded securities. Realty Capital Securities contracts directly with independent broker-dealers and registered investment advisers to solicit share subscriptions. The non-traded securities are offered on a “best efforts” basis and Realty Capital Securities is not obligated to underwrite or purchase any shares for its own account. Realty Capital Securities generally receives up to 3.0% of the gross proceeds from the sale of common stock as a dealer manager fee and also receives fees from the sale of common stock through registered investment advisers. Realty Capital Securities has sole discretion as to reallowance of dealer manager fees to participating broker-dealers, based on such factors as the volume of shares sold and marketing support incurred by respective participating broker-dealers as compared to those of other participating broker-dealers. Dealer manager fees and reallowance are recorded on a trade date basis as securities transactions occur.
	The Company analyzes contractual arrangements to determine whether to report revenue on a gross basis or a net basis. The analysis considers multiple indicators regarding the services provided to their customers and the services received from its distributors. The goal of the analysis is to determine which entity is the primary obligor in the arrangement. After weighing many indicators, including Realty Capital Securities’ position as the exclusive distributor or dealer manager primarily responsible for the distribution of its customers’ shares, its discretion in supplier selection, that our distributors bear no credit risk and that the commission and dealer manager fee rates are established jointly in a single contract, the Company concluded that the gross basis of accounting for its commission and fee revenues is appropriate.
	During the year ended December 31, 2013, the Company modified its approach with respect to revenues derived from the sale of securities purchased through fee-based advisors by reducing to zero the fees charged on sales through the registered investment adviser channel (the “RIA channel”). The offerings affected were generally related party offerings. This selling commission change became effective on July 1, 2013, and the 7.0% selling commission the Company received from each sale through the RIA channel was reduced to 0%. Prior to the change, the full amount of the dealer manager fee (generally 3.0%) and the 7.0% selling commission was charged against the amount invested through the RIA channel, and the Company retained the amount of the 7.0% selling commission charged against the investor’s purchase price. After the change, the Company no longer receives any selling commissions on sales through the RIA channel, but continues to retain the dealer manager fee (generally 3.0%) of the amount invested in connection with sales through the RIA channel. This modified business practice did not constitute a change in accounting policy.
	Commissions
	The Company records commissions received from securities transactions on a trade-date basis. Commissions from mutual funds, variable annuities, and insurance product purchases transacted directly with the product manufacturers, as well as mutual fund and annuity trailers are estimated for each accounting period. Commissions payable related to these transactions are recorded based upon estimated payout ratios for each product as commission revenue is accrued.
	Advisory Fees and Services
	The Company provides investment advisory services to clients. Fees for the services are based on the value of the clients’ portfolios and are generally billed in advance at the beginning of each quarter. The fees are then recognized ratably over the period earned.
	Asset-Based Fees
	Asset-based fees include amounts earned related to client sweep account investments, omnibus processing and networking services, and reimbursements and allowances from product providers related to the sale and custody of their products and are recognized when earned.
	Transaction and Other Fees
	The Company charges transaction fees for executing transactions on client accounts. Transaction-related charges are recognized on a trade-date basis. Other fees include fees charged to clients such as individual retirement account maintenance fees, margin interest, and confirmation fees, as well as fees charged to financial advisors for contracted services such as affiliation and transaction fees. These fees are recognized as earned.
	Investment Banking Advisory Services
	The Company, through its investment banking and capital markets division, receives fees and compensation for providing investment banking, capital markets and related advisory services. Such fees are charged based on agreements entered into with related party and non-related party public and private issuers of securities and their sponsors and advisors, on a negotiated basis. Fees and expenses that are unpaid are recorded in investment banking fees receivable and reimbursable expenses in the statement of financial condition. Income from investment banking agreements that are not deferred is recognized when the transactions are complete or the services have been performed. Income from certain investment banking agreements is recorded in deferred revenue in the statement of financial condition and is recognized over the remaining life of the offering, which normally ranges from 3 to 26 months.
	Transfer Agency Revenue
	ANST receives fees for providing transfer agency and related services. Such fees are charged based on agreements entered into with related party issuers of securities on a negotiated basis. Certain fees are billed and recorded monthly based on account activity, such as new account establishment fees and call fees. Other fees, such as account maintenance fees, are billed and recorded monthly.
Services Revenue
The Company receives fees for providing transaction management, marketing support, due diligence advice, events, training and education, conference management and strategic advice. Such fees are charged at hourly billing rates for the services provided, based on agreements entered into with related party issuers of securities on a negotiated basis. Such fees are billed and recorded monthly based on services rendered.
Reimbursable Expenses
The Company includes all reimbursable expenses in gross revenue because the Company as the primary obligor has discretion in selecting a supplier, and bears the credit risk of paying the supplier prior to receiving reimbursement from the customer.
Other Revenues
Other revenues include changes in the fair value of the Company’s derivatives contracts, the deferred compensation plan investments and trading securities. See Notes 4 and 10 for more information.
Share-Based Compensation
The Company grants restricted stock awards to certain employees under the RCS Capital Corporation Equity Plan (the “RCAP Equity Plan”) which provides for the grant of stock options, restricted shares of Class A common stock, restricted stock units, dividend equivalent rights and other equity-based awards which are subject to forfeiture until vested. The Company recognizes the expense in internal commissions, payroll and benefits expense in the consolidated statement of income on a straight line basis for these awards over the vesting period that ranges from 3 to 5 years based on grant date fair value of the awards.
The Company has also granted restricted stock awards to certain employees of related parties under the RCAP Equity Plan for services performed on behalf of the Company during prior periods. The Company recognizes the entire charge for these awards immediately in retained earnings as a dividend with an offset to additional paid-in capital. These awards were for services already performed and are subject to vesting of 4 years.
A related party granted restricted stock awards with vesting provisions related to continued employment of the grantees at the Company to certain employees of the Company for services performed by Company employees on behalf of such related party. The Company recognizes compensation expense on for these awards over the vesting period that ranges from 3 to 5 years and remeasures the fair value of the awards at each reporting date, at which time the amortization of the award is adjusted. The offset to internal commissions, payroll and benefits expense is reflected as a capital contribution in additional paid-in capital.
On June 10, 2014, RCAP Holdings and RCAP Equity, LLC, as the holders of 68.97% of the combined voting power of the Company’s outstanding common stock, approved the Company’s 2014 Stock Purchase Program (the “Program”). The Program became effective on June 30, 2014. The purpose of the Program is to enable select employees, financial advisors and executive officers of the Company and its affiliates and of subsidiaries of the Company that will be part of the Company’s retail advice platform (“Eligible Individuals”) to acquire proprietary interests in the Company through the ownership of Class A common stock. The Program is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), and any warrants granted under the Program are not intended to qualify as “incentive stock options” under Section 422 of the Code. Up to 4,000,000 shares of Class A common stock may be sold to Eligible Individuals or may be issued under warrants granted under the Program.
The First Allied Holdings 2013 Restricted Unit Plan (the “FA RSU Plan”) provides for the grant of phantom stock which was issued to certain employees in connection with the acquisition of First Allied by RCAP Holdings. Pursuant to the terms of the FA RSU Plan, the phantom stock vests equally on each of the first three anniversaries of the acquisition of First Allied by RCAP Holdings. The FA RSU Plan is accounted for using the liability method.
See Note 13 for more information on the Company’s share-based compensation.
Interest Expense
Interest expense includes interest expense on the Company’s bank debt and convertible notes which were issued at a discount. The Company amortizes the discount using the effective interest rate method. See Note 9 for more information.
Income Taxes
The Company files federal and state income tax returns. Realty Capital Securities, ANST and RCS Advisory were treated as disregarded entities up to the date of the subsidiary reorganization (June 10, 2013) and as partnerships for federal and state income tax purposes through the date of the amendment to the Exchange Agreement (August 5, 2014). All income and expense earned by Realty Capital Securities, ANST and RCS Advisory flowed through to their owner through the date of reorganization.   The Company was a 9.4% owner of these partnerships from the date of the subsidiary reorganization on June 10, 2013 through the date of the Restructuring Transactions (February 11, 2014).  From the date of the Restructuring Transactions (February 11, 2014) through the date of the amendment to the Exchange Agreement (August 5, 2014), the Company was an owner of all but a de minimis amount of these partnerships.  As part of the amendment to the Exchange Agreement, no more Class B Units in any of Realty Capital Securities, ANST and RCS Advisory are outstanding and 100% of the voting and economics interests in the Original Operating Subsidiaries are now held by the Company, indirectly, through RCS Holdings' ownership of the Class A units resulting in Realty Capital Securities, ANST and RCS Advisory being treated as disregarded entities.  Income tax expense from operations and investments of Realty Capital Securities, ANST and RCS Advisory is not incurred by Realty Capital Securities, ANST and RCS Advisory but is reported by their owner(s).  Hatteras, SK Research and J.P. Turner are generally treated as disregarded tax entities post-acquisition. Summit, Cetera and First Allied will likely join in a newly formed consolidated group.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards which relate to the Company’s investment in its subsidiaries. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Current tax liabilities or assets are recognized for the estimated taxes payable or refundable on tax returns for the current year.
A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. This determination is based upon a review of all available evidence, both positive and negative, including the Company’s earnings history, the timing, character and amount of future earnings potential, the reversal of taxable temporary differences and the tax planning strategies available.
The Company has adopted the authoritative guidance within ASC 740 relating to accounting for uncertainty in income taxes. The guidance prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken by the Company. See Note 14 for more information.
Reportable Segments
During the three months ended June 30, 2014, the Company’s internal reporting was revised and is now organized into six segments as follows:
•	Independent Retail Advice, which is comprised of Cetera, Summit, J.P. Turner, and First Allied (effective July 11, 2014, this segment also includes ICH)
•	Wholesale Distribution, which is comprised of Realty Capital Securities excluding its investment banking division (following the completion of the StratCap acquisition, this segment will also include StratCap)
•	Investment Banking, Capital Markets and Transaction Management Services, which is comprised of the investment banking division of Realty Capital Securities, RCS Advisory and ANST
•	Investment Management, which is comprised of Hatteras
•	Investment Research, which is comprised of SK Research
•	Corporate and Other
See Note 21 for more information on the Company’s segments.
Recently Issued Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) to clarify the principles for recognizing revenue and to develop a common revenue standard for US GAAP and International Financial Reporting Standards. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is still evaluating the impact of ASU 2014-09.

Fair_Value_Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	Fair Value Disclosures
	The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. U.S. GAAP defines three levels of inputs that may be used to measure fair value:
	Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date
	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability
	Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the data inputs that market participants would use in the pricing of the asset or liability and are consequently not based on market activity
	The determination of where an asset or liability falls in the hierarchy requires significant judgment and considers factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is the most significant to the fair value measurement in its entirety.
	A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets. The Company assumes all transfers occur at the beginning of the quarterly reporting period in which they occur. For the six months ended June 30, 2014 and 2013 there were no transfers between Levels 1, 2 and 3.
	Cash equivalents include money market mutual fund instruments, which are short term in nature with readily determinable values derived from active markets. Mutual funds, deferred compensation plan investments and publicly traded securities with sufficient trading volume are fair valued by management using third-party pricing services, which base prices on market quotations. Accordingly, these securities are primarily classified within Level 1. Government bonds, U.S. Treasury securities and certificates of deposit are fair valued by management using third-party pricing services and these securities are primarily classified within Level 2. The Company’s free-standing and embedded derivative contracts are not traded on an exchange. Consequently, the fair value was determined by a third-party valuation company and reviewed by the Company based on a Monte Carlo simulation that incorporates assumptions including duration, probability of redemption, the volatility of the market price of Class A common stock, the risk free rate of interest and the discount rate. The derivative contracts are classified as Level 3 in the Company’s fair value hierarchy.
	The fair value of the Company’s investment in a private equity fund is based on the net asset value (“NAV”) as a practical expedient since there is no readily available market. Adjustments to the NAV would be considered if it was probable that the private equity fund would be sold at a value materially different than the reported NAV. The private equity fund does not have redemption terms, a notice period, or redemption restrictions terms. The private equity fund primarily invests in nonpublic companies and distributions from will be received as the underlying investments of the funds are liquidated. Accordingly, the investment in a private equity fund is classified as Level 3 in the Company’s fair value hierarchy.
	Pursuant to the terms of the related purchase agreements, the Company is obligated to pay contingent and deferred consideration to the sellers of J.P. Turner and Hatteras and contingent consideration related to acquisitions made by First Allied. As of June 30, 2014, the Company estimated the amount of future payments of contingent and deferred consideration to be $48.9 million. See Note 3 for more information. As of December 31, 2013, the Company had an estimated $2.2 million contingent consideration related to acquisitions made by First Allied.
	The Company estimated the fair value of the deferred payments and the fair value of the contingent consideration at the close of the transactions using discounted cash flows. The fair value of the deferred payments was a non-recurring fair value measurement and was classified as Level 2 in the Company’s fair value hierarchy. The fair value of the contingent consideration was based on financial forecasts determined by management that included assumptions about growth in assets under administration and assets under management, earnings, financial advisor retention and discount rates. The financial targets are sensitive to financial adviser retention, market fluctuations and the ability of financial advisors to grow their businesses. The Company evaluates the actual progress toward achieving the financial targets quarterly and adjusts the estimated fair value of the contingent consideration based on the probability of achievement, with any changes in fair value recognized in earnings. Accordingly, the contingent consideration is classified as Level 3 in the Company’s fair value hierarchy.
	The Company’s fair value hierarchy for those assets measured at fair value on a recurring basis by product category as of June 30, 2014 are as follows (in thousands):
		Level 1			Level 2			Level 3			Total
	Assets:
	Cash equivalents - money market funds	$	74,708		$	—		$	—		$	74,708
	Securities segregated under federal and other regulations:
	U.S. treasury securities	—			5,999			—			5,999
	Available-for-sale securities:
	Mutual funds	445			—			—			445
	Total available-for-sale	445			—			—			445
	Trading securities:
	Equity securities	321			—			1			322
	Mutual funds	9,100			—			—			9,100
	Certificate of deposits	50			10			—			60
	U.S. government bonds	—			11			—			11
	State and municipal bonds	108			—			—			108
	Other	—			60			—			60
	Total trading securities	9,579			81			1			9,661
	Deferred compensation plan investments:
	Money market fund	4,084			—			—			4,084
	International global funds	16,392			—			—			16,392
	U.S. equity funds	47,494			—			—			47,494
	U.S. fixed-income funds	11,641			—			—			11,641
	Total equity securities	79,611			—			—			79,611
	Other assets - private equity	—			—			120			120
	Total	$	164,343		$	6,080		$	121		$	170,544
	Liabilities:
	Derivative contracts	$	—		$	—		$	104,162	(1)	$	104,162
	Other liabilities:
	Equity securities	263			—			—			263
	Mutual funds and UITs	67			—			—			67
	State and municipal government obligations	49			—			—			49
	Certificates of deposit	59			—			—			59
	Contingent consideration	—			—			31,211			31,211
	Total	$	438		$	—		$	135,373		$	135,811
	_____________________
	(1) Includes $9.8 million of derivatives classified in long-term debt.
	The Company’s fair value hierarchy for those assets measured at fair value on a recurring basis by product category as of December 31, 2013 are as follows (in thousands)
		Level 1			Level 2			Level 3			Total
	Assets:
	Available-for-sale securities:
	Mutual funds	$	8,528		$	—		$	—		$	8,528
	Total available-for-sale	8,528			—			—			8,528
	Trading securities:
	Mutual funds	7,708			—			—			7,708
	Total trading securities	7,708			—			—			7,708
	Total	$	16,236		$	—		$	—		$	16,236
	Liabilities:
	Other liabilities:
	Equity securities	$	238		$	—		$	—		$	238
	State and municipal government obligations	51			—			—			51
	Certificates of deposit	20			—			—			20
	Contingent consideration	—			—			2,180			2,180
Total	$	309		$	—		$	2,180		$	2,489
The following table presents changes during the three months and six months ended June 30, 2014 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains and losses related to the Level 3 assets and liabilities in the balance sheet as of June 30, 2014 (in thousands):
	Fair value as of			Net realized and unrealized gains and (losses)			Other comprehensive income (loss)			Purchases		Issuances		Sales		Settlements		Transfers in		Transfers out		Fair value as of
	31-Dec-13																					30-Jun-14
Assets:
Other assets	$	—		$	—		$	—		$	120	$	—	$	—	$	—	$	—	$	—	$	120
Total	$	—		$	—		$	—		$	120	$	—	$	—	$	—	$	—	$	—	$	120
Liabilities:
Derivative contracts	$	—		$	58,452		$	—		$	—	$	162,614	$	—	$	—	$	—	$	—	$	104,162
Contingent consideration	2,180			(144		)	—			—		31,211		—		507		—		—		31,211
Total	$	2,180		$	58,308		$	—		$	—	$	193,825	$	—	$	507	$	—	$	—	$	135,373
The realized gains and losses are included in other revenues and expenses, respectively.
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of June 30, 2014 (in thousands):
	Fair value			Valuation technique		Unobservable inputs
Assets:
Other assets - private equity	$	120		Net asset value (NAV)		Net asset value (NAV)
Liabilities:
Derivative contracts	$	104,162		Monte Carlo		Inputs for convertible notes and convertible preferred stock respectively:
						- Duration: 7.34 years, 30 years
						- Discount factor: 59.0%, 59.0%
						- Volatility: 30%, 30%
						- Risk free rate of interest: 2.19%, 3.3%
						- Discount rate: 10.19%, 13.3%
						Inputs for the put option:
						- Volatility: 30%
						- Exercise date: June 10, 2033
						- Risk free rate: 3.05%
Contingent consideration	$	31,211		Discounted cash flow		J.P. Turner:
						- Probability exceeding percentage threshold: 58.3% to 97.7%
						- Present value factor: 0.65 to 0.75
						Hatteras:
						- Projected earnings: $11.4 million to $20.0 million, December 31, 2016 and 2018, respectively
						- Discounted rates based on the estimated weighted average cost of capital (WACC): 0.462 to 0.644
						- Present value factors: 0.910 to 0.979
The following table presents information related to the Company’s investments in a private equity fund that calculates net asset value per share as of June 30, 2014. For these investments, which are measured at fair value on a recurring basis, the Company used the net asset value per share as a practical expedient to measure fair value (in thousands):
	Investment Category Includes		Fair Value Using Net Asset Value Per Share		Unfunded Commitments
Other assets - private equity	Investments in private equity funds		120		59
The following table presents information about the carrying values and fair values by fair value hierarchy for convertible notes, convertible preferred stock, and first and second lien term loan facility where the ending balance was carried at cost as of June 30, 2014. There were no such instruments as of December 31, 2013.
				Fair Value
	Carrying value			Level 1			Level 2			Level 3		Total
Convertible notes	$	59,676		$	—		$	—		$	88,748	$	88,748
Convertible preferred stock	275,510			—			—			146,528		146,528
First Lien term facility	569,455			—			—			569,455		569,455
Second Lien term facility	147,788			—			—			147,788		147,788
Total	$	1,052,429		$	—		$	—		$	952,519	$	952,519

AvailableforSale_Securities

Available-for-Sale Securities	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Available-for-Sale Securities	'
	Available-for-Sale Securities
	The following table presents information about the Company’s available-for-sale securities as of June 30, 2014 and December 31, 2013 (in thousands):
		Fair value at December 31, 2013		Purchases(1)		Sales		Realized gain		Unrealized gains(2)		Fair value at June 30, 2014		Cost
	Mutual funds	$	8,528	$	215	$	9,013	$	171	$	544	$	445	$	410
	_____________________
	(1) Includes $0.2 million of purchases under dividend reinvestment programs.
	(2) This amount represents the change in the unrealized gain or loss for the six months ended June 30, 2014. The Company had $0.1 million available-for-sale realized gains for the three and six months ended June 30, 2013. The amount excludes the deferred income tax benefit (provision).

Note_Receivable

Note Receivable	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Notes receivable	'
	Notes receivable
	The Company loans money to certain of its financial advisors under two types of promissory note agreements, which bear interest at various rates and have various maturities. Such agreements include forgivable promissory notes and payback promissory notes. Management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the financial advisor and the Company’s historical experience in collecting on such transactions.
	The forgivable notes contain provisions for forgiveness of principal and accrued interest if the financial advisor meets specified revenue production levels or length of service. The forgiveness determination is made at specified intervals that coincide with scheduled principal and interest payments. The Company amortizes the principal balance of the forgivable notes along with accrued interest as commission expense ratably over the contractual term of the notes. In the event the financial advisor does not meet the specified production level, the scheduled principal and interest are due. The Company intends to hold the notes for the term of the agreements.
	The Company monitors its outstanding notes on a monthly basis to identify potential credit loss and impairment. Notes receivable are considered impaired when, based upon current information and events, management estimates it is probable that the Company will be unable to collect amounts due according to the terms of the promissory note. Criteria used to determine if impairment exists include, but are not limited to: historical payment and collection experience of the individual loan, historical production levels, the probability of default on the loan, status of the representative’s affiliation agreement with the Company, and, or any regulatory or legal action related to the representative.
	The Company’s notes receivable for the six months ended June 30, 2014 and the year ended December 31, 2013, were as follows (in thousands):
		30-Jun-14			31-Dec-13
		Total			Total
	Beginning balance	$	13,270		$	8,547
	Originated loans	6,229			5,636
	Acquired loans	51,387			—
	Collections	(2,756		)	(363		)
	Forgiveness/amortization	(2,507		)	(573		)
	Accretion	1,034			6
	Allowance	(315		)	17
	Ending balance	$	66,342		$	13,270
	As of June 30, 2014, notes receivable included $23.0 million of forgivable loans and $43.3 million of payback loans. As of December 31, 2013, notes receivable included $11.1 million of forgivable loans and $2.2 million of payback loans. All of the Company’s outstanding notes receivable as of December 31, 2013 relate to First Allied.
	The following table presents the Company’s allowance for uncollectible amounts due from financial advisors for the six months ended June 30, 2014 and the year ended December 31, 2013 (in thousands):
		30-Jun-14			31-Dec-13
		Total			Total
	Beginning balance	$	424		$	441
	Provision for bad debt	569			—
	Charge off - net of recoveries	(254		)	(17		)
	Total change	315			(17		)
	Ending balance	$	739		$	424

Fixed_Assets

Fixed Assets	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Fixed Assets	'
	Fixed Assets
	The Company’s fixed assets as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
		30-Jun-14		31-Dec-13
	Office furniture and equipment, net	$	2,974	$	1,007
	Computer software and hardware, net	19,407		854
	Leasehold improvements	2,557		372
	Total fixed assets	24,938		2,233
	Less: Accumulated depreciation and amortization	1,933		350
	Fixed assets - net	$	23,005	$	1,883
	For the three and six months ended June 30, 2014 the Company recorded $1.8 million and $2.0 million, respectively, in depreciation and amortization expense. For the three and six months ended June 30, 2013 the Company recorded $0.04 million and $0.1 million, respectively, in depreciation and amortization expense.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets	'
	Goodwill and Intangible Assets
	The Company’s indefinite-lived intangible assets are comprised of trade names and a distribution network of registered investment advisers and broker-dealers. The Company’s goodwill and intangible assets as of December 31, 2013 relate to First Allied. The following table presents the Company’s goodwill and intangible assets as of June 30, 2014 and December 31, 2013 (in thousands):
		30-Jun-14				31-Dec-13
	Goodwill	$	395,242			$	79,986
	Indefinite-lived intangible assets	64,612				—
	Finite-lived intangible assets:
	Financial advisor relationships	974,053				69,698
	Investment management agreements	47,390				—
	Customer relationships	11,856				12,409
	Non-competition agreements	6,812				898
	Other	9,993				—
	Total intangible assets	1,114,716				83,005
	Total goodwill and intangible assets	$	1,509,958			$	162,991
	Goodwill associated with each acquisition is allocated to the segments, based on how the Company manages its segments. The following table presents the goodwill by segment (in thousands):
		30-Jun-14				31-Dec-13
	Independent Retail Advice	$	379,894			$	79,986
	Investment Management	15,348				—
	Total goodwill	$	395,242			$	79,986
	The Company’s goodwill and intangible assets as of December 31, 2013 related to First Allied. The following table presents the change in the carrying amount of goodwill from December 31, 2013 to June 30, 2014 (in thousands):
	Balance as of December 31, 2013	$	79,986
	Cetera acquisition	259,646
	Summit acquisition	28,997
	J.P. Turner acquisition	11,265
	Hatteras acquisition	15,348
	Balance as of June 30, 2014	$	395,242
	Intangible Assets
	The components of intangible assets as of June 30, 2014 are as follows (in thousands):
		Weighted-average life remaining		Gross carrying value				Accumulated amortization		Net carrying value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	14		$	988,902			$	14,849	$	974,053
	Investment management agreements	13		47,390				—		47,390
	Customer relationships	12		12,686				830		11,856
	Non-competition agreements	1		8,268				1,456		6,812
	Other(1)	9		10,282				289		9,993
	Total finite-lived intangible assets			1,067,528				17,424		1,050,104
	Indefinite-lived intangible assets	N/A		64,612				N/A		64,612
	Total intangible assets			$	1,132,140			$	17,424	$	1,114,716
	_____________________
	(1) Primarily comprised of SK Research intellectual property.
	The components of intangible assets as of December 31, 2013 are as follows (in thousands):
		Weighted-Average Life Remaining		Gross Carrying Value				Accumulated Amortization		Net Carrying Value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	13		$	71,185			$	1,487	$	69,698
	Customer relationships	13		12,686				277		12,409
	Non-competition agreements	2		1,026				128		898
	Total finite-lived intangible assets			$	84,897			$	1,892	$	83,005
	Total amortization expense for finite-lived intangible assets was $13.8 million and $15.5 million for the three and six months ended June 30, 2014, respectively. The Company did not have any amortization expense for finite-lived intangible assets for the three and six months ended June 30, 2013. Future amortization expense is estimated as follows (in thousands):
		12 Months Ended June 30,
	2014	$	83,809
	2015	77,689
	2016	77,689
	2017	77,689
	2018	77,689
	Thereafter	655,539
	Total	$	1,050,104
	Goodwill and intangible assets established upon each acquisition were fair valued and were classified as Level 3 in the non-recurring fair value hierarchy. A substantial portion of the goodwill and intangible assets relate to acquisitions that closed during the three months ended June 30, 2014.  As a result, the carrying value of goodwill and intangible assets as of June 30, 2014 closely approximates fair value. Unobservable inputs considered in determining fair value include the estimate and probability of future revenues attributable to financial advisors and retention rates which were used to derive economic cash flows that are present valued at an appropriate rate of return over their respective useful lives.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	Long-Term Debt
	Concurrently with the closing of the Cetera acquisition on April 29, 2014, the Company entered into the Bank Facilities: a$575.0 million senior secured first lien term loan facility, a $150.0 million senior secured second lien term loan facility and a $25.0 million senior secured first lien revolving credit facility.
	The proceeds of the term facilities were used by the Company to pay a portion of the consideration paid in the Cetera acquisition, to refinance certain existing indebtedness and to pay related fees and expenses. The proceeds of the revolving facility are expected to be used for permitted capital expenditures, to provide for the ongoing working capital requirements and for general corporate purposes. On July 21, 2014, the Company utilized $1.1 million from the revolving credit facility in the form of a backstop letter of credit.
	On April 29, 2014, the Company also issued $120.0 million aggregate principal par value of convertible notes in a private placement. The convertible notes are senior unsecured obligations but they are structurally subordinate to the Bank Facilities, which are secured facilities, and any refinancing thereof. The convertible notes are convertible in $1,000 increments at the option of the holder, and to the extent permitted by the Bank Facilities, into shares of Class A common stock, at a conversion price equal to $21.18 per share of Class A common stock, subject to adjustment.
	Additionally, the Company also assumed $32.0 million, in debt when it acquired First Allied. First Allied entered into an $18.0 million loan facility with Fifth Third Bank on November 1, 2011, of which $12.0 million was a term loan (the “FA Term Loan”) and $6.0 million is a revolving line of credit (the “FA Revolver”). The FA Revolver is also available for letters of credit. The FA Term Loan was amended and increased by $20.0 million to $32.0 million on January 2, 2013 in order to facilitate the purchase of Legend Group Holdings LLC. Borrowings under the FA Term Loan and the FA Revolver bear interest, payable quarterly in arrears, at the one month LIBOR rate plus an interest rate margin ranging from 2.00% to 2.50%, depending upon the Company’s financial performance. Borrowings under the FA Term Loan must be repaid in installments of $0.8 million each calendar quarter beginning March 31, 2013. As of June 30, 2014 and December 31, 2013, First Allied was in compliance with all such covenants.
	On July 28, 2014, the First Allied outstanding indebtedness including the FA Term Loan, the FA Revolver, unpaid interest and fees totaling $32.0 million was repaid by the Company as required by the terms of the Bank Facilities.
	The following table presents the Company’s long-term borrowings as of June 30, 2014 and December 31, 2013 and their contractual interest rates:
		June 30, 2014					December 31, 2013
		Balance			Interest Rate		Balance			Interest Rate
	First Lien term facility	$	569,455		6.5	%	$	—
	Second Lien term facility	147,788			10.5	%	—
	Convertible notes	69,510		(1)	5	%	—
	Other	31,950		(2)	2.4	%	33,302		(3)	2.42	%
	Total borrowings	818,703					33,302
	Less: Current portion of borrowings	33,183					3,200
	Total long-term debt, net of current portion	$	785,520				$	30,102
	_____________________
	(1) The Company’s convertible notes balance includes the fair value of the compound derivative of $9.8 million.
	(2) The Company’s other long-term borrowings as of June 30, 2014 relate to First Allied, of which, $27.2 million was outstanding under the FA Term Loan and $4.8 million was outstanding under the FA Revolver.
	(3) The Company’s long-term borrowings as of December 31, 2013 relate to First Allied, of which, $28.8 million was outstanding under the FA Term Loan and $4.5 million was outstanding under the FA Revolver.
	As of June 30, 2014, no amounts were outstanding under the senior secured first lien revolving facility. This revolving facility has a term of three years and an initial interest rate equal to LIBOR plus 5.50% per annum, which may be reduced to 5.25% if the First Lien Leverage Ratio (as defined in the Bank Facilities) is less than or equal to 1.25 to 1.00. In the case of both term facilities and this revolving facility, LIBOR can be no less than 1.00% per annum.
	The following table presents the contractual maturities of long-term debt, net of the current portion and inclusive of the fair value of the compound derivative of $9.8 million, as of June 30, 2014 (in thousands):
		12 Months Ended June 30,
	2015	$	27,176
	2016	54,040
	2017	75,134
	2018	99,386
	2019	280,188
	Thereafter(1)	249,596
	Total long-term debt, net of current portion	$	785,520
	_____________________
	(1) Includes the fair value of the compound derivative of $9.8 million.
	The following table presents the scheduled contractual maturities of the current portion of long-term debt as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014			December 31, 2013
	31-Mar-14	$	—		$	800
	30-Jun-14	—			800
	30-Sep-14	6,531			800
	31-Dec-14	6,501			800
	31-Mar-15	6,505			—
	30-Jun-15	13,646			—
	Total current portion of long-term debt	$	33,183		$	3,200
	The Bank Facilities are subject to: (i) certain mandatory prepayment requirements, including asset sales, insurance/condemnation proceeds, incurrence of certain indebtedness and excess cash flow (as described in more detail below); (ii) certain agreed prepayment premiums; (iii) customary affirmative covenants; (iv) certain negative covenants, including limitations on incurrence of indebtedness, liens, investments, restricted payments (as described in more detail below), asset dispositions, acquisitions and transactions with affiliates; and (v) financial covenants of a maximum total leverage ratio, a minimum fixed charge coverage ratio and minimum regulatory net capital.
	The Bank Facilities include the requirement to prepay the aggregate principal amount of the Bank Facilities in the amount of 50% of “Excess Cash Flow” (as defined in the Bank Facilities) which represents cash flow after certain permitted expenditures, subject to reduction based on the ratio of First Lien Net Debt on such date to Consolidated EBITDA (the “First Lien Leverage Ratio”).
	The Company’s obligations under the Bank Facilities are guaranteed, subject to certain other customary or agreed-upon exceptions, by RCS Capital Management, RCAP Holdings and each of its direct or indirect domestic subsidiaries that are not SEC-registered broker-dealers, provided that the guarantees by First Allied and its guarantor subsidiaries do not become effective until September 26, 2014. The Company, together with the guarantors (other than First Allied and its guarantor subsidiaries, until their guarantees became effective as described in the immediately preceding sentence), have pledged substantially all of its assets to secure the Bank Facilities, subject to certain exceptions. Subsidiaries that have been acquired must become guarantors and pledge their assets no later than 60 days after such acquisition.
	The restricted payments covenant prohibits payment of dividends by the Company, subject to certain exceptions, including, among others, payments in an aggregate amount not to exceed a dollar cap of $10.0 million, plus a basket comprised of a portion of retained excess cash flow, returns on certain investments, and certain other amounts available to the Company under the terms of the Bank Facilities, subject to a leverage test of 1.00 to 1.00 (with respect to dividends to affiliates) and 1.25 to 1.00 (with respect to dividends to non-affiliates) and other payments not exceeding the pre-closing retained earnings amount of $11.2 million, subject to a cap and a leverage test. The Company paid cash dividends to its Class A stockholders in July 2014 (with respect to the second quarter of 2014) out of funds available to pay dividends under the exceptions referred to in the preceding sentence. At the present time, the Company does not expect to continue paying quarterly dividends in subsequent quarters, as the Company’s ability to pay cash dividends is restricted due to the negative covenants described above.
	The convertible notes contain customary events of default and negative covenants, including limitations on incurrence of indebtedness, liens, investments, restricted payments (with similar, but less restrictive exceptions as the Bank Facilities), asset dispositions, acquisitions and transactions with affiliates. The convertible notes are not redeemable by the Company prior to their maturity date without the consent of the holder of convertible notes.

Derivative_Contracts

Derivative Contracts	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative contracts	'
	Derivative contracts
	On April 29, 2014, the Company entered into a series of contemporaneous transactions, as described below, that qualify as derivative contracts or include derivative contracts. These derivative contracts include a put/call agreement which is a free-standing derivative contract and embedded derivative contracts related to the issuance of convertible notes and convertible preferred stock (“hybrid instruments”). The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and convertible preferred stock were first allocated to the fair value of the put/call agreement and then, on a relative fair value basis, to the hybrid instruments. The proceeds allocated to each hybrid instrument were then attributed between the host contract and the embedded derivative contracts. These derivative contracts are carried at their fair value with changes in fair value reflected in other revenues in the consolidated statements of income.
	Put/Call
	On April 29, 2014, the Company entered into a put/call agreement with Luxor whereby, subject to certain conditions, (i) the Company has the right to repurchase Luxor’s 19.46% interest in RCS Capital Management (the “Luxor percentage interest”) from Luxor in exchange for its fair market value (as determined by the Company and Luxor pursuant to the agreement) in shares of Class A common stock (or, at the Company’s option, a cash equivalent); and (ii) Luxor has the right to require the Company to purchase the Luxor percentage interest in exchange for a number of shares of Class A common stock (or, at the Company’s option, a cash equivalent) that is equal to 15.00% multiplied by the Luxor percentage interest multiplied by the then outstanding number of shares of Class A common stock (assuming the conversion immediately prior thereto of the then outstanding convertible notes and convertible preferred stock).
	The put/call agreement also provides that the members of RCS Capital Management (who are also the members of RCAP Holdings, American Realty Capital, RCS Holdings and RCAP Equity, LLC) may elect to purchase all of the Luxor percentage interest offered to the Company for an amount equal to the value of the Class A common stock required to be delivered by the Company for cash, shares of Class A common stock or a combination thereof. If the Company is prohibited by the Bank Facilities from purchasing the Luxor percentage interest, the members of RCS Capital Management will be required to purchase the Luxor percentage interest under the same terms. As of June 30, 2014, the fair value of the put right was approximately $12.8 million and was recorded in derivative contracts in the consolidated statements of financial condition. As of June 30, 2014, the call right did not have any value. The Company recorded a gain of approximately $8.5 million for the period from issuance to June 30, 2014 related to the put right in other revenues in the consolidated statements of income.
	Embedded derivatives related to the convertible preferred stock and convertible notes
	The Company’s convertible preferred stock is convertible, at the option of the holders of the Company’s convertible preferred stock, into shares of Class A common stock. The convertible features and other features are considered embedded derivatives that are not clearly and closely related to the host instrument. As a result, these features must be bifurcated and accounted for as a separate compound derivative. As of June 30, 2014, the fair value of the compound derivative was approximately $81.5 million and was recorded in derivative contracts in the consolidated statements of financial condition. The Company adjusts the carrying value of the compound derivatives to fair value at each reporting date and recognizes the change in fair value in the statements of income. As a result, the Company recorded a gain of approximately $35.2 million for the period from issuance to June 30, 2014 in other revenues in the consolidated statements of income.
	The Company’s convertible notes are convertible, at the option of the holders of the Company’s convertible notes, into shares of Class A common stock. The convertible feature and other features are considered embedded derivatives that are not clearly and closely related to the host instrument. As a result, these features must be bifurcated and accounted for as a separate compound derivative. As of June 30, 2014, the fair value of the compound derivative was approximately $9.8 million and was recorded in long-term debt in the consolidated statements of financial condition. The Company adjusts the carrying value of the compound derivative to fair value at each reporting date and recognizes the change in fair value in the statements of income. As a result, the Company recorded a gain of approximately $14.7 million for period from issuance to June 30, 2014 in other revenues in the consolidated statements of income.

Convertible_Preferred_Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Convertible Preferred Stock	'
	Convertible preferred stock
	On April 29, 2014, the Company issued 14,657,980 shares of convertible preferred stock to affiliates of Luxor in a private placement. The shares of convertible preferred stock are entitled to a dividend of 7% of the liquidation preference in cash and a dividend of 8% of the liquidation preference if a quarterly dividend is not paid in cash on the dividend payment date. The shares of convertible preferred stock are convertible, at the option of the holders of the Company’s convertible preferred stock, into shares of Class A common stock, at the lower of (i) a 2% discount to VWAP, of Class A common stock for the ten trading days prior to the date of the holder’s election to convert; (ii) a 2% discount to the closing price of Class A common stock on the date of the holder’s election to convert; and (iii) $20.26, the fixed conversion price. If both the one-day VWAP and the daily closing price of Class A common stock for the prior 30 consecutive trading days exceeds 2.5 times the fixed conversion price, or $50.65, and at least $10.0 million of Class A common stock is traded each day for 30 consecutive days at any time after the first two years from the issuance date of the convertible preferred stock, then the Company may require the holders to convert the convertible preferred stock into shares of Class A common stock at the same price as set forth above. Accrued and unpaid dividends on the convertible preferred stock are also entitled to the same liquidation preference and are convertible into additional shares of Class A common stock on the same terms as actual shares of convertible preferred stock.
	The terms of the convertible preferred stock set forth in the related certificate of designation include negative covenants relating to the issuance of additional preferred securities, amending the provisions of certificate of designation, affiliate transactions and the incurrence of indebtedness.
	In the event of any liquidation, before any payment or distribution of the assets of the Company shall be made to or set apart for the holders of Company’s common stock, the holders shall be entitled to receive an amount equal to the greater of (i) $18.42 in cash per convertible preferred share plus dividends accrued and unpaid to the date of the final distribution to the holders or (ii) an amount per convertible preferred share equal to the amount of consideration which would have been payable had each convertible preferred share been converted into shares of Class A common stock immediately prior to such liquidation. Until the holders have been paid the greater amount of alternative (i) or (ii) in full, no payment will be made to the holders of the Company’s common stock upon liquidation.
	During the three months ended June 30, 2014 the Company recorded a deemed dividend on its convertible preferred stock. See Note 15 for more information.
	Stockholders’ Equity
	As of June 30, 2014, the Company had the following classes of common stock and non-controlling interest:
	Class A common stock. 2,500,000 shares of Class A common stock were issued to the public in the IPO. Class A common stock entitles holders to one vote per share and economic rights (including rights to dividends, if any, and distributions upon liquidation). Holders of Class A common stock hold a portion of the voting rights of the Company.
	On February 11, 2014, as part of the Restructuring Transactions and pursuant to the Exchange Agreement, RCAP Holdings’ exchanged 23,999,999 Original Operating Subsidiaries Units for 23,999,999 shares of Class A common stock.
	After giving effect to the Exchange, as of February 11, 2014, RCAP Holdings held 24,051,499 shares of Class A common stock and one share of Class B common stock, which entitled RCAP Holdings, in the aggregate, to 90.76% of the economic rights in the Company and 95.38% of the voting power of Class A common stock and Class B common stock voting together as a single class. As a result, RCAP Holdings is entitled to both economic and voting rights.
	On June 10, 2014, the Company issued 19,000,000 shares of Class A common stock in a public offering at a price of $20.25 per share. In connection with the public offering, the Company granted the underwriters the option to purchase up to 3,600,000 additional shares of Class A common stock to cover over-allotments, if any, for a period of 30 days. On June 18, 2014, the underwriters purchased an additional 870,248 shares pursuant to the over-allotment option at the public offering price of $20.25 per share.
	On June 10, 2014 the Company issued 2,469,136 shares of Class A common stock at the public offering price of $20.25 per share to Luxor in a private offering.
	During the three months ended June 30, 2014, the Class A common stock issued as consideration in connection with the acquisitions of Summit, J.P. Turner and First Allied, was 498,884 shares, 239,362 shares and 11,264,929 shares, respectively. See Note 2 for more information.
	During the six months ended June 30, 2014, the Company granted 2,366,703 shares, net of forfeitures, of its Class A common stock in the form of restricted stock awards under the RCAP Equity Plan. See Note 13 for more information.
	On March 20, 2014, the Company’s Board of Directors authorized, and the Company declared, a cash dividend for the first quarter of 2014 for its Class A common stock. The cash dividend was paid on April 10, 2014 to record holders of Class A common stock at the close of business on March 31, 2014 in an amount equal to $0.18 per share, consistent with the cash dividend declared and paid with respect to the fourth quarter of 2013.
	On June 17, 2014, the Company’s Board of Directors authorized and the Company declared a cash dividend for the quarter ended June 30, 2014 for its Class A common stock. The cash dividend was paid on July 10, 2014 to record holders of Class A common stock at the close of business on June 30, 2014 in an amount equal to $0.18 per share, consistent with the cash dividend declared and paid with respect to the first quarter of 2014. After the dividend paid with respect to the second quarter of 2014, the Board of Directors has decided to discontinue future quarterly dividends.
	Class B common stock. As of June 30, 2014 RCAP Holdings owns the sole outstanding share of Class B common stock, which entitles it to one vote more than 50% of the voting rights of the Company, and thereby controls the Company. Class B common stockholders have no economic rights (including no rights to dividends and distributions upon liquidation).
	LTIP Units. On April 28, 2014 the 2013 Manager Multi-Year Outperformance Agreement (the “OPP”) was amended (the “Amended OPP”) which resulted in RCS Capital Management earning 310,947 LTIP Units and forfeiting 1,014,053 LTIP Units. Immediately prior to the acquisition by Luxor of an interest in RCS Capital Management, RCS Capital Management distributed its 310,947 earned LTIP Units to its then current members, each of whom is also a member of RCS Holdings. As of June 30, 2014 the interests of the LTIP Units were included in non-controlling interest. See Note 19 for more information.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Convertible preferred stock
	On April 29, 2014, the Company issued 14,657,980 shares of convertible preferred stock to affiliates of Luxor in a private placement. The shares of convertible preferred stock are entitled to a dividend of 7% of the liquidation preference in cash and a dividend of 8% of the liquidation preference if a quarterly dividend is not paid in cash on the dividend payment date. The shares of convertible preferred stock are convertible, at the option of the holders of the Company’s convertible preferred stock, into shares of Class A common stock, at the lower of (i) a 2% discount to VWAP, of Class A common stock for the ten trading days prior to the date of the holder’s election to convert; (ii) a 2% discount to the closing price of Class A common stock on the date of the holder’s election to convert; and (iii) $20.26, the fixed conversion price. If both the one-day VWAP and the daily closing price of Class A common stock for the prior 30 consecutive trading days exceeds 2.5 times the fixed conversion price, or $50.65, and at least $10.0 million of Class A common stock is traded each day for 30 consecutive days at any time after the first two years from the issuance date of the convertible preferred stock, then the Company may require the holders to convert the convertible preferred stock into shares of Class A common stock at the same price as set forth above. Accrued and unpaid dividends on the convertible preferred stock are also entitled to the same liquidation preference and are convertible into additional shares of Class A common stock on the same terms as actual shares of convertible preferred stock.
	The terms of the convertible preferred stock set forth in the related certificate of designation include negative covenants relating to the issuance of additional preferred securities, amending the provisions of certificate of designation, affiliate transactions and the incurrence of indebtedness.
	In the event of any liquidation, before any payment or distribution of the assets of the Company shall be made to or set apart for the holders of Company’s common stock, the holders shall be entitled to receive an amount equal to the greater of (i) $18.42 in cash per convertible preferred share plus dividends accrued and unpaid to the date of the final distribution to the holders or (ii) an amount per convertible preferred share equal to the amount of consideration which would have been payable had each convertible preferred share been converted into shares of Class A common stock immediately prior to such liquidation. Until the holders have been paid the greater amount of alternative (i) or (ii) in full, no payment will be made to the holders of the Company’s common stock upon liquidation.
	During the three months ended June 30, 2014 the Company recorded a deemed dividend on its convertible preferred stock. See Note 15 for more information.
	Stockholders’ Equity
	As of June 30, 2014, the Company had the following classes of common stock and non-controlling interest:
	Class A common stock. 2,500,000 shares of Class A common stock were issued to the public in the IPO. Class A common stock entitles holders to one vote per share and economic rights (including rights to dividends, if any, and distributions upon liquidation). Holders of Class A common stock hold a portion of the voting rights of the Company.
	On February 11, 2014, as part of the Restructuring Transactions and pursuant to the Exchange Agreement, RCAP Holdings’ exchanged 23,999,999 Original Operating Subsidiaries Units for 23,999,999 shares of Class A common stock.
	After giving effect to the Exchange, as of February 11, 2014, RCAP Holdings held 24,051,499 shares of Class A common stock and one share of Class B common stock, which entitled RCAP Holdings, in the aggregate, to 90.76% of the economic rights in the Company and 95.38% of the voting power of Class A common stock and Class B common stock voting together as a single class. As a result, RCAP Holdings is entitled to both economic and voting rights.
	On June 10, 2014, the Company issued 19,000,000 shares of Class A common stock in a public offering at a price of $20.25 per share. In connection with the public offering, the Company granted the underwriters the option to purchase up to 3,600,000 additional shares of Class A common stock to cover over-allotments, if any, for a period of 30 days. On June 18, 2014, the underwriters purchased an additional 870,248 shares pursuant to the over-allotment option at the public offering price of $20.25 per share.
	On June 10, 2014 the Company issued 2,469,136 shares of Class A common stock at the public offering price of $20.25 per share to Luxor in a private offering.
	During the three months ended June 30, 2014, the Class A common stock issued as consideration in connection with the acquisitions of Summit, J.P. Turner and First Allied, was 498,884 shares, 239,362 shares and 11,264,929 shares, respectively. See Note 2 for more information.
	During the six months ended June 30, 2014, the Company granted 2,366,703 shares, net of forfeitures, of its Class A common stock in the form of restricted stock awards under the RCAP Equity Plan. See Note 13 for more information.
	On March 20, 2014, the Company’s Board of Directors authorized, and the Company declared, a cash dividend for the first quarter of 2014 for its Class A common stock. The cash dividend was paid on April 10, 2014 to record holders of Class A common stock at the close of business on March 31, 2014 in an amount equal to $0.18 per share, consistent with the cash dividend declared and paid with respect to the fourth quarter of 2013.
	On June 17, 2014, the Company’s Board of Directors authorized and the Company declared a cash dividend for the quarter ended June 30, 2014 for its Class A common stock. The cash dividend was paid on July 10, 2014 to record holders of Class A common stock at the close of business on June 30, 2014 in an amount equal to $0.18 per share, consistent with the cash dividend declared and paid with respect to the first quarter of 2014. After the dividend paid with respect to the second quarter of 2014, the Board of Directors has decided to discontinue future quarterly dividends.
	Class B common stock. As of June 30, 2014 RCAP Holdings owns the sole outstanding share of Class B common stock, which entitles it to one vote more than 50% of the voting rights of the Company, and thereby controls the Company. Class B common stockholders have no economic rights (including no rights to dividends and distributions upon liquidation).
	LTIP Units. On April 28, 2014 the 2013 Manager Multi-Year Outperformance Agreement (the “OPP”) was amended (the “Amended OPP”) which resulted in RCS Capital Management earning 310,947 LTIP Units and forfeiting 1,014,053 LTIP Units. Immediately prior to the acquisition by Luxor of an interest in RCS Capital Management, RCS Capital Management distributed its 310,947 earned LTIP Units to its then current members, each of whom is also a member of RCS Holdings. As of June 30, 2014 the interests of the LTIP Units were included in non-controlling interest. See Note 19 for more information.

EquityBased_Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity-based compensation	'
	Equity-based compensation
	The RCAP Equity Plan provides for the grant of stock options, stock appreciation rights, restricted shares of Class A common stock, restricted stock units, dividend equivalent rights and other stock-based awards (which may include grants of shares of Class A common stock in payment of the amounts due under a plan or arrangement sponsored or maintained by the Company or an affiliate, including the Amended OPP) to individuals who are, as of the date of grant, non-executive directors, officers and other employees of the Company or its affiliates, to certain advisors or consultants of the Company or any of its affiliates who are providing services to the Company or the affiliate, or, subject the Services Agreement (as defined below) remaining in effect on the date of grant, to RCS Capital Management, an entity under common control with RCAP Holdings, and individuals who are, as of the date of grant, employees, officers or directors of RCS Capital Management or one of its affiliates. The maximum number of shares of Class A common stock that may be granted pursuant to awards under the equity plan was initially 250,000 shares of Class A common stock. Following any increase in the number of issued and outstanding shares of Class A common stock, the maximum number of shares of Class A common stock that may be granted pursuant to awards under the equity plan will be a number of shares of Class A common stock equal to the greater of (x) 250,000 shares and (y) 10% of the total number of issued and outstanding shares of Class A common stock (on a diluted basis) at any time following such increase (subject to the registration of the increased number of available shares). Pursuant to a Registration Statement on Form S-8 filed on February 19, 2014, a total of 2,649,999 shares of Class A common stock may be granted pursuant to awards under the RCAP Equity Plan. Subject to the filing of a registration statement on Form S-8 with respect to shares of Class A common stock that became available under the RCAP Equity Plan subsequent to February 19, 2014, an additional 5,871,031 shares could be granted pursuant to awards under the RCAP Equity Plan.
	The following table details the restricted shares activity during the six months ended June 30, 2014:
		Shares of Restricted Common Stock		Weighted-Average Issue Price			Aggregate Value (in thousands)			Weighted-Average Vesting Period (years)
	Unvested, December 31, 2013	—		$	—		$	—		—
	Granted	2,368,203		33.4			79,098			3.82
	Less: vested	52,772		25.52			1,347			N/A
	Less: forfeited	1,500		32.33			48			4
	Unvested June 30, 2014	2,313,931		$	33.58		$	77,703		3.89
	During the six months ended June 30, 2014, the Company granted 175,179 restricted stock awards, net of forfeitures, to certain employees of related parties under the RCAP Equity Plan with a weighted average grant date fair value of $36.63. During the six months ended June 30, 2014, no shares granted to employees of related parties have vested. The Company recognized the entire charge of $6.4 million for these restricted stock awards immediately in retained earnings as a dividend with an offset to additional paid-in capital. The amounts in excess of retained earnings was adjusted to additional paid-in capital to ensure that retained earnings was not reduced below zero due to the restricted stock awards. The restricted stock awards have rights to non-forfeitable dividends for which the Company recognized $0.1 million for the six months ended June 30, 2014.
	A related party also granted restricted stock awards (of the related party’s stock) to certain employees of the Company for services provided by Company employees on behalf of such related party. The expenses related to this share-based compensation for the three and six months ended June 30, 2014 was recorded in internal commissions, payroll and benefits expense in the consolidated statement of income. The Company re-measures the fair value of the awards at each reporting date based on the related party’s stock price, at which time the amortization of the award is adjusted.
	The following table details the expense activity, which is included in internal commissions, payroll and benefits expense in the consolidated statements of income, related to restricted share grants during the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Expense recognized for restricted shares of Class A common stock granted to RCAP employees	$	5,768		$	—		$	6,471		$	—
	Expense recognized for related party restricted share grants to RCAP employees	167			—			2,527			—
	Total share based compensation expense	$	5,935		$	—		$	8,998		$	—
	The following table details the restricted shares activity related to shares of a related party granted to RCAP employees during the six months ended June 30, 2014:
		Shares of Restricted Common Stock		Weighted-Average Issue Price			Aggregate Value (in thousands)			Weighted-Average Vesting Period (years)
	Unvested, December 31, 2013	—		$	—		$	—		—
	Granted	512,430		14.18			7,266			4.05
	Less: vested	143,805		13.83			1,989			3
	Less: forfeited	—		—			—			—
	Unvested June 30, 2014	368,625		$	14.32		$	5,277		4.46
	439,356 restricted units were issued to certain employees under the FA RSU Plan to provide for the grant of phantom stock in connection with the acquisition of First Allied by RCAP Holdings. Pursuant to the terms of the FA RSU Plan, phantom stock vests equally on each of the first three anniversaries of the acquisition of First Allied by RCAP Holdings, which occurred on September 25, 2013. The first tranche of restricted units that will vest on September 25, 2014 have a non-fluctuating value of $20.00 per unit and can be paid in cash or shares of Class A common stock at the Company’s option. The second and third tranches of restricted units each represent one phantom share of Class A common stock and can be settled in either shares of the Class A common stock or a then equivalent amount of cash, at the Company’s option.
	The FA RSU Plan is being accounted for on the liability method with the first tranche expensed ratably over the first vesting period. The second and third tranche will be expensed over the second and third vesting periods, respectively, based on the current fair market value of the Class A common stock. For the three and six months ended June 30, 2014, the Company recorded $0.7 million and $1.5 million, respectively, of stock based compensation pursuant to the FA RSU Plan which is included in internal commissions, payroll and benefits expense in the consolidated statements of income.
	On June 10, 2014, RCAP Holdings and RCAP Equity, LLC, as the holders of 68.97% of the combined voting power of the Company’s outstanding common stock, approved the Company’s 2014 Stock Purchase Program (the “Program”). The Program became effective on June 30, 2014. The purpose of the Program is to enable select employees, financial advisors and executive officers of the Company and its affiliates and of subsidiaries of the Company that will be part of the Company’s independent retail advice platform (“Eligible Individuals”) to acquire proprietary interests in the Company through the ownership of Class A common stock. The Program is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), and any warrants granted under the Program are not intended to qualify as “incentive stock options” under Section 422 of the Code. Up to 4,000,000 shares of Class A common stock may be sold to Eligible Individuals or may be issued under warrants granted under the Program. As of June 30, 2014 no shares of Class A common stock has been sold and no warrants have been issued under the Program.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	As of June 30, 2014, the Company had a net deferred tax liability of $286.8 million primarily related to intangible assets as a result of the purchase price accounting from the recent acquisitions. As of December 31, 2013, the Company had a net deferred tax liability of $23.6 million which primarily related to purchase price accounting from the acquisition of First Allied.
	For the six months ended June 30, 2014, the effective tax rate was 18.5%. The effective tax rate differs from the federal statutory rate of 35% primarily as a result of certain mark-to-market adjustments on financial instruments which are not subject to income taxes.
	The Company believes that, as of June 30, 2014, it had no material uncertain tax positions. Interest and penalties relating to unrecognized tax expenses (benefits) are recognized in income tax expense, when applicable. There was no liability for interest or penalties accrued as of June 30, 2014.
	The Company will file tax returns in the U.S. federal and various state jurisdictions. The Company will be open to audit under the statute of limitations by the Internal Revenue Service for its 2012 and 2014 tax years. The Company or its subsidiaries’ state income tax returns will be open to audit under the statute of limitations for 2009 to 2014.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share
	The Company computes earnings per share using the two-class method which requires that all earnings be allocated to each class of common stock including those securities which are participating securities. LTIP Units, unvested restricted shares of Class A common stock, shares issuable under the FA RSU Plan and convertible preferred stock, each of which contain non-forfeitable rights to dividends, are considered participating securities. Other potentially dilutive common shares including shares issuable under the terms of Luxor’s put option under the put/call agreement as calculated under the if-converted method, shares issuable under the terms of the convertible notes as calculated under the if-converted method and shares issuable on June 12, 2015 as consideration in the J.P. Turner acquisition as calculated under the treasury stock method, are considered when calculating diluted EPS. Basic and diluted earnings per share for the three and six months ended June 30, 2014 were calculated assuming that the 11,264,929 shares issued on June 30, 2014 in connection to the closing of the First Allied acquisition were outstanding for the entire period. Basic and diluted earnings per share for the three and six months ended June 30, 2013 were calculated assuming that the 2,500,000 shares issued on June 10, 2013 in connection to the IPO were outstanding for the entire period.
	The following tables present the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data):
		Three Months Ended June 30, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(149,861	)	43,030,018	$	(3.48	)
	Allocation of earnings to participating securities:
	Allocation of earnings to unvested RSU holders	(384		)	—	(0.01		)
	Basic Earnings:
	Net loss attributable to Class A common stockholders	(150,245		)	43,030,018	(3.49		)
	Effect of Dilutive Securities:
	Shares issuable upon exercise of Luxor’s put option(2)	(8,466		)	1,342,828	(0.09		)
	Shares issuable upon conversion of convertible notes(3)	(14,747		)	3,922,423	(0.01		)
	Diluted Earnings:
	Net loss attributable to Class A common stockholders	$	(173,458	)	48,295,269	$	(3.59	)
	_____________________
	(1) Included in net loss attributable to common stock is a deemed dividend of $194.8 million. This deemed dividend represents the difference between redemption value of the convertible preferred stock (based on the if-converted price) and the amount of the proceeds that were allocated to the convertible preferred stock excluding the embedded derivative. The convertible preferred stock can be settled in cash in certain situations; therefore, the Company was required to accrete up to the redemption value. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders.
	(2) The reduction in the numerator represents an $8.5 million gain in the fair value of the derivative for the period of issuance to June 30, 2014.
	(3) The reduction in the numerator represents a $14.7 million gain in the fair value of the embedded derivative for the period of issuance to June 30, 2014.
		Three Months Ended June 30, 2013
		Income (Numerator)			Shares (Denominator)	Per Share Amount
	Basic and Diluted Earnings:
	Net income attributable to Class A common stockholders	$	202		2,500,000	$	0.08
		Six Months Ended June 30, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(146,576	)	34,975,636	$	(4.19	)
	Allocation of earnings to participating securities:
	Allocation of earnings to unvested RSU holders	(711		)	—	(0.02		)
	Basic Earnings:
	Net loss attributable to Class A common stockholders	(147,287		)	34,975,636	(4.21		)
	Effect of Dilutive Securities:
	Shares issuable upon exercise of Luxor’s put option(2)	(8,466		)	675,123	(0.16		)
	Shares issuable upon conversion of convertible notes(3)	(14,747		)	1,972,047	(0.16		)
	Diluted Earnings:
	Net loss attributable to Class A common stockholders	$	(170,500	)	37,622,806	$	(4.53	)
	_____________________
	(1) Included in net loss attributable to common stock is a deemed dividend of $194.8 million. This deemed dividend represents the difference between redemption value of the convertible preferred stock (based on the if-converted price) and the amount of the proceeds that were allocated to the convertible preferred stock excluding the embedded derivative. The convertible preferred stock can be settled in cash in certain situations; therefore, the Company was required to accrete up to the redemption value. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders.
	(2) The reduction in the numerator represents an $8.5 million gain in the fair value of the derivative for the period of issuance to June 30, 2014.
	(3) The reduction in the numerator represents a $14.7 million gain in the fair value of the embedded derivative for the period of issuance to June 30, 2014.
		Six Months Ended June 30, 2013
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Basic and Diluted Earnings:
	Net income attributable to Class A common stockholders	$	202		2,500,000	$	0.08
	For the three and six months ended June 30, 2014 the Company excluded the LTIP Units, unvested restricted shares of Class A common stock, shares issuable under the terms of the convertible preferred stock, shares issuable under the FA RSU plan and shares of Class A common stock issuable on June 12, 2015 for J.P. Turner from the calculation of diluted earnings per share as the effect was antidilutive. For the three and six months ended June 30, 2013 the Company excluded shares of Class B common stock from the calculation of diluted earnings per share as the effect was antidilutive.

OffBalance_Sheet_Risk_and_Conc

Off-Balance Sheet Risk and Concentrations	6 Months Ended
	Jun. 30, 2014
Risks and Uncertainties [Abstract]	'
Off-Balance Sheet Risk and Concentrations	'
	Off-Balance Sheet Risk and Concentrations
	The Company is engaged in various trading, brokerage activities and capital raising with counterparties primarily including broker-dealers, banks, direct investment programs and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty. It is the Company’s policy to review, as necessary, the credit standing of each counterparty. As of June 30, 2014, the Company had 60% of the reimbursable expenses, investment banking fees, services fees and transfer agent fees receivable concentrated in three related and one non-related party direct investment programs, and 83% of the total wholesale commissions and dealer manager fees receivable concentrated in three related party direct investment programs. As of December 31, 2013, the Company had 63% of the reimbursable expenses, investment banking fees, services fees and transfer agent fees receivable concentrated in one related party direct investment program, and 93% of the total commissions and dealer manager fees receivable concentrated in three related party direct investment programs.
	The Company’s customer activities involve the execution, settlement, and financing of various securities transactions. These activities are transacted on either a cash or margin basis. In margin transactions, the Company extends credit to the customer, subject to various regulatory and internal margin requirements, collateralized by cash and securities in the customer’s account. In connection with these activities, the Company executes and clears customer transactions involving the sale of securities not yet purchased and the writing of options contracts. Such transactions may expose the Company to off-balance sheet risk in the event that margin requirements are not sufficient to fully cover losses that customers incur or counterparties are unable to meet the terms of the contracted obligations. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty with which it conducts business.
	In the event a customer or broker fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices in order to fulfill the customer’s obligations. The Company seeks to control the risk associated with its customer activities by requiring customers to maintain margin collateral in compliance with various regulatory and internal guidelines. The Company monitors required margin levels daily and pursuant to such guidelines, requires customers to deposit additional collateral or reduce positions, when necessary.
	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains its cash and temporary cash investments in bank deposit and other accounts, the balances of which, at times, may exceed federally insured limits. Exposure to credit risk is reduced by maintaining the Company’s banking and brokerage relationships with high credit quality financial institutions.
	The Company holds securities that can potentially subject the Company to market risk. The amount of potential gain or loss depends on the securities performance and overall market activity. The Company monitors its securities positions on a monthly basis to evaluate its positions, and, if applicable, may elect to sell all or a portion to limit the loss.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Leases — The Company leases certain facilities and equipment under various operating leases. These leases are generally subject to scheduled base rent and maintenance cost increases, which are recognized on a straight-line basis over the period of the leases. Total rent expense for all operating leases was approximately $1.9 million and $2.9 million for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2013 total rent expense for all operating leases was approximately $0.1 million and $0.2 million, respectively. The following table shows the future annual minimum rental payments due (in thousands):
		12 Months Ended June 30,
	2015	$	8,790
	2016	8,758
	2017	8,203
	2018	7,209
	2019	6,123
	Thereafter	23,929
	Total	$	63,012
	Service contracts — The Company has contracted with third parties to perform services provided for back office processing. The following table shows the future annual minimum payments due (in thousands):
		12 Months Ended June 30,
	2015	$	4,637
	2016	4,875
	2017	4,407
	2018	2,400
	2019	2,400
	Thereafter	2,400
	Total	$	21,119
	Lines of credit — As of June 30, 2014, the Company had two lines of credit. The first line of credit pursuant to the Bank Facilities is for $50.0 million, with no maturity date and was unfunded as of June 30, 2014. The second line of credit is for $6.0 million, matures in 2018 and as of June 30, 2014 $4.8 million has been funded and was recorded in long-term debt in the consolidated statement of financial condition.
	Legal Proceedings — The Company and its subsidiaries are involved in legal proceedings from time to time arising out of their business operations, including arbitrations and lawsuits involving private claimants, and subpoenas, investigations and other actions by government authorities and self-regulatory organizations. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases in which claimants seek substantial or indeterminate damages, the Company cannot estimate what the possible loss or range of loss related to such matters will be. The Company recognizes a liability with regard to a legal proceeding when it believes it is probable a liability has occurred and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount, however, the Company accrues the minimum amount in the range. The Company maintains insurance coverage, including general liability, errors and omissions, excess entity errors and omissions and fidelity bond insurance. The Company records legal reserves and related insurance recoveries on a gross basis. As of June 30, 2014, the Company recorded legal reserves related to several matters of $4.8 million.
	Defense costs with regard to legal proceedings are expensed as incurred and classified as professional services within the consolidated statements of income. When there is indemnification or insurance, the Company may engage in defense or settlement and subsequently seek reimbursement for such matters.
	Summit Litigation
	Summit, its board of directors, the Company and a wholly owned subsidiary formed by our company in connection with the Summit acquisition are named as defendants in two purported class action lawsuits (now consolidated) filed by alleged Summit shareholders on November 27, 2013 and December 12, 2013 in Palm Beach County, Florida challenging the Summit acquisition. These lawsuits allege, among other things, that: (i) each member of Summit’s board of directors breached his fiduciary duties to Summit and its shareholders in authorizing the Summit acquisition; (ii) the Summit acquisition does not maximize value to Summit shareholders; and (iii) we and our acquisition subsidiary aided and abetted the breaches of fiduciary duty allegedly committed by the members of Summit’s board of directors. On May 9, 2014, the plaintiff shareholders moved for leave to file an amended complaint under seal. The amended complaint asserts claims similar to those in the original complaint, adds allegations relating to the amendment of the Summit merger agreement on March 17, 2014, and also challenges the adequacy of the disclosures in the registration statement related to the issuance of shares of our Class A common stock as consideration in the Summit acquisition, the background of the transaction, the fairness opinion issued to the Summit special committee, and Summit’s financial projections. The consolidated lawsuits seek class-action certification, equitable relief, including an injunction against consummation of the Summit acquisition on the agreed-upon terms, and damages.
	On May 27, 2014, the parties to the consolidated action entered into a Memorandum of Understanding (the “Memorandum of Understanding”) setting forth their agreement in principle to settle the consolidated action.  The parties are presently negotiating a stipulation of settlement based on the terms of the Memorandum of Understanding.

Net_Capital_Requirements

Net Capital Requirements	6 Months Ended
	Jun. 30, 2014
Regulatory Capital Requirements [Abstract]	'
Net Capital Requirements	'
	Net Capital Requirements
	The Company’s broker-dealers are subject to the SEC Uniform Net Capital Rule 15c3-1. SEC Uniform Net Capital Rule 15c3-1 requires the maintenance of the greater of the minimum dollar amount of net capital required, which is based on the nature of the broker-dealer’s business, or 1/15th of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, not exceed 15 to 1. Certain of the Company’s broker-dealers have elected to use the alternative method of computing net capital which requires the maintenance of minimum net capital of the greater of $250,000 or 2% of aggregate debit items. The table below provides the net capital requirements for each of the Company’s broker-dealers as of June 30, 2014 and the net capital requirements for those broker-dealers which were either under the control of the Company or under common control as of December 31, 2013 (in thousands, except ratios).
		June 30, 2014		December 31, 2013
	Realty Capital Securities:
	Net capital	$	10,993	$	25,627
	Required net capital	3,410		1,294
	Net capital in excess of required net capital	$	7,583	$	24,333
	Aggregate indebtedness to net capital ratio	2.57 to 1		0.76 to 1
	First Allied Securities, Inc. (alternative method):
	Net capital	$	2,999	$	4,777
	Required net capital	250		250
	Net capital in excess of required net capital	$	2,749	$	4,527
	Net capital as a percentage of aggregate debit items evaluation	in compliance(1)		in compliance(1)
	Legend Equities Corporation:
	Net capital	$	2,572	$	2,684
	Required net capital	218		224
	Net capital in excess of required net capital	$	2,354	$	2,460
	Aggregate indebtedness to net capital ratio	1.27 to 1		1.25 to 1
	Cetera Advisor Networks LLC (alternative method)(2):
	Net capital	$	9,847
	Required net capital	250
	Net capital in excess of required net capital	$	9,597
	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Advisors LLC (alternative method)(2):
	Net capital	$	6,473
	Required net capital	250
	Net capital in excess of required net capital	$	6,223
	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Financial Specialists LLC (alternative method)(2):
	Net capital	$	3,841
	Required net capital	250
	Net capital in excess of required net capital	$	3,591
	Net capital as a percentage of aggregate debit items	in compliance(1)
		June 30, 2014		December 31, 2013
	Cetera Investment Services LLC (alternative method)(2):
	Net capital	$	14,208
	Required net capital	250
	Net capital in excess of required net capital	$	13,958
	Net capital as a percentage of aggregate debit items	124%
	Hatteras Capital Distributors, LLC(2):
	Net capital	$	465
	Required net capital	17
	Net capital in excess of required net capital	$	448
	Indebtedness to net capital	0.54 to 1
	J.P. Turner & Company LLC(2):
	Net capital	$	3,815
	Required net capital	664
	Net capital in excess of required net capital	$	3,151
	Indebtedness to net capital	2.61 to 1
	Summit Brokerage Services, Inc.(2):
	Net capital	$	4,679
	Required net capital	370
	Net capital in excess of required net capital	$	4,309
	Indebtedness to net capital	1.19 to 1
	_____________________
	(1) The entity was determined to be in compliance as of the date stated as its net capital was in excess of the minimum $250,000.
	(2) The entity was not under the control of, or under common control with, the Company as of December 31, 2013.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	A significant portion of the Company’s revenues relate to fees earned from transactions with or on behalf of AR Capital, LLC and its affiliates or related parties, including investment banking fees, services fees, transfer agent fees and wholesale broker-dealer commissions and concessions, in the ordinary course of its trade or business. The Company earned revenues of $285.4 million and $471.6 million for the three and six months ended June 30, 2014, respectively, from related party products. During the three and six months ended June 30, 2013 the company earned revenues of $180.8 million and $385.5 million, respectively, from related party products. As of June 30, 2014 and December 31, 2013, the receivables for such revenues were $18.4 million and $49.4 million, respectively.
	Pursuant to a shared services agreement, beginning on January 1, 2013, AR Capital, LLC charges Realty Capital Securities, RCS Advisory and ANST for the services of information technology, human resources, accounting services and office services and facilities. For these services, the Company incurred expenses of $1.4 million and $2.8 million for the three and six months ended June 30, 2014, respectively. During the three and six months ended June 30, 2013 the Company incurred $0.8 million and $1.5 million, respectively, for these services. As of June 30, 2014 and December 31, 2013, the payables for such expenses were $0.3 million and $0.3 million, respectively.
	The Company incurs expenses directly for certain services it receives. The Company either allocates certain of these expenses to its operating subsidiaries or causes RCAP Holdings to pay its portion based on RCAP Holdings’ ownership interest. Expenses that are directly attributable to a specific subsidiary are allocated to the appropriate subsidiary at 100%. Expenses that are not specific to a subsidiary are allocated in proportion to income before taxes, quarterly fees and incentive fees. Interest expense on the Company’s long-term debt, share-based compensation related to the Company’s board of directors, expenses related to the OPP plan, changes in the fair value of the Company’s derivative contracts and acquisition-related expenses are not allocated to the subsidiaries. The intercompany receivables and payables for these expenses are eliminated in consolidation and are settled quarterly. During the three and six months ended June 30, 2014, the Company’s operating subsidiaries incurred $4.9 million and $6.8 million, respectively, related to such expenses. The Original Operating Subsidiaries did not incur any such expenses for the three and six months ended June 30, 2013. There were no expenses payable by RCAP Holdings as of June 30, 2014 and December 31, 2013.
	As of June 30, 2014, RCAP Holdings, the members of RCAP Holdings and RCAP Equity owned a combined 47.96% of Class A common stock outstanding primarily as a result of the Exchange Transaction. As of December 31, 2013, RCAP Holdings owned 2.06%, of Class A common stock. From time to time, RCAP Holdings may purchase shares of Class A common stock in the secondary market.
	In March 2014, Realty Capital Securities leased a lodging facility in Newport, Rhode Island from an affiliate, ARC HTNEWRI001, LLC (“ARC HTNEWRI”). Realty Capital Securities also entered into an agreement with another affiliate, Crestline Hotels and Resorts, LLC (“Crestline”) to manage and operate the lodging facility. Crestline remits the lodging facility’s revenue to the Company, net of the fees from Crestline. During the three and six months ended June 30, 2014, the Company incurred $0.07 million in rent expense. The Company did not earn any revenue from the Crestline agreement during the three and six months ended June 30, 2014.
	Services Agreement (formerly the Management Agreement). Pursuant to the management agreement which was amended and restated in connection with the Restructuring Transactions and is now known as the Amended and Restated Services Agreement (the “Services Agreement”), RCS Capital Management implements the Company’s business strategy, as well as the business strategy of its operating subsidiaries, and performs executive and management services for the Company and its operating subsidiaries, subject to oversight, directly or indirectly, by the Company’s Board of Directors.
	The Company pays RCS Capital Management a quarterly fee in an amount equal to 10% of its aggregate pre-tax U.S. GAAP net income, not including the quarterly fee or the unrealized gains and losses on derivatives, calculated and payable quarterly in arrears, subject to its aggregate U.S. GAAP net income being positive for the current and three preceding calendar quarters.
	In addition, from June 10, 2013 to February 11, 2014, the Company paid RCS Capital Management incentive fees, calculated and payable quarterly in arrears, that was based on the Company’s earnings and stock price. The incentive fee was an amount (if such amount is a positive number) equal to the difference between: (1) the product of (x) 20% and (y) the difference between (i) the Company’s Core Earnings, as defined below, for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price per share of the Company’s common stock of all the Company’s public offerings multiplied by the weighted average number of all shares of common stock outstanding (including any restricted shares of Class A common stock and any other shares of Class A common stock underlying awards granted under the Company’s equity plan) in the previous 12-month period, and (B) 8%; and (2) the sum of any incentive fee paid to RCS Capital Management with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee was payable with respect to any calendar quarter unless the Company’s Core Earnings for the 12 most recently completed calendar quarters is greater than zero.
	Core Earnings is a non-U.S. GAAP measure and from June 10, 2013 to February 11, 2014 was defined as U.S. GAAP net income (loss) of the Company, excluding non-cash equity compensation expense, management fees, incentive fees, acquisition fees, depreciation and amortization, any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income. The amount will be adjusted to exclude one-time events pursuant to changes in U.S. GAAP and certain other non-cash charges after discussions between RCS Capital Management and the independent directors and after approval by a majority of the independent directors.
	Beginning on February 11, 2014, the incentive fee was amended whereby the Company pays RCS Capital Management an incentive fee, calculated and payable quarterly in arrears, that is based on the Company’s earnings and stock price. The incentive fee is an amount (if such amount is a positive number) equal to the difference between: (1) the product of (x) 20% and (y) the difference between (i) the Company’s Core Earnings, as defined below, for the previous 12-month period, and (ii) the product of (A) (X) the weighted average of the issue price per share (or deemed price per share) of the Company’s common stock of all of the Company’s cash and non-cash issuances of common stock from and after June 5, 2013 multiplied by (Y) the weighted average number of all shares of common stock outstanding (including any restricted shares of Class A common stock and any other shares of Class A common stock underlying awards granted under the Company’s equity plan) in the case of this clause (Y), in the previous 12-month period, and (B) 8%; and (2) the sum of any incentive fee paid to RCS Capital Management with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless the Company’s cash flows for the 12 most recently completed calendar quarters is greater than zero. Core Earnings is a non-GAAP measure and is now defined as the after-tax GAAP net income (loss) of RCS Capital Corporation, before the incentive fee plus non-cash equity compensation expense, depreciation and amortization, any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss). The amount may be adjusted to include one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between RCS Capital Management and the Company’s independent directors and after approval by a majority of the Company’s independent directors.
	Such quarterly and incentive fee calculations commenced on June 10, 2013, the date the Company’s initial public offering was completed. For periods less than four quarters or 12 months, the calculations are based on a pro rata concept starting with the quarter ended June 30, 2013.
	The quarterly fee earned by RCS Capital Management for the three and six months ended June 30, 2014 was $0.2 million and $2.0 million, which is the expense recorded by the Company. The quarterly fee earned by RCS Capital Management for the three and six months ended June 30, 2013 was $0.7 million. The payable for such expense is included in accrued expenses - due to related parties within the accompanying consolidated statements of financial condition.
	The Company did not incur an incentive fee for the three and six months ended June 30, 2014. The incentive fee earned by RCS Capital Management for both the three and six months ended June 30, 2013 was $0.02 million.
	Amended and Restated 2013 Manager Multi-Year Outperformance Agreement. The Company entered into the OPP, as of June 10, 2013, with the Original Operating Subsidiaries and RCS Capital Management. The OPP provided a for performance-based bonus award to RCS Capital Management intended to further align RCS Capital Management’s interests with those of the Company and its stockholders.
	Under the OPP, RCS Capital Management was issued LTIP Units of the Operating subsidiaries that were structured as profits interests therein, with a maximum award value equal to approximately 5% of the Company’s initial market capitalization on the date of the IPO (the “OPP Cap”). In connection with the Restructuring Transaction, RCS Capital Management contributed all of its LTIP Units in the Original Operating Subsidiaries to RCS Holdings in exchange for 1,325,000 LTIP units in RCS Holdings structured as profits interests in RCS Holdings. Subject to the OPP Cap, RCS Capital Management is eligible to earn a number of LTIP Units under the OPP determined based on the Company’s level of achievement of total return to stockholders which includes both share price appreciation and common stock dividends, as measured against a peer group of companies for the three-year performance period commencing on June 4, 2013 (the “Commencement Date”), which period is referred to as the Three-Year Period, with valuation dates on which a portion of the LTIP Units up to a specified amount of the OPP Cap could be earned on the last day of each 12-month period during the Three Year Period and the initial 24-month period of the Three Year Period.
	The Company, RCS Holdings and RCS Capital Management agreed to amend the OPP to provide that the first valuation date would be April 28, 2014 and that any LTIP Units not earned as of such date would be forfeited without payment of compensation. The board determined that as of such valuation date 310,947 LTIP Units were earned the (“Earned LTIP Units”), and 1,014,053 LTIP Units were forfeited. No additional LTIP Units may be earned under the OPP. The Earned LTIP Units were distributed to the members of RCS Capital Management immediately prior to the acquisition by Luxor of an interest in RCS Capital Management.
	Subject to RCS Capital Management’s continued service through each vesting date, 1/3 of any LTIP Units earned will vest on each of the third, fourth and fifth anniversaries of the Commencement Date. After the LTIP Units were fully earned, they became entitled to a catch-up distribution and the same distributions as the Units of RCS Holdings. At the time RCS Capital Management’s capital account with respect to the earned LTIP Units is economically equivalent to the average capital account balance of the Class A Units and Class C Units of RCS Holdings and has been vested for 30 days, the applicable earned LTIP Units will automatically convert into Class C Units of RCS Holdings on a one-to-one basis.
	For the three and six months ended June 30, 2014 the Company recognized $2.6 million and $9.7 million, respectively, of the OPP award. For the three and six months ended June 30, 2013 the Company recognized $0.1 million of the OPP award. The OPP award is included in the consolidated statements of income, with an offset recorded to non-controlling interest.
	RCS Advisory Services, LLC — AR Capital, LLC Services Agreement. On June 10, 2013, RCS Advisory entered into a services agreement with AR Capital, LLC, pursuant to which it provides AR Capital, LLC and its subsidiaries with transaction management services (including, transaction management, compliance, due diligence, event coordination and marketing services, among others), in connection with the performance of services to certain AR Capital, LLC sponsored companies.
	Registration Rights Agreement. In connection with the Company’s initial public offering, the Company entered into a registration rights agreement with RCAP Holdings and RCS Capital Management pursuant to which the Company granted (i) RCAP Holdings, its affiliates and certain of its transferees the right, under certain circumstances and subject to certain restrictions, to require us to register under the Securities Act of 1933, as amended (the “Securities Act”) shares of Class A common stock issuable upon exchange of the Original Operating Subsidiaries Units held or acquired by them; and (ii) RCS Capital Management, its affiliates and certain of its transferees the right, under certain circumstances and subject to certain restrictions, to require us to register under the Securities Act any equity-based awards granted to RCS Capital Management under the Company’s equity plan. Under the registration rights agreement, the shareholders party thereto have the right to request us to register the sale of its shares and also may require us to make available shelf registration statements, at such time as the Company may be eligible to file shelf registration statements, permitting sales of shares into the market from time to time over an extended period. In addition, the agreement gives the shareholders party thereto the ability to exercise certain piggyback registration rights in connection with registered offerings requested by the shareholders party thereto or initiated by us. As part of the Restructuring Transaction, pursuant to the Company’s exchange agreement with RCAP Holdings on February 11, 2014, RCAP Holdings exchanged all of its shares of Class B common stock and Original Operating Subsidiaries Units except for one share of Class B common stock and one Original Operating Subsidiaries Unit for a total of 23,999,999 shares of Class A common stock. See “Exchange Agreement.”
	Exchange Agreement. RCAP Holdings entered into the Exchange Agreement with the Company under which RCAP Holdings has the right, from time to time, to exchange its Original Operating Subsidiaries Units for shares of Class A common stock of the Company on a one-for-one basis.
	As an initial step in the Restructuring Transactions, on February 11, 2014, the Company entered into a First Amendment to the Exchange Agreement (the “Amendment”) with RCAP Holdings, the holder of (a) the Original Operating Subsidiaries Units, and (b) all the outstanding shares of Class B common stock. The purpose of the Amendment was to permit an exchange by RCAP Holdings of its Original Operating Subsidiaries Units for shares of Class A common stock and the related cancellation of a corresponding number of shares of Class B common stock thereunder, to be treated as a contribution by RCAP Holdings of its equity interests in each of the Original Operating Subsidiaries to the Company in a transaction intending to qualify as tax-free under Section 351 of the Code.
	On February 11, 2014, as part of the Restructuring Transactions, RCAP Holdings exchanged 23,999,999 Original Operating Subsidiaries Units for 23,999,999 shares of Class A common stock.
	The Company issued the Class A common stock in the Exchange to RCAP Holdings in reliance on the exemption from registration contained in Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”). RCAP Holdings was an existing holder of Class A common stock and the Class B common stock, and the Company did not, directly or indirectly, pay or give any commission or other remuneration to any party for soliciting the exchange.
	Following receipt of stockholder consent, the Company amended the Company’s certificate of incorporation effective July 2, 2014 and amended the Exchange Agreement on August 5, 2014 to permit RCAP Holdings to continue to hold one share of Class B common stock without holding one Original Operating Subsidiaries Unit. Following this amendment, the remaining Original Operating Subsidiaries Unit owned by RCAP Holdings was exchanged for one share of Class A common stock, which was not issued as RCAP Holdings waived the right to receive it.
	Limited Liability Company Agreement of RCS Holdings. On February 10, 2014, the Company formed RCS Holdings. Pursuant to the limited liability company agreement of RCS Holdings, there are three classes of equity interests in RCS Holdings, called “Class A Units,” “Class C Units” and “LTIP Units.” In connection with the Restructuring Transaction, RCS Capital Management contributed all its LTIP Units in the Original Operating Subsidiaries to RCS Holdings in exchange for LTIP Units representing units of equity ownership in RCS Holdings that are structured as profits interest therein. In connection with the execution of the RCS Holdings limited liability company agreement, 100% of the Class A Units of RCS Holdings were issued to the Company and 100% of the LTIP Units of RCS Holdings were issued to RCS Capital Management. The Class A Units of RCS Holdings issued to the Company are fully vested, are not subject to any put and call rights, and entitle the holder thereof to voting and economic rights (including rights to dividends and distributions upon liquidation). The LTIP Units of RCS Holdings issued to RCS Capital Management are structured as a profits interest in RCS Holdings with all the rights, privileges and obligations associated with Class A Units of RCS Holdings, subject to certain exceptions. The LTIP Units of RCS Holdings are subject to vesting, forfeiture and restrictions on transfers as provided in the OPP, as amended in connection with the Restructuring Transactions. See “Management - 2013 Manager Multi-Year Outperformance Agreement.” Until such time as the LTIP Units of RCS Holdings are fully earned in accordance with the provisions of the OPP, the LTIP Units of RCS Holdings are entitled to distributions equal to 10% of the distributions on Class A Units of RCS Holdings. After the LTIP Units of RCS Holdings are fully earned, they are entitled to a catch-up distribution and then the same distributions as Units of RCS Holdings. At the time RCS Capital Management’s capital account with respect to the LTIP Units of RCS Holdings is economically equivalent to the average capital account balance of the Class A Units and the Class C Units of RCS Holdings, has been earned and has been vested for 30 days, the LTIP Units of RCS Holdings will automatically convert into Class C Units on a one-to-one basis. The Class C Units have the same rights, privileges and obligations associated with Class A Units of RCS Holdings (other than voting) but will be exchangeable for shares of Class A common stock on a one-to-one basis pursuant to an exchange agreement to be entered into. Pursuant to the limited liability company agreement of RCS Holdings, the Company, as the managing member of RCS Holdings, controls RCS Holdings’ affairs and decision making.
	Amended and Restated Limited Liability Company Agreements of the Original Operating Subsidiaries. Under the amended and restated operating agreements of the Company’s Original Operating Subsidiaries, there are two classes of units of each such Original Operating Subsidiary called “Class A Units” and “Class B Units.” The Company, through RCA Holdings, holds 100% of the outstanding Class A Units of each Original Operating Subsidiary, and RCAP Holdings holds the sole outstanding Class B Unit in each Original Operating Subsidiary. Class A Units confer substantially all of the economic rights and all of the voting rights in each Original Operating Subsidiary. Class B Units confer de minimis economic rights and no voting rights in each Original Operating Subsidiary.
	As part of the Restructuring Transaction, pursuant to the Company’s exchange agreement with RCAP Holdings on February 11, 2014, RCAP Holdings exchanged all of its shares of Class B common stock in the Company and Class B Units in each of the Original Operating Subsidiaries (each such unit, an “Original Operating Subsidiaries Unit”) except for one share of Class B common stock and one Original Operating Subsidiaries Unit for a total of 23,999,999 shares of Class A common stock. Following receipt of stockholder consent, the Company amended the Company’s certificate of incorporation effective July 2, 2014 and amended the Exchange Agreement on August 5, 2014 to permit RCAP Holdings to continue to hold one share of Class B common stock without holding one Original Operating Subsidiaries Unit. Following this amendment, the remaining Original Operating Subsidiaries Unit owned by RCAP Holdings was exchanged for one share of Class A common stock, which was not issued as RCAP Holdings waived the right to receive it. Accordingly, no more Original Operating Subsidiaries Units are outstanding and the voting and economic interests in the Original Operating Subsidiaries are now held by the Company, indirectly, through RCS Holdings’ ownership of the Class A Units.
	American National Stock Transfer, LLC - Transfer Agent Services Agreement. ANST has entered into a services agreement with AR Capital, LLC, pursuant to which it will provide transfer agent services to AR Capital sponsored REITs. The agreement provides for an initial term of ten years. The agreement provides that each REIT must pay a minimum monthly fee as well as additional ad hoc service fees and related expense reimbursements.
	Tax Receivable Agreement. The Company entered into a tax receivable agreement with RCAP Holdings requiring the Company to pay to RCAP Holdings 85% of the amount of the reduction, if any, in U.S. federal, state and local income tax liabilities that the Company realizes (or is deemed to realize upon early termination of the tax receivable agreement or change of control) as a result of the increases in tax basis of its tangible and intangible assets created by RCAP Holdings’ exchanges of its Original Operating Subsidiaries Units for shares of Class A common stock (with a cancellation of its corresponding shares of Class B common stock) pursuant to the exchange agreement. Cash payments pursuant to the tax receivable agreement will be the Company’s obligation. The initial public offering did not generate tax benefits and did not require payments pursuant to this agreement. In general, the Company’s payments under the tax receivable agreement will not be due until after the Company has filed its tax returns for a year in which the Company realizes a tax benefit resulting from an exchange; however, the timing of payments could be accelerated upon an early termination of the tax receivable agreement or change in control which could require payment prior to the Company’s ability to claim the tax benefit on its tax returns. Furthermore, RCAP Holdings will not be required to reimburse the Company for any payments previously made under the tax receivable agreement even if the IRS were to successfully challenge the increase in tax basis resulting from an exchange and, as a result, increase the Company’s tax liability. The accelerated timing of payments and the increase in the Company’s tax liability without reimbursement could affect the cash available to it and could impact its ability to pay dividends.
	Pursuant to the exchange agreement described above, RCAP Holdings exchanged substantially all of its Original Operating Subsidiaries Units for shares of Class A common stock along with the cancellation of a corresponding number of shares of Class B common stock held by RCAP Holdings. It is the intention of the parties to the exchange that it, as part of an overall plan to restructure the Company’s ownership that includes the exchange, our pending securities offering, the Cetera financings and the completion of the pending acquisitions, qualify as a tax-free contribution to us under Section 351 of the Code. If the exchange by RCAP Holdings qualifies as a tax-free contribution to us under Section 351 of the Code, the Company would obtain carryover tax basis in the tangible and intangible assets of the Company’s operating subsidiaries connected with such Original Operating Subsidiaries Units. As there will be no increase in tax basis created if the exchange qualifies as tax free Section 351 contribution, there will be no reduction in the Company’s tax liability, and as such the Company would not be required to make any payments under the tax receivable agreement. However, if the exchange were treated as a taxable transaction, each of the Company’s operating subsidiaries intends to have an election under Section 754 of the Code which would result in us receiving a step up in the tax basis in tangible and intangible assets of the Company’s operating subsidiaries with respect to such Original Operating Subsidiaries Units acquired by us in such exchanges. This increase in tax basis is likely to increase (for tax purposes) depreciation and amortization allocable to us from each operating subsidiary and therefore reduce the amount of income tax the Company would otherwise be required to pay in the future. This increase in tax basis may also decrease gain (or increase loss) on future dispositions of certain capital assets to the extent increased tax basis is allocated to those capital assets.
	AR Capital Real Estate Income Fund. As of June 30, 2014, RCS Advisory and Realty Capital Securities had investments in the AR Capital Real Estate Income Fund, which is managed by a related-party, of $0.4 million and $6.9 million, respectively. As of December 31, 2013, RCS Advisory and Realty Capital Securities had investments in the AR Capital Real Estate Income Fund of $8.5 million and $5.9 million, respectively.
	Luxor Arrangements
	As part of the Cetera financings, on April 29, 2014, the Company issued to Luxor $120.0 million (face amount) of 5% convertible notes, issued at a price of $666.67 per $1,000 of par value (for gross proceeds to us upon issuance of $80.0 million) and $270.0 million (aggregate liquidation preference) of 7% convertible preferred stock, issued at a price of 88.89% of the liquidation preference per share (for gross proceeds to us upon issuance of $240.0 million).
	Also on April 29, 2014, the Company entered into a put/call agreement with Luxor whereby, subject to certain conditions, (i) the Company has the right to repurchase Luxor’s 19.46% interest in RCS Capital Management (the “Luxor percentage interest”) from Luxor in exchange for its fair market value (as determined by the Company and Luxor pursuant to the agreement) in shares of Class A common stock (or, at the Company’s option, a cash equivalent); and (ii) Luxor has the right to require the Company to purchase the Luxor percentage interest in exchange for a number of shares of Class A common stock (or, at the Company’s option, a cash equivalent) that is equal to 15.00% multiplied by the Luxor percentage interest multiplied by the then outstanding number of shares of Class A common stock (assuming the conversion immediately prior thereto of the then outstanding convertible notes and convertible preferred stock).
	The put/call agreement also provides that the members of RCS Capital Management (who are also the members of RCAP Holdings, American Realty Capital, RCS Holdings and RCAP Equity, LLC) may elect to purchase all of the Luxor percentage interest offered to the Company for an amount equal to the value of the Class A common stock required to be delivered by the Company for cash, shares of Class A common stock or a combination thereof. If the Company is prohibited by the Bank Facilities from purchasing the Luxor percentage interest, the members of RCS Capital Management will be required to purchase the Luxor percentage interest under the same terms.
	On June 10, 2014 the Company issued 2,469,136 shares of Class A common stock at the public offering price of $20.25 per share to Luxor in a private offering.
	In connection with securities issuances and arrangements described above, the Company agreed to file with the SEC a continuously effective resale registration statement with respect to certain securities owned and beneficially owned by Luxor by July 1, 2014. A Registration Statement on Form S-3 (File No. 333-197148) in fulfillment of this obligation was filed with the SEC on July 1, 2014 and became effective on July 16, 2014.

Employee_Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Employee Benefits	'
	Employee Benefits
	401(k) and Health and Welfare Benefit Plan for Employees - The Company has several 401(k) and health and welfare defined contribution plans which have various eligibility standards, vesting requirements, and guidelines for matching. For the three months ended June 30, 2014 and 2013, the Company recorded expenses of $2.0 million and $0.4 million, respectively in the consolidated statements of income in internal commissions, payroll and benefits. For the six months ended June 30, 2014 and 2013, the Company recorded expenses of $3.8 million and $0.8 million, respectively in the consolidated statements of income in internal commissions, payroll and benefits.
	Deferred Compensation Plans for Financial Advisors - The Company offers a plan to certain of its financial advisors which allows them to defer a portion of their compensation which earns a rate of return based on the financial advisor’s selection of investments. In order to economically hedge this exposure, the Company invests in money market, international, U.S. equity and U.S. fixed income funds. The liability to the financial advisor is recorded in deferred compensation plan accrued liabilities and the related economic hedges are recorded in deferred compensation plan investments in the consolidated statement of financial condition.
	For the three and six months ended June 30, 2014 the Company recorded expenses of $2.7 million in the consolidated statements of income in internal commissions, payroll and benefits. For the three and six months ended June 30, 2014, the Company recorded revenue from the economic hedges of $2.7 million in the consolidated statements of income in other revenue. For the three and six months ended June 30, 2013, the Company did not record any revenues or expenses related to the deferred compensation plans because the plans relate to the recent acquisitions and therefore; those results are not included in the Company’s results prior to the acquisition date.

Segment_Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	In connection with the completed acquisitions of Cetera, Summit, J.P. Turner, Hatteras and First Allied the Company restructured its principal segments to reflect the new business model. The Company now operates through its operating subsidiaries in six principal segments: Independent Retail Advice; Wholesale Distribution; Investment Banking, Capital Markets and Transaction Management Services; Investment Management; Investment Research; and Corporate and Other.
	The Independent Retail Advice segment offers financial advice and investment solutions to investors through the broad network of financial advisors. Cetera, Summit, J.P. Turner, Hatteras, First Allied and ICH operate as independent subsidiaries under their own brand and management.
	The Wholesale Distribution segment, includes the Company’s alternative investment program activities and Realty Capital Securities’ operations as the distributor or dealer manager for proprietary and non-proprietary publicly registered non-traded securities and for an open-end mutual fund. Proprietary programs are sponsored directly or indirectly by AR Capital, LLC, an affiliate. Realty Capital Securities distributes these securities through selling groups comprised of FINRA member broker-dealers located throughout the United States.
	The Investment Banking, Capital Markets and Transaction Management Services segment provides comprehensive strategic advisory services focused on direct investment programs, particularly non-traded REITs through RCS Advisory, ANST and the investment banking division of Realty Capital Securities. These strategic advisory services include mergers and acquisitions advisory, capital markets activities, registration management, and other transaction support services.
	The Investment Management segment, which primarily consists of mutual fund and other registered investment products, provides investment advisory, distribution and other services to the Hatteras family of funds.
	The Investment Research segment provides focused research, consulting, training and education, and due diligence on traditional and non-traditional investment products through SK Research.
	Corporate and Other primarily includes interest expense on the Company’s long-term debt, share-based compensation related to the Company’s board of directors, expenses related to the OPP plan, changes in the fair value of the Company’s derivative contracts and acquisition-related expenses.
	The reportable business segment information is prepared using the following methodologies:
	•	Net revenues and expenses directly associated with each reportable business segment are included in determining earnings before taxes.
	•	Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, time spent and other factors.
	•	Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to the Company’s reportable business segments, generally based on each reportable business segment’s capital utilization.
	The following table presents the Company’s net revenues, expenses and income before taxes by segment for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Independent retail advice:
	Revenues	$	324,153		$	—		$	416,910		$	—
	Expenses	329,364			—			422,970			—
	Loss	$	(5,211	)	$	—		$	(6,060	)	$	—
	Wholesale distribution:
	Revenues	$	250,586		$	220,791		$	389,696		$	432,635
	Expenses	246,101			196,866			388,736			385,847
	Income	$	4,485		$	23,925		$	960		$	46,788
	Investment banking, capital markets and transaction management services:
	Revenues	$	39,101		$	9,225		$	87,643		$	16,012
	Expenses	16,860			6,329			39,084			9,232
	Income	$	22,241		$	2,896		$	48,559		$	6,780
	Investment management:
	Revenues	$	—		$	—		$	—		$	—
	Expenses	—			—			—			—
	Income	$	—		$	—		$	—		$	—
	Investment research:
	Revenues	$	691		$	—		$	691		$	—
	Expenses	3,857			—			4,301			—
	Loss	$	(3,166	)	$	—		$	(3,610	)	$	—
	Corporate and other:
	Revenues	$	58,470		$	—		$	58,470		$	—
	Expenses	17,507			217			23,955			217
	Income (loss)	$	40,963		$	(217	)	$	34,515		$	(217	)
	Revenue reconciliation
	Total revenues for reportable segments	$	673,001		$	230,016		$	953,410		$	448,647
	Less: intercompany revenues	34,576			—			35,025			—
	Total revenues	$	638,425		$	230,016		$	918,385		$	448,647
	Income reconciliation
	Total income before taxes for reportable segments	$	59,312		$	26,604		$	74,364		$	53,351
	Reconciling items	—			—			—			—
	Income before income taxes	$	59,312		$	26,604		$	74,364		$	53,351
	The following table presents the Company’s total assets by segment as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014			December 31, 2013
	Segment assets:
	Independent retail advice	$	1,910,209		$	225,623
	Wholesale distribution	70,857			32,058
	Investment banking, capital markets and transaction management services	109,150			75,358
	Investment management	73,309			—
	Investment research	10,474			—
	Corporate and other (1)	358,247			3,585
	Total assets for reportable segments	$	2,532,246		$	336,624
	Assets reconciliation:
	Total assets for reportable segments	$	2,532,246		$	336,624
	Less: intercompany eliminations	142,950			99
	Total consolidated assets	$	2,389,296		$	336,525
	_____________________
(1) Excludes amounts related to investment in subsidiaries.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On July 11, 2014, the Company completed the acquisition of ICH. ICH was a public company with its common stock listed on the NYSE MKT (formerly the American Stock Exchange) under the symbol “ICH” that provides broker-dealer services to investors in support of trading and investment in securities, alternative investments and variable life insurance as well as investment advisory and asset management services.
	The aggregate consideration was $52.5 million. The Company issued 2,029,261 shares of Class A common stock pursuant to a registration statement on Form S-4 and paid aggregate consideration in cash of $8.7 million. See Note 2 for more information.
	On July 21, 2014, the Company announced that it is establishing a crowdfunding investment platform which it will brand under the name, “We R Crowdfunding.” In connection with this initiative, the Company acquired substantially all of the assets of New York based Trupoly, Inc., a white-label investor relationship management portal, which will be integrated into the Company’s new crowdfunding investment platform.
	On July 28, 2014, $32.0 million First Allied outstanding indebtedness was repaid by the Company as required by the Bank Facilities. See Note 9 for more information.
	On August 6, 2014 the Company entered into an agreement to purchase VSR Group, Inc. and its wholly owned subsidiary, VSR Financial Services, Inc, an independent broker-dealer. The transaction is expected to close in late 2014 or early 2015 and is subject to certain regulatory approvals and other customary closing conditions.
	On August 14, 2014, the Company entered into an agreement to purchase Girard Securities, Inc. (“Girard”), an independent broker-dealer. The transaction is expected to close in late 2014 or early 2015 and is subject to certain regulatory approvals and other customary closing conditions.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of presentation	'
	Basis of Presentation
	The consolidated financial statements include the accounts of the Company, Realty Capital Securities, RCS Advisory, ANST, SK Research, Cetera, Summit, J.P. Turner and Hatteras for the periods since acquisition and of First Allied for the periods since it was under the control of RCAP Holdings. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (‘‘U.S. GAAP’’) and Article 8 of Regulation S-X. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results.
	The statement of financial condition as of December 31, 2013 was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
	The Company’s acquisition of First Allied was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. Beginning with the Company’s financial statements for the quarter ended June 30, 2014, the Company has presented restated financial information, including the elimination of transactions between the Company and First Allied, for the relevant periods to reflect the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings. The acquisition of First Allied by RCAP Holdings was accounted for by RCAP Holdings using the purchase method of accounting; therefore, the purchase price was allocated to First Allied’s assets and liabilities at fair value and any excess purchase price was then attributed to intangible assets and goodwill. When the Company acquired First Allied from RCAP Holdings, no additional intangible assets or goodwill were recorded.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the prior period financial statement presentation to conform to the current period presentation primarily as a result of the need to harmonize the financial statements of the Company with those of the entities acquired during the three months ended June 30, 2014 and to reflect the combination of the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates, and these differences could be material.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents include all highly liquid instruments purchased with original maturities of 90 days or less.
Restricted Cash	'
	Restricted Cash
	As of June 30, 2014, $26.0 million of restricted cash was held in escrow related to the contribution of First Allied.
Cash and Segregated Securities	'
	Cash and Segregated Securities
	Cash and segregated securities represents cash and securities deposited by customers and funds accruing to customers as a result of trades or contracts that the Company’s registered broker-dealers segregate in separate accounts on behalf of customers pursuant to the requirements of SEC Rule 15c3-3.
Available-For-Sale Securities	'
	Available-For-Sale Securities
	Available-for-sale securities represent investments by RCS Advisory in an equity mutual fund managed by a related party, which consist of shares of AR Capital Real Estate Income Fund. RCS Advisory treats these securities as available-for-sale securities with unrealized gains (losses) recorded in other comprehensive income (loss) and realized gains (losses) recorded in earnings.
Trading Securities	'
	Trading Securities
	The Company’s trading securities are carried at fair value with realized and unrealized gains and losses recognized in other revenue in the consolidated statement of income. Trading securities are recorded on a trade date basis. Dividend income on trading securities is recorded when declared. Interest income on trading securities is recorded when earned.
Fees and Commissions Receivable	'
	Fees and Commissions Receivable
	Fees and commissions receivable includes selling commission receivables and dealer manager receivables due from related party and non-related party entities in connection with the distribution of programs sponsored by an entity under common control, AR Capital, LLC, and other sponsors. Receivables also include receivables from brokers, dealers and clearing organizations that arise in the ordinary course of the Company’s brokerage activities and receivables due from customers on cash and margin transactions.
Reimbursable Expenses and Investment Banking Fees	'
	Reimbursable Expenses and Investment Banking Fees
	Reimbursable expenses and investment banking fees represent fees receivable for services provided to related parties and non-related party entities related to investment banking, capital markets and related advisory services performed.
Fixed Assets	'
	Fixed Assets
	Fixed assets are recorded at cost, net of accumulated depreciation and amortization. Office furniture and equipment and computer hardware and software are depreciated on a straight-line basis over the estimated useful life which ranges from one to ten years. Leasehold improvements are amortized over the lesser of their useful lives or the term of the lease. See Note 7 for more information.
Deferred Compensation Plan Investments and Accrued Liabilities	'
	Deferred Compensation Plan Investments and Accrued Liabilities
	The Company offers a plan to certain of its financial advisors which allows them to defer a portion of their compensation which earns a rate of return based on the financial advisor’s selection of investments. In order to economically hedge this exposure, the Company invests in money market, international, U.S. equity and U.S. fixed income funds which are measured at fair value. The liability to the financial advisors is recorded in deferred compensation plan accrued liabilities and the related economic hedges are recorded in deferred compensation plan investments in the consolidated statement of financial condition. See Notes 4 and 20 for more information.
Notes Receivable	'
	Notes Receivable
	The Company loans money to certain of its financial advisors under two types of promissory note agreements, which bear interest at various rates and have various maturities. Such agreements include forgivable promissory notes and payback promissory notes. Management establishes an allowance that it believes is sufficient to cover any probable losses. When establishing this allowance, management considers a number of factors, including its ability to collect from the financial advisor and the Company’s historical experience in collecting on such transactions. The notes receivable were acquired through the recent acquisitions and the Company has determined that these loans are not impaired. See Note 6 for more information.
Deferred Financing Fees	'
	Deferred Financing Fees
	The Company incurs expenses in connection with registering and issuing debt securities and bank debt and equity securities to finance its recent and pending acquisitions. For debt issuances, direct costs are deferred until the debt is issued at which point they are amortized over the contractual terms of the debt using the effective interest rate method. For equity issuances, direct costs are deferred until the equity is issued at which point they are recorded as a reduction of the proceeds in additional paid-in capital.
Goodwill and Identifiable Intangible Assets	'
	Goodwill and Identifiable Intangible Assets
	Goodwill represents the amount by which the purchase price exceeds the fair value of the net tangible and intangible assets of an acquired company on the date of acquisition. Intangible assets, primarily financial advisor relationships, trade names and non-compete agreements, are recorded at their fair value at the completion of an acquisition. Goodwill and indefinite-lived intangible assets are reviewed annually for impairment as of October 31.The Company’s indefinite-lived intangible assets are comprised of trade names and a distribution network of registered investment advisers and broker-dealers. Intangible assets that do not have indefinite lives are amortized over their useful lives and reviewed for impairment annually.
	The goodwill and intangible assets from each acquisition were determined by an independent valuation company and reviewed by the Company using estimates such as future revenues attributable to financial advisors and the financial advisors’ client retention rates which were used to derive economic cash flows that were fair valued at an appropriate rate of return over their respective useful lives. See Note 8 for more information.
Derivative Contracts	'
	Derivative Contracts
	On April 29, 2014, the Company entered into a series of contemporaneous transactions, as described below, that qualify as derivative contracts or include derivative contracts. These derivative contracts include a put/call agreement, which is a free-standing derivative contract, and embedded derivative contracts related to the Company’s issuance of convertible notes and convertible preferred stock (“hybrid instruments”). The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and convertible preferred stock were first allocated to the fair value of the put/call agreement and then, on a relative fair value basis, to the hybrid instruments. The proceeds allocated to each hybrid instrument were then attributed between the host contract and the embedded derivative contracts. These derivative contracts are carried at their fair value with changes in fair value reflected in other revenues in the consolidated statements of income. See Notes 4 and 10 for more information.
Contingent and Deferred Consideration	'
	Contingent and Deferred Consideration
	Contingent consideration, also referred to as earn-outs, and deferred payments represent future payments of cash or equity interests to the former owners of the businesses acquired in the recent acquisitions and are initially recorded at fair value in the consolidated statements of financial condition. Contingent consideration is subsequently remeasured each reporting period at fair value.
Preferred Stock	'
	Preferred Stock
	On April 29, 2014, the Company issued shares of convertible preferred stock in a private placement. Based on the convertible preferred stock’s redemption and conversion features, the Company has classified the convertible preferred stock as mezzanine equity on the statement of financial condition. The Company’s convertible preferred stock is convertible, at the holder’s option, into shares of Class A common stock. See Notes 10 and 11 for more information.
Acquisition Accounting	'
	Acquisition Accounting
	The Company accounts for its acquisitions using the purchase method of accounting except for the First Allied acquisition which was accounted for at historical cost.
	Under the purchase method of accounting the purchase price is preliminarily allocated to the acquiree’s assets and liabilities at fair value and any excess purchase price is then attributed to identifiable intangible assets and goodwill. The preliminary purchase price allocation may be modified as more information is obtained for a period of no more than one year. For acquisitions accounted for under the purchase method, the results of operations of the acquiree are included in the Company’s results from the day after the acquisition closed and prior period financial statements are not restated.
	The Company’s acquisition of First Allied was accounted for at historical cost in a manner similar to a pooling-of-interest accounting because First Allied and the Company were under the common control of RCAP Holdings at the time of the acquisition of First Allied by RCAP Holdings. Beginning with the Company’s financial statements for the quarter ended June 30, 2014, the Company has presented restated financial information for the relevant periods to reflect the results of operations and financial position of First Allied as if the Company had acquired it on September 25, 2013, the date that First Allied was acquired by RCAP Holdings. The acquisition of First Allied by RCAP Holdings was accounted for by RCAP Holdings using the purchase method of accounting; therefore, the purchase price was allocated to First Allied’s assets and liabilities at fair value and any excess purchase price was then attributed to intangible assets and goodwill. When the Company acquired First Allied from RCAP Holdings, no additional intangible assets or goodwill were recorded.
Revenue Recognition	'
	Revenue Recognition
	The Company recognizes revenue generally when it is earned and realized or realizable, when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectability is reasonably assured.
	Selling Commissions and Dealer Manager Fees
	Realty Capital Securities receives selling commissions and dealer manager fees from related party and non-related party sponsors for its wholesale distribution efforts. The commission and dealer manager fee rates are established jointly in a single contract negotiated with each individual issuer. Realty Capital Securities generally receives commissions of up to 7.0% of gross offering proceeds for funds raised through the participating independent broker-dealer channel, all of which are reallowed as commissions, in accordance with industry practices. Commission percentages are generally established in the issuers’ offering documents leaving Realty Capital Securities no discretion as to the payment of commissions. Commission revenues and related expenses are recorded on a trade date basis as securities transactions occur.
	Realty Capital Securities, serving as a dealer manager, receives fees and compensation in connection with the wholesale distribution of registered non-traded securities. Realty Capital Securities contracts directly with independent broker-dealers and registered investment advisers to solicit share subscriptions. The non-traded securities are offered on a “best efforts” basis and Realty Capital Securities is not obligated to underwrite or purchase any shares for its own account. Realty Capital Securities generally receives up to 3.0% of the gross proceeds from the sale of common stock as a dealer manager fee and also receives fees from the sale of common stock through registered investment advisers. Realty Capital Securities has sole discretion as to reallowance of dealer manager fees to participating broker-dealers, based on such factors as the volume of shares sold and marketing support incurred by respective participating broker-dealers as compared to those of other participating broker-dealers. Dealer manager fees and reallowance are recorded on a trade date basis as securities transactions occur.
	The Company analyzes contractual arrangements to determine whether to report revenue on a gross basis or a net basis. The analysis considers multiple indicators regarding the services provided to their customers and the services received from its distributors. The goal of the analysis is to determine which entity is the primary obligor in the arrangement. After weighing many indicators, including Realty Capital Securities’ position as the exclusive distributor or dealer manager primarily responsible for the distribution of its customers’ shares, its discretion in supplier selection, that our distributors bear no credit risk and that the commission and dealer manager fee rates are established jointly in a single contract, the Company concluded that the gross basis of accounting for its commission and fee revenues is appropriate.
	During the year ended December 31, 2013, the Company modified its approach with respect to revenues derived from the sale of securities purchased through fee-based advisors by reducing to zero the fees charged on sales through the registered investment adviser channel (the “RIA channel”). The offerings affected were generally related party offerings. This selling commission change became effective on July 1, 2013, and the 7.0% selling commission the Company received from each sale through the RIA channel was reduced to 0%. Prior to the change, the full amount of the dealer manager fee (generally 3.0%) and the 7.0% selling commission was charged against the amount invested through the RIA channel, and the Company retained the amount of the 7.0% selling commission charged against the investor’s purchase price. After the change, the Company no longer receives any selling commissions on sales through the RIA channel, but continues to retain the dealer manager fee (generally 3.0%) of the amount invested in connection with sales through the RIA channel. This modified business practice did not constitute a change in accounting policy.
	Commissions
	The Company records commissions received from securities transactions on a trade-date basis. Commissions from mutual funds, variable annuities, and insurance product purchases transacted directly with the product manufacturers, as well as mutual fund and annuity trailers are estimated for each accounting period. Commissions payable related to these transactions are recorded based upon estimated payout ratios for each product as commission revenue is accrued.
	Advisory Fees and Services
	The Company provides investment advisory services to clients. Fees for the services are based on the value of the clients’ portfolios and are generally billed in advance at the beginning of each quarter. The fees are then recognized ratably over the period earned.
	Asset-Based Fees
	Asset-based fees include amounts earned related to client sweep account investments, omnibus processing and networking services, and reimbursements and allowances from product providers related to the sale and custody of their products and are recognized when earned.
	Transaction and Other Fees
	The Company charges transaction fees for executing transactions on client accounts. Transaction-related charges are recognized on a trade-date basis. Other fees include fees charged to clients such as individual retirement account maintenance fees, margin interest, and confirmation fees, as well as fees charged to financial advisors for contracted services such as affiliation and transaction fees. These fees are recognized as earned.
	Investment Banking Advisory Services
	The Company, through its investment banking and capital markets division, receives fees and compensation for providing investment banking, capital markets and related advisory services. Such fees are charged based on agreements entered into with related party and non-related party public and private issuers of securities and their sponsors and advisors, on a negotiated basis. Fees and expenses that are unpaid are recorded in investment banking fees receivable and reimbursable expenses in the statement of financial condition. Income from investment banking agreements that are not deferred is recognized when the transactions are complete or the services have been performed. Income from certain investment banking agreements is recorded in deferred revenue in the statement of financial condition and is recognized over the remaining life of the offering, which normally ranges from 3 to 26 months.
	Transfer Agency Revenue
	ANST receives fees for providing transfer agency and related services. Such fees are charged based on agreements entered into with related party issuers of securities on a negotiated basis. Certain fees are billed and recorded monthly based on account activity, such as new account establishment fees and call fees. Other fees, such as account maintenance fees, are billed and recorded monthly.
	Services Revenue
	The Company receives fees for providing transaction management, marketing support, due diligence advice, events, training and education, conference management and strategic advice. Such fees are charged at hourly billing rates for the services provided, based on agreements entered into with related party issuers of securities on a negotiated basis. Such fees are billed and recorded monthly based on services rendered.
	Reimbursable Expenses
	The Company includes all reimbursable expenses in gross revenue because the Company as the primary obligor has discretion in selecting a supplier, and bears the credit risk of paying the supplier prior to receiving reimbursement from the customer.
	Other Revenues
	Other revenues include changes in the fair value of the Company’s derivatives contracts, the deferred compensation plan investments and trading securities. See Notes 4 and 10 for more information.
Share-Based Compensation	'
	Share-Based Compensation
	The Company grants restricted stock awards to certain employees under the RCS Capital Corporation Equity Plan (the “RCAP Equity Plan”) which provides for the grant of stock options, restricted shares of Class A common stock, restricted stock units, dividend equivalent rights and other equity-based awards which are subject to forfeiture until vested. The Company recognizes the expense in internal commissions, payroll and benefits expense in the consolidated statement of income on a straight line basis for these awards over the vesting period that ranges from 3 to 5 years based on grant date fair value of the awards.
	The Company has also granted restricted stock awards to certain employees of related parties under the RCAP Equity Plan for services performed on behalf of the Company during prior periods. The Company recognizes the entire charge for these awards immediately in retained earnings as a dividend with an offset to additional paid-in capital. These awards were for services already performed and are subject to vesting of 4 years.
	A related party granted restricted stock awards with vesting provisions related to continued employment of the grantees at the Company to certain employees of the Company for services performed by Company employees on behalf of such related party. The Company recognizes compensation expense on for these awards over the vesting period that ranges from 3 to 5 years and remeasures the fair value of the awards at each reporting date, at which time the amortization of the award is adjusted. The offset to internal commissions, payroll and benefits expense is reflected as a capital contribution in additional paid-in capital.
	On June 10, 2014, RCAP Holdings and RCAP Equity, LLC, as the holders of 68.97% of the combined voting power of the Company’s outstanding common stock, approved the Company’s 2014 Stock Purchase Program (the “Program”). The Program became effective on June 30, 2014. The purpose of the Program is to enable select employees, financial advisors and executive officers of the Company and its affiliates and of subsidiaries of the Company that will be part of the Company’s retail advice platform (“Eligible Individuals”) to acquire proprietary interests in the Company through the ownership of Class A common stock. The Program is not intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), and any warrants granted under the Program are not intended to qualify as “incentive stock options” under Section 422 of the Code. Up to 4,000,000 shares of Class A common stock may be sold to Eligible Individuals or may be issued under warrants granted under the Program.
	The First Allied Holdings 2013 Restricted Unit Plan (the “FA RSU Plan”) provides for the grant of phantom stock which was issued to certain employees in connection with the acquisition of First Allied by RCAP Holdings. Pursuant to the terms of the FA RSU Plan, the phantom stock vests equally on each of the first three anniversaries of the acquisition of First Allied by RCAP Holdings. The FA RSU Plan is accounted for using the liability method.
Income Taxes	'
	Income Taxes
	The Company files federal and state income tax returns. Realty Capital Securities, ANST and RCS Advisory were treated as disregarded entities up to the date of the subsidiary reorganization (June 10, 2013) and as partnerships for federal and state income tax purposes through the date of the amendment to the Exchange Agreement (August 5, 2014). All income and expense earned by Realty Capital Securities, ANST and RCS Advisory flowed through to their owner through the date of reorganization.   The Company was a 9.4% owner of these partnerships from the date of the subsidiary reorganization on June 10, 2013 through the date of the Restructuring Transactions (February 11, 2014).  From the date of the Restructuring Transactions (February 11, 2014) through the date of the amendment to the Exchange Agreement (August 5, 2014), the Company was an owner of all but a de minimis amount of these partnerships.  As part of the amendment to the Exchange Agreement, no more Class B Units in any of Realty Capital Securities, ANST and RCS Advisory are outstanding and 100% of the voting and economics interests in the Original Operating Subsidiaries are now held by the Company, indirectly, through RCS Holdings' ownership of the Class A units resulting in Realty Capital Securities, ANST and RCS Advisory being treated as disregarded entities.  Income tax expense from operations and investments of Realty Capital Securities, ANST and RCS Advisory is not incurred by Realty Capital Securities, ANST and RCS Advisory but is reported by their owner(s).  Hatteras, SK Research and J.P. Turner are generally treated as disregarded tax entities post-acquisition. Summit, Cetera and First Allied will likely join in a newly formed consolidated group.
	Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis and operating loss and tax credit carry-forwards which relate to the Company’s investment in its subsidiaries. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Current tax liabilities or assets are recognized for the estimated taxes payable or refundable on tax returns for the current year.
	A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. This determination is based upon a review of all available evidence, both positive and negative, including the Company’s earnings history, the timing, character and amount of future earnings potential, the reversal of taxable temporary differences and the tax planning strategies available.
	The Company has adopted the authoritative guidance within ASC 740 relating to accounting for uncertainty in income taxes. The guidance prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken by the Company. See Note 14 for more information.
Reportable Segments	'
	Reportable Segments
	During the three months ended June 30, 2014, the Company’s internal reporting was revised and is now organized into six segments as follows:
	•	Independent Retail Advice, which is comprised of Cetera, Summit, J.P. Turner, and First Allied (effective July 11, 2014, this segment also includes ICH)
	•	Wholesale Distribution, which is comprised of Realty Capital Securities excluding its investment banking division (following the completion of the StratCap acquisition, this segment will also include StratCap)
	•	Investment Banking, Capital Markets and Transaction Management Services, which is comprised of the investment banking division of Realty Capital Securities, RCS Advisory and ANST
	•	Investment Management, which is comprised of Hatteras
	•	Investment Research, which is comprised of SK Research
	•	Corporate and Other
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) to clarify the principles for recognizing revenue and to develop a common revenue standard for US GAAP and International Financial Reporting Standards. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is still evaluating the impact of ASU 2014-09.

Recent_and_Pending_Acquisition1

Recent and Pending Acquisitions (Table)	6 Months Ended
	Jun. 30, 2014
Business Acquisition [Line Items]	'
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations, which includes RCS Capital, Cetera, Summit, J.P. Turner, Hatteras, First Allied and ICH for the six months ended June 30, 2014 and 2013 are as follows (in millions, except earnings per share):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	1,448.90		$	1,192.70
	Income (loss) before taxes	3.7			(1.7		)
	Provision for income taxes (40%)	1.5			(0.7		)
	Net income	2.2			(1.0		)
	Less: income attributable to non-controlling interest	9.1			(0.6		)
	Less: preferred dividends and deemed dividend	198.1			—
	Net (loss) income attributable to Class A common stockholders	$	(205.0	)	$	(0.4	)
	Per share data
	Pro forma basic earnings per share	$	(5.46	)	$	(0.03	)
	Pro forma diluted earnings per share	$	(5.68	)	$	(0.03	)
	Pro forma weighted average basic shares	37,645,469			16,515,013
	Pro forma weighted average diluted shares	40,318,237			16,515,013
Cetera Financial Group	'
Business Acquisition [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The total Cetera consideration consisted of the following (in thousands):
	Cash paid by the Company	$	1,132,742
	Adjustments	17,258
	Total adjusted purchase price	$	1,150,000
	The preliminary assignment of the total consideration for the Cetera acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	241,641
	Cash and segregated securities	7,999
	Trading securities	741
	Receivables	49,883
	Property and equipment	20,079
	Prepaid expenses	15,083
	Deferred compensation plan investments	76,010
	Notes receivable	45,175
	Other assets	36,553
	Accounts payable	(94,074		)
	Accrued expenses	(32,421		)
	Other liabilities	(112,979		)
	Deferred compensation plan accrued liabilities	(75,294		)
	Total fair value excluding goodwill and intangible assets	178,396
	Goodwill	259,646
	Intangible assets	942,991
	Deferred tax liability	(248,291		)
	Total consideration	$	1,132,742
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations for Cetera for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	595.2		$	458.5
	Loss before taxes	(86.9		)	(55.8		)
Summit Financial Services Group	'
Business Acquisition [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The total Summit consideration consisted of the following (in thousands):
	Cash paid by the Company	$	46,727
	Stock issued by the Company	10,431
	Total consideration	$	57,158
	The preliminary assignment of the total consideration for the Summit acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	13,353
	Receivables	3,147
	Property and equipment	362
	Prepaid expenses	1,531
	Notes receivable	1,585
	Other assets	3
	Accounts payable	(7,465		)
	Accrued expenses	(3,099		)
	Total fair value excluding goodwill and intangible assets	9,417
	Goodwill	28,997
	Intangible assets	31,240
	Deferred tax liability	(12,496		)
	Total consideration	$	57,158
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations for Summit for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	47.7		$	39.6
	Income (loss) before taxes	(5.5		)	1
JP Turner & Company, LLC	'
Business Acquisition [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The total J.P. Turner consideration consisted of the following (in thousands):
	Cash paid by the Company	$	12,786
	Stock issued by the Company	4,860
	Contingent and deferred consideration	12,748
	Total consideration	$	30,394
	The preliminary assignment of the total consideration for the J.P. Turner acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	10,171
	Receivables	712
	Property and equipment	232
	Prepaid expenses	892
	Notes receivable	1,660
	Other assets	2,171
	Accounts payable	(1,710		)
	Accrued expenses	(8,543		)
	Other liabilities	(656		)
	Total fair value excluding goodwill and intangible assets	4,929
	Goodwill	11,265
	Intangible assets	14,200
	Total consideration	$	30,394
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations with J.P. Turner for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	25.4		$	25.5
	Income before taxes	1.8			0.6
Hatteras Funds Group	'
Business Acquisition [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The total Hatteras consideration consisted of the following (in thousands):
	Cash paid by the Company	$	30,000
	Contingent and deferred consideration	34,310
	Total consideration	$	64,310
	The preliminary assignment of the total consideration for the Hatteras acquisition as of the date of the acquisition was as follows:
	Cash and cash equivalents	$	805
	Receivables	7,747
	Property and equipment	192
	Prepaid expenses	326
	Other assets	120
	Accounts payable	(3,721		)
	Accrued expenses	(5,277		)
	Total fair value excluding goodwill and intangible assets	192
	Goodwill	15,348
	Intangible assets	48,770
	Total consideration	$	64,310
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations for Hatteras for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	29.7		$	19.9
	Income (loss) before taxes	2.5			(0.7		)
Investors Capital Holdings	'
Business Acquisition [Line Items]	'
Business Acquisition, Pro Forma Information	'
	The Company’s supplemental pro forma results of operations for ICH for the six months ended June 30, 2014 and 2013 are as follows (in millions):
		Six Months Ended June 30,
		2014			2013
	Total revenues	$	45.6		$	42
	Loss before taxes	(1.8		)	(1.5		)

Fair_Value_Disclosures_Fair_Va

Fair Value Disclosures Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
	The Company’s fair value hierarchy for those assets measured at fair value on a recurring basis by product category as of June 30, 2014 are as follows (in thousands):
		Level 1			Level 2			Level 3			Total
	Assets:
	Cash equivalents - money market funds	$	74,708		$	—		$	—		$	74,708
	Securities segregated under federal and other regulations:
	U.S. treasury securities	—			5,999			—			5,999
	Available-for-sale securities:
	Mutual funds	445			—			—			445
	Total available-for-sale	445			—			—			445
	Trading securities:
	Equity securities	321			—			1			322
	Mutual funds	9,100			—			—			9,100
	Certificate of deposits	50			10			—			60
	U.S. government bonds	—			11			—			11
	State and municipal bonds	108			—			—			108
	Other	—			60			—			60
	Total trading securities	9,579			81			1			9,661
	Deferred compensation plan investments:
	Money market fund	4,084			—			—			4,084
	International global funds	16,392			—			—			16,392
	U.S. equity funds	47,494			—			—			47,494
	U.S. fixed-income funds	11,641			—			—			11,641
	Total equity securities	79,611			—			—			79,611
	Other assets - private equity	—			—			120			120
	Total	$	164,343		$	6,080		$	121		$	170,544
	Liabilities:
	Derivative contracts	$	—		$	—		$	104,162	(1)	$	104,162
	Other liabilities:
	Equity securities	263			—			—			263
	Mutual funds and UITs	67			—			—			67
	State and municipal government obligations	49			—			—			49
	Certificates of deposit	59			—			—			59
	Contingent consideration	—			—			31,211			31,211
	Total	$	438		$	—		$	135,373		$	135,811
	_____________________
	(1) Includes $9.8 million of derivatives classified in long-term debt.
	The Company’s fair value hierarchy for those assets measured at fair value on a recurring basis by product category as of December 31, 2013 are as follows (in thousands)
		Level 1			Level 2			Level 3			Total
	Assets:
	Available-for-sale securities:
	Mutual funds	$	8,528		$	—		$	—		$	8,528
	Total available-for-sale	8,528			—			—			8,528
	Trading securities:
	Mutual funds	7,708			—			—			7,708
	Total trading securities	7,708			—			—			7,708
	Total	$	16,236		$	—		$	—		$	16,236
	Liabilities:
	Other liabilities:
	Equity securities	$	238		$	—		$	—		$	238
	State and municipal government obligations	51			—			—			51
	Certificates of deposit	20			—			—			20
	Contingent consideration	—			—			2,180			2,180
	Total	$	309		$	—		$	2,180		$	2,489
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	'
	The following table presents changes during the three months and six months ended June 30, 2014 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains and losses related to the Level 3 assets and liabilities in the balance sheet as of June 30, 2014 (in thousands):
		Fair value as of			Net realized and unrealized gains and (losses)			Other comprehensive income (loss)			Purchases		Issuances		Sales		Settlements		Transfers in		Transfers out		Fair value as of
		31-Dec-13																					30-Jun-14
	Assets:
	Other assets	$	—		$	—		$	—		$	120	$	—	$	—	$	—	$	—	$	—	$	120
	Total	$	—		$	—		$	—		$	120	$	—	$	—	$	—	$	—	$	—	$	120
	Liabilities:
	Derivative contracts	$	—		$	58,452		$	—		$	—	$	162,614	$	—	$	—	$	—	$	—	$	104,162
	Contingent consideration	2,180			(144		)	—			—		31,211		—		507		—		—		31,211
	Total	$	2,180		$	58,308		$	—		$	—	$	193,825	$	—	$	507	$	—	$	—	$	135,373
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	'
	The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of June 30, 2014 (in thousands):
		Fair value			Valuation technique		Unobservable inputs
	Assets:
	Other assets - private equity	$	120		Net asset value (NAV)		Net asset value (NAV)
	Liabilities:
	Derivative contracts	$	104,162		Monte Carlo		Inputs for convertible notes and convertible preferred stock respectively:
							- Duration: 7.34 years, 30 years
							- Discount factor: 59.0%, 59.0%
							- Volatility: 30%, 30%
							- Risk free rate of interest: 2.19%, 3.3%
							- Discount rate: 10.19%, 13.3%
							Inputs for the put option:
							- Volatility: 30%
							- Exercise date: June 10, 2033
							- Risk free rate: 3.05%
	Contingent consideration	$	31,211		Discounted cash flow		J.P. Turner:
							- Probability exceeding percentage threshold: 58.3% to 97.7%
							- Present value factor: 0.65 to 0.75
							Hatteras:
							- Projected earnings: $11.4 million to $20.0 million, December 31, 2016 and 2018, respectively
							- Discounted rates based on the estimated weighted average cost of capital (WACC): 0.462 to 0.644
							- Present value factors: 0.910 to 0.979
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share	'
	The following table presents information related to the Company’s investments in a private equity fund that calculates net asset value per share as of June 30, 2014. For these investments, which are measured at fair value on a recurring basis, the Company used the net asset value per share as a practical expedient to measure fair value (in thousands):
		Investment Category Includes		Fair Value Using Net Asset Value Per Share		Unfunded Commitments
	Other assets - private equity	Investments in private equity funds		120		59
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	'
	The following table presents information about the carrying values and fair values by fair value hierarchy for convertible notes, convertible preferred stock, and first and second lien term loan facility where the ending balance was carried at cost as of June 30, 2014. There were no such instruments as of December 31, 2013.
					Fair Value
		Carrying value			Level 1			Level 2			Level 3		Total
	Convertible notes	$	59,676		$	—		$	—		$	88,748	$	88,748
	Convertible preferred stock	275,510			—			—			146,528		146,528
	First Lien term facility	569,455			—			—			569,455		569,455
	Second Lien term facility	147,788			—			—			147,788		147,788
	Total	$	1,052,429		$	—		$	—		$	952,519	$	952,519

AvailableforSale_Securities_Ta

Available-for-Sale Securities (Tables)	6 Months Ended
	Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Disclosure of RCS Advisory's Investments	'
	The following table presents information about the Company’s available-for-sale securities as of June 30, 2014 and December 31, 2013 (in thousands):
		Fair value at December 31, 2013		Purchases(1)		Sales		Realized gain		Unrealized gains(2)		Fair value at June 30, 2014		Cost
	Mutual funds	$	8,528	$	215	$	9,013	$	171	$	544	$	445	$	410
	_____________________
	(1) Includes $0.2 million of purchases under dividend reinvestment programs.
	(2) This amount represents the change in the unrealized gain or loss for the six months ended June 30, 2014. The Company had $0.1 million available-for-sale realized gains for the three and six months ended June 30, 2013. The amount excludes the deferred income tax benefit (provision).

Note_Receivable_Tables

Note Receivable (Tables)	6 Months Ended
	Jun. 30, 2014
Receivables [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable	'
	The Company’s notes receivable for the six months ended June 30, 2014 and the year ended December 31, 2013, were as follows (in thousands):
		30-Jun-14			31-Dec-13
		Total			Total
	Beginning balance	$	13,270		$	8,547
	Originated loans	6,229			5,636
	Acquired loans	51,387			—
	Collections	(2,756		)	(363		)
	Forgiveness/amortization	(2,507		)	(573		)
	Accretion	1,034			6
	Allowance	(315		)	17
	Ending balance	$	66,342		$	13,270
Allowance for Credit Losses on Financing Receivables	'
	The following table presents the Company’s allowance for uncollectible amounts due from financial advisors for the six months ended June 30, 2014 and the year ended December 31, 2013 (in thousands):
		30-Jun-14			31-Dec-13
		Total			Total
	Beginning balance	$	424		$	441
	Provision for bad debt	569			—
	Charge off - net of recoveries	(254		)	(17		)
	Total change	315			(17		)
	Ending balance	$	739		$	424

Fixed_Assets_Tables

Fixed Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment	'
	The Company’s fixed assets as of June 30, 2014 and December 31, 2013 consisted of the following (in thousands):
		30-Jun-14		31-Dec-13
	Office furniture and equipment, net	$	2,974	$	1,007
	Computer software and hardware, net	19,407		854
	Leasehold improvements	2,557		372
	Total fixed assets	24,938		2,233
	Less: Accumulated depreciation and amortization	1,933		350
	Fixed assets - net	$	23,005	$	1,883

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Intangible Assets and Goodwill	'
	The following table presents the Company’s goodwill and intangible assets as of June 30, 2014 and December 31, 2013 (in thousands):
		30-Jun-14				31-Dec-13
	Goodwill	$	395,242			$	79,986
	Indefinite-lived intangible assets	64,612				—
	Finite-lived intangible assets:
	Financial advisor relationships	974,053				69,698
	Investment management agreements	47,390				—
	Customer relationships	11,856				12,409
	Non-competition agreements	6,812				898
	Other	9,993				—
	Total intangible assets	1,114,716				83,005
	Total goodwill and intangible assets	$	1,509,958			$	162,991
Schedule of Goodwill	'
	Goodwill associated with each acquisition is allocated to the segments, based on how the Company manages its segments. The following table presents the goodwill by segment (in thousands):
		30-Jun-14				31-Dec-13
	Independent Retail Advice	$	379,894			$	79,986
	Investment Management	15,348				—
	Total goodwill	$	395,242			$	79,986
	The Company’s goodwill and intangible assets as of December 31, 2013 related to First Allied. The following table presents the change in the carrying amount of goodwill from December 31, 2013 to June 30, 2014 (in thousands):
	Balance as of December 31, 2013	$	79,986
	Cetera acquisition	259,646
	Summit acquisition	28,997
	J.P. Turner acquisition	11,265
	Hatteras acquisition	15,348
	Balance as of June 30, 2014	$	395,242
Schedule of Finite-Lived Intangible Assets	'
	The components of intangible assets as of June 30, 2014 are as follows (in thousands):
		Weighted-average life remaining		Gross carrying value				Accumulated amortization		Net carrying value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	14		$	988,902			$	14,849	$	974,053
	Investment management agreements	13		47,390				—		47,390
	Customer relationships	12		12,686				830		11,856
	Non-competition agreements	1		8,268				1,456		6,812
	Other(1)	9		10,282				289		9,993
	Total finite-lived intangible assets			1,067,528				17,424		1,050,104
	Indefinite-lived intangible assets	N/A		64,612				N/A		64,612
	Total intangible assets			$	1,132,140			$	17,424	$	1,114,716
	_____________________
	(1) Primarily comprised of SK Research intellectual property.
	The components of intangible assets as of December 31, 2013 are as follows (in thousands):
		Weighted-Average Life Remaining		Gross Carrying Value				Accumulated Amortization		Net Carrying Value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	13		$	71,185			$	1,487	$	69,698
	Customer relationships	13		12,686				277		12,409
	Non-competition agreements	2		1,026				128		898
	Total finite-lived intangible assets			$	84,897			$	1,892	$	83,005
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	'
	Future amortization expense is estimated as follows (in thousands):
		12 Months Ended June 30,
	2014	$	83,809
	2015	77,689
	2016	77,689
	2017	77,689
	2018	77,689
	Thereafter	655,539
	Total	$	1,050,104

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following table presents the Company’s long-term borrowings as of June 30, 2014 and December 31, 2013 and their contractual interest rates:
		June 30, 2014					December 31, 2013
		Balance			Interest Rate		Balance			Interest Rate
	First Lien term facility	$	569,455		6.5	%	$	—
	Second Lien term facility	147,788			10.5	%	—
	Convertible notes	69,510		(1)	5	%	—
	Other	31,950		(2)	2.4	%	33,302		(3)	2.42	%
	Total borrowings	818,703					33,302
	Less: Current portion of borrowings	33,183					3,200
	Total long-term debt, net of current portion	$	785,520				$	30,102
	_____________________
	(1) The Company’s convertible notes balance includes the fair value of the compound derivative of $9.8 million.
	(2) The Company’s other long-term borrowings as of June 30, 2014 relate to First Allied, of which, $27.2 million was outstanding under the FA Term Loan and $4.8 million was outstanding under the FA Revolver.
	(3) The Company’s long-term borrowings as of December 31, 2013 relate to First Allied, of which, $28.8 million was outstanding under the FA Term Loan and $4.5 million was outstanding under the FA Revolver.
Schedule of Maturities of Long-term Debt	'
	The following table presents the contractual maturities of long-term debt, net of the current portion and inclusive of the fair value of the compound derivative of $9.8 million, as of June 30, 2014 (in thousands):
		12 Months Ended June 30,
	2015	$	27,176
	2016	54,040
	2017	75,134
	2018	99,386
	2019	280,188
	Thereafter(1)	249,596
	Total long-term debt, net of current portion	$	785,520
	_____________________
	(1) Includes the fair value of the compound derivative of $9.8 million.
Schedule of Short-term Debt	'
	The following table presents the scheduled contractual maturities of the current portion of long-term debt as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014			December 31, 2013
	31-Mar-14	$	—		$	800
	30-Jun-14	—			800
	30-Sep-14	6,531			800
	31-Dec-14	6,501			800
	31-Mar-15	6,505			—
	30-Jun-15	13,646			—
	Total current portion of long-term debt	$	33,183		$	3,200

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	'
	The following table details the expense activity, which is included in internal commissions, payroll and benefits expense in the consolidated statements of income, related to restricted share grants during the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Expense recognized for restricted shares of Class A common stock granted to RCAP employees	$	5,768		$	—		$	6,471		$	—
	Expense recognized for related party restricted share grants to RCAP employees	167			—			2,527			—
	Total share based compensation expense	$	5,935		$	—		$	8,998		$	—
Nonvested Restricted Stock Shares Activity	'
	The following table details the restricted shares activity related to shares of a related party granted to RCAP employees during the six months ended June 30, 2014:
		Shares of Restricted Common Stock		Weighted-Average Issue Price			Aggregate Value (in thousands)			Weighted-Average Vesting Period (years)
	Unvested, December 31, 2013	—		$	—		$	—		—
	Granted	512,430		14.18			7,266			4.05
	Less: vested	143,805		13.83			1,989			3
	Less: forfeited	—		—			—			—
	Unvested June 30, 2014	368,625		$	14.32		$	5,277		4.46
	The following table details the restricted shares activity during the six months ended June 30, 2014:
		Shares of Restricted Common Stock		Weighted-Average Issue Price			Aggregate Value (in thousands)			Weighted-Average Vesting Period (years)
	Unvested, December 31, 2013	—		$	—		$	—		—
	Granted	2,368,203		33.4			79,098			3.82
	Less: vested	52,772		25.52			1,347			N/A
	Less: forfeited	1,500		32.33			48			4
	Unvested June 30, 2014	2,313,931		$	33.58		$	77,703		3.89

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Basic and diluted earnings per share	'
	The following tables present the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013 (in thousands, except share and per share data):
		Three Months Ended June 30, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(149,861	)	43,030,018	$	(3.48	)
	Allocation of earnings to participating securities:
	Allocation of earnings to unvested RSU holders	(384		)	—	(0.01		)
	Basic Earnings:
	Net loss attributable to Class A common stockholders	(150,245		)	43,030,018	(3.49		)
	Effect of Dilutive Securities:
	Shares issuable upon exercise of Luxor’s put option(2)	(8,466		)	1,342,828	(0.09		)
	Shares issuable upon conversion of convertible notes(3)	(14,747		)	3,922,423	(0.01		)
	Diluted Earnings:
	Net loss attributable to Class A common stockholders	$	(173,458	)	48,295,269	$	(3.59	)
	_____________________
	(1) Included in net loss attributable to common stock is a deemed dividend of $194.8 million. This deemed dividend represents the difference between redemption value of the convertible preferred stock (based on the if-converted price) and the amount of the proceeds that were allocated to the convertible preferred stock excluding the embedded derivative. The convertible preferred stock can be settled in cash in certain situations; therefore, the Company was required to accrete up to the redemption value. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders.
	(2) The reduction in the numerator represents an $8.5 million gain in the fair value of the derivative for the period of issuance to June 30, 2014.
	(3) The reduction in the numerator represents a $14.7 million gain in the fair value of the embedded derivative for the period of issuance to June 30, 2014.
		Three Months Ended June 30, 2013
		Income (Numerator)			Shares (Denominator)	Per Share Amount
	Basic and Diluted Earnings:
	Net income attributable to Class A common stockholders	$	202		2,500,000	$	0.08
		Six Months Ended June 30, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(146,576	)	34,975,636	$	(4.19	)
	Allocation of earnings to participating securities:
	Allocation of earnings to unvested RSU holders	(711		)	—	(0.02		)
	Basic Earnings:
	Net loss attributable to Class A common stockholders	(147,287		)	34,975,636	(4.21		)
	Effect of Dilutive Securities:
	Shares issuable upon exercise of Luxor’s put option(2)	(8,466		)	675,123	(0.16		)
	Shares issuable upon conversion of convertible notes(3)	(14,747		)	1,972,047	(0.16		)
	Diluted Earnings:
	Net loss attributable to Class A common stockholders	$	(170,500	)	37,622,806	$	(4.53	)
	_____________________
	(1) Included in net loss attributable to common stock is a deemed dividend of $194.8 million. This deemed dividend represents the difference between redemption value of the convertible preferred stock (based on the if-converted price) and the amount of the proceeds that were allocated to the convertible preferred stock excluding the embedded derivative. The convertible preferred stock can be settled in cash in certain situations; therefore, the Company was required to accrete up to the redemption value. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders.
	(2) The reduction in the numerator represents an $8.5 million gain in the fair value of the derivative for the period of issuance to June 30, 2014.
	(3) The reduction in the numerator represents a $14.7 million gain in the fair value of the embedded derivative for the period of issuance to June 30, 2014.
		Six Months Ended June 30, 2013
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Basic and Diluted Earnings:
	Net income attributable to Class A common stockholders	$	202		2,500,000	$	0.08

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases	'
	The following table shows the future annual minimum rental payments due (in thousands):
		12 Months Ended June 30,
	2015	$	8,790
	2016	8,758
	2017	8,203
	2018	7,209
	2019	6,123
	Thereafter	23,929
	Total	$	63,012
Contractual Obligation, Fiscal Year Maturity Schedule	'
	The following table shows the future annual minimum payments due (in thousands):
		12 Months Ended June 30,
	2015	$	4,637
	2016	4,875
	2017	4,407
	2018	2,400
	2019	2,400
	Thereafter	2,400
	Total	$	21,119

Net_Capital_Requirements_Table

Net Capital Requirements (Tables)	6 Months Ended
	Jun. 30, 2014
Regulatory Capital Requirements [Abstract]	'
Computation of Net Capital under Securities and Exchange Commission Regulation	'
	The table below provides the net capital requirements for each of the Company’s broker-dealers as of June 30, 2014 and the net capital requirements for those broker-dealers which were either under the control of the Company or under common control as of December 31, 2013 (in thousands, except ratios).
		June 30, 2014		December 31, 2013
	Realty Capital Securities:
	Net capital	$	10,993	$	25,627
	Required net capital	3,410		1,294
	Net capital in excess of required net capital	$	7,583	$	24,333
	Aggregate indebtedness to net capital ratio	2.57 to 1		0.76 to 1
	First Allied Securities, Inc. (alternative method):
	Net capital	$	2,999	$	4,777
	Required net capital	250		250
	Net capital in excess of required net capital	$	2,749	$	4,527
	Net capital as a percentage of aggregate debit items evaluation	in compliance(1)		in compliance(1)
	Legend Equities Corporation:
	Net capital	$	2,572	$	2,684
	Required net capital	218		224
	Net capital in excess of required net capital	$	2,354	$	2,460
	Aggregate indebtedness to net capital ratio	1.27 to 1		1.25 to 1
	Cetera Advisor Networks LLC (alternative method)(2):
	Net capital	$	9,847
	Required net capital	250
	Net capital in excess of required net capital	$	9,597
	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Advisors LLC (alternative method)(2):
	Net capital	$	6,473
	Required net capital	250
	Net capital in excess of required net capital	$	6,223
	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Financial Specialists LLC (alternative method)(2):
	Net capital	$	3,841
	Required net capital	250
	Net capital in excess of required net capital	$	3,591
	Net capital as a percentage of aggregate debit items	in compliance(1)
		June 30, 2014		December 31, 2013
	Cetera Investment Services LLC (alternative method)(2):
	Net capital	$	14,208
	Required net capital	250
	Net capital in excess of required net capital	$	13,958
	Net capital as a percentage of aggregate debit items	124%
	Hatteras Capital Distributors, LLC(2):
	Net capital	$	465
	Required net capital	17
	Net capital in excess of required net capital	$	448
	Indebtedness to net capital	0.54 to 1
	J.P. Turner & Company LLC(2):
	Net capital	$	3,815
	Required net capital	664
	Net capital in excess of required net capital	$	3,151
	Indebtedness to net capital	2.61 to 1
	Summit Brokerage Services, Inc.(2):
	Net capital	$	4,679
	Required net capital	370
	Net capital in excess of required net capital	$	4,309
	Indebtedness to net capital	1.19 to 1
	_____________________
	(1) The entity was determined to be in compliance as of the date stated as its net capital was in excess of the minimum $250,000.
	(2) The entity was not under the control of, or under common control with, the Company as of December 31, 2013.

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Revenue, Expenses, and Assets by Segment	'
	The following table presents the Company’s net revenues, expenses and income before taxes by segment for the three and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Independent retail advice:
	Revenues	$	324,153		$	—		$	416,910		$	—
	Expenses	329,364			—			422,970			—
	Loss	$	(5,211	)	$	—		$	(6,060	)	$	—
	Wholesale distribution:
	Revenues	$	250,586		$	220,791		$	389,696		$	432,635
	Expenses	246,101			196,866			388,736			385,847
	Income	$	4,485		$	23,925		$	960		$	46,788
	Investment banking, capital markets and transaction management services:
	Revenues	$	39,101		$	9,225		$	87,643		$	16,012
	Expenses	16,860			6,329			39,084			9,232
	Income	$	22,241		$	2,896		$	48,559		$	6,780
	Investment management:
	Revenues	$	—		$	—		$	—		$	—
	Expenses	—			—			—			—
	Income	$	—		$	—		$	—		$	—
	Investment research:
	Revenues	$	691		$	—		$	691		$	—
	Expenses	3,857			—			4,301			—
	Loss	$	(3,166	)	$	—		$	(3,610	)	$	—
	Corporate and other:
	Revenues	$	58,470		$	—		$	58,470		$	—
	Expenses	17,507			217			23,955			217
	Income (loss)	$	40,963		$	(217	)	$	34,515		$	(217	)
	Revenue reconciliation
	Total revenues for reportable segments	$	673,001		$	230,016		$	953,410		$	448,647
	Less: intercompany revenues	34,576			—			35,025			—
	Total revenues	$	638,425		$	230,016		$	918,385		$	448,647
	Income reconciliation
	Total income before taxes for reportable segments	$	59,312		$	26,604		$	74,364		$	53,351
	Reconciling items	—			—			—			—
	Income before income taxes	$	59,312		$	26,604		$	74,364		$	53,351
	The following table presents the Company’s total assets by segment as of June 30, 2014 and December 31, 2013 (in thousands):
		June 30, 2014			December 31, 2013
	Segment assets:
	Independent retail advice	$	1,910,209		$	225,623
	Wholesale distribution	70,857			32,058
	Investment banking, capital markets and transaction management services	109,150			75,358
	Investment management	73,309			—
	Investment research	10,474			—
	Corporate and other (1)	358,247			3,585
	Total assets for reportable segments	$	2,532,246		$	336,624
	Assets reconciliation:
	Total assets for reportable segments	$	2,532,246		$	336,624
	Less: intercompany eliminations	142,950			99
	Total consolidated assets	$	2,389,296		$	336,525
	_____________________
	(1) Excludes amounts related to investment in subsidiaries.

Organization_and_Description_o1

Organization and Description of the Company (Details) (USD $)

Jun. 10, 2014

Feb. 11, 2014

Jun. 10, 2013

Jun. 10, 2014

Jun. 30, 2014

Jun. 10, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Feb. 11, 2014

Feb. 10, 2014

Feb. 11, 2014

Jun. 10, 2013

Feb. 11, 2014

Feb. 11, 2014

Jun. 10, 2013

Jun. 10, 2013

Jun. 10, 2014

Jun. 18, 2014

Jun. 10, 2013

Jun. 10, 2013

Feb. 11, 2014

Feb. 11, 2014

In Millions, except Share data, unless otherwise specified

Common Class A

Common Class A

Common Class A

Common Class A

Common Class B

Common Class B

RCS Holdings, LLC

RCS Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

IPO

IPO

Over-Allotment Option

Over-Allotment Option

Majority Shareholder

Majority Shareholder

Economic rights

Voting power

program

program

Common Class A

Common Class B

Common Class A

Common Class A

Common Class A

Common Class A

Common Class B

Unclassified Stock

RCAP Holdings, LLC

RCAP Holdings, LLC

Common Class A

Common Class A

Subsidiary, Sale of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

'

'

'

'

$0.00

$20.25

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

19,000,000

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

Share price per share issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$20

'

'

'

'

'

'

Proceeds from initial public offering

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$43.60

'

'

'

'

'

'

'

Shares received in reorganization

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,000,000

'

'

'

Unclassified shares received

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100

'

'

Minority ownership percent in operating subsidiaries

9.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest by Parent of subsidiaries

'

'

90.60%

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

Operating subsidiary units exchanged under the exchange agreement

'

'

'

'

'

'

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

Class A shares received under the Exchange Agreement

'

'

'

'

'

'

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

Class A Common Stock Held by Related Party

'

'

'

'

'

'

'

'

'

'

'

24,051,499

'

'

'

'

'

'

'

'

'

'

'

Shares held by a related party

'

'

'

'

'

'

'

'

'

'

'

'

'

24,051,499

1

'

'

'

'

'

'

'

'

Economic rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.76%

'

Voting rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95.38%

Class A Operating Subsidiary Units contributed to RCS Holdings

'

26,499,999

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class A RCS Holdings Units received by the Company

'

26,499,999

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating Subsidiary LTIP Units contributed to RCS Holdings from RCS Capital Management

'

3,975,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units contributed to subsidiary (in units)

'

1,325,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Authorized classes of equity

'

'

'

'

'

'

'

'

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

Class A RCS Holdings Units received

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

RCS Holdings LTIP Units issued to RCS Capital Management

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,600,000

'

'

'

'

'

Common stock, shares issued (in shares)

'

'

'

'

63,209,261

'

13,764,929

1

24,000,000

'

'

'

'

'

'

'

'

'

870,248

'

'

'

'

Recent_and_Pending_Acquisition2

Recent and Pending Acquisitions - Cetera (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

2 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Apr. 29, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Apr. 29, 2014

Apr. 29, 2014

Apr. 29, 2014

Apr. 29, 2014

Cetera Financial Group

Cetera Financial Group

Cetera Financial Group

Cetera Financial Group

Cetera Financial Group

Convertible Debt

Senior Secured Second Lien Term Loan

Senior Secured First Lien Term Loan

Cetera Financial Group

Secured Debt

Secured Debt

Barclays Bank PLC and Bank of America

Barclays Bank PLC and Bank of America

Cetera Financial Group

Cetera Financial Group

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible notes, face value

'

'

'

'

'

'

'

'

'

'

$120,000,000

$150,000,000

$575,000,000

Net proceeds from issuance of convertible preferred stock (including embedded derivative)

'

'

197,504,000

0

'

270,000,000

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

'

'

'

'

'

'

'

'

'

241,641,000

'

'

'

Cash and segregated securities

5,999,000

'

5,999,000

'

0

'

'

'

'

7,999,000

'

'

'

Trading securities

'

'

'

'

'

'

'

'

'

741,000

'

'

'

Receivables

'

'

'

'

'

'

'

'

'

49,883,000

'

'

'

Property and equipment

'

'

'

'

'

'

'

'

'

20,079,000

'

'

'

Prepaid expenses

'

'

'

'

'

'

'

'

'

15,083,000

'

'

'

Deferred compensation plan investments

'

'

'

'

'

'

'

'

'

76,010,000

'

'

'

Notes receivable

'

'

'

'

'

'

'

'

'

45,175,000

'

'

'

Other assets

'

'

'

'

'

'

'

'

'

36,553,000

'

'

'

Accounts payable

'

'

'

'

'

'

'

'

'

-94,074,000

'

'

'

Accrued expenses

'

'

'

'

'

'

'

'

'

-32,421,000

'

'

'

Other liabilities

'

'

'

'

'

'

'

'

'

-112,979,000

'

'

'

Deferred compensation plan accrued liabilities

'

'

'

'

'

'

'

'

'

-75,294,000

'

'

'

Total fair value excluding goodwill and intangible assets

'

'

'

'

'

'

'

'

'

178,396,000

'

'

'

Goodwill

395,242,000

'

395,242,000

'

79,986,000

'

'

'

'

259,646,000

'

'

'

Intangible assets

'

'

'

'

'

'

'

'

'

942,991,000

'

'

'

Total consideration

'

'

'

'

'

'

'

'

'

-248,291,000

'

'

'

Total consideration

'

'

'

'

'

'

'

'

'

1,132,742,000

'

'

'

Business Combination, Consideration Transferred [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash paid by the Company

'

'

'

'

'

1,132,742,000

'

'

'

'

'

'

'

Adjustments

'

'

'

'

'

17,258,000

'

'

'

'

'

'

'

Total adjusted purchase price

'

'

'

'

'

1,150,000,000

'

'

'

'

'

'

'

Expected tax deductible amount

'

'

'

'

'

'

20,000,000

20,000,000

'

'

'

'

'

Business Acquisition, Pro Forma Information [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

'

'

1,448,900,000

1,192,700,000

'

'

'

595,200,000

458,500,000

'

'

'

'

Loss before taxes

'

'

'

'

'

'

'

-86,900,000

-55,800,000

'

'

'

'

Revenues

638,425,000

230,016,000

918,385,000

448,647,000

'

'

200,800,000

'

'

'

'

'

'

Loss before taxes

($59,312,000)

($26,604,000)

($74,364,000)

($53,351,000)

'

'

$3,500,000

'

'

'

'

'

'

Recent_and_Pending_Acquisition3

Recent and Pending Acquisitions - Summit (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 11, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 11, 2014

Jun. 11, 2014

Jun. 30, 2014

Jun. 11, 2014

Jun. 11, 2014

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Summit Financial Services Group

Common Class A

Common Class A

Common Class A

Common Stock

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Right to receive merger consideration rights

'

'

'

'

'

'

'

'

'

'

'

$1.59

'

Pro rata share of tax refunds

'

'

'

'

'

2,500,000

'

'

'

'

'

'

'

Acquisition share price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$0.06

Business acquisition, equity interest issued, number of shares

'

'

'

'

'

'

'

'

'

498,884

498,884

'

'

Cash paid by the Company

'

'

'

'

'

46,727,000

'

'

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

'

'

'

'

'

'

'

'

13,353,000

'

'

'

'

Receivables

'

'

'

'

'

'

'

'

3,147,000

'

'

'

'

Property and equipment

'

'

'

'

'

'

'

'

362,000

'

'

'

'

Prepaid expenses

'

'

'

'

'

'

'

'

1,531,000

'

'

'

'

Notes receivable

'

'

'

'

'

'

'

'

1,585,000

'

'

'

'

Other assets

'

'

'

'

'

'

'

'

3,000

'

'

'

'

Accounts payable

'

'

'

'

'

'

'

'

-7,465,000

'

'

'

'

Accrued expenses

'

'

'

'

'

'

'

'

-3,099,000

'

'

'

'

Total fair value excluding goodwill and intangible assets

'

'

'

'

'

'

'

'

9,417,000

'

'

'

'

Goodwill

395,242,000

'

395,242,000

'

79,986,000

'

'

'

28,997,000

'

'

'

'

Intangible assets

'

'

'

'

'

'

'

'

31,240,000

'

'

'

'

Deferred tax liability

'

'

'

'

'

'

'

'

-12,496,000

'

'

'

'

Total consideration

'

'

'

'

'

'

'

'

57,158,000

'

'

'

'

Business Combination, Consideration Transferred [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash paid by the Company

'

'

'

'

'

46,727,000

'

'

'

'

'

'

'

Stock issued by the Company

'

'

'

'

'

10,431,000

'

'

'

'

'

'

'

Total adjusted purchase price

'

'

'

'

'

57,158,000

'

'

'

'

'

'

'

Revenues

638,425,000

230,016,000

918,385,000

448,647,000

'

'

5,300,000

'

'

'

'

'

'

Loss before taxes

-59,312,000

-26,604,000

-74,364,000

-53,351,000

'

'

800,000

'

'

'

'

'

'

Business Acquisition, Pro Forma Information [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

'

'

1,448,900,000

1,192,700,000

'

'

47,700,000

39,600,000

'

'

'

'

'

Income (loss) before taxes

'

'

'

'

'

'

-5,500,000

1,000,000

'

'

'

'

'

Excluding cash distributed in shareholders

'

'

'

'

'

$38,600,000

'

'

'

'

'

'

'

Recent_and_Pending_Acquisition4

Recent and Pending Acquisitions - J.P. Turner (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 12, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 12, 2014

Jun. 12, 2014

Jun. 30, 2014

Jun. 12, 2014

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

JP Turner & Company, LLC

Common Class A

Common Class A

Common Class A

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued, number of shares

'

'

'

'

'

'

'

'

'

239,362

239,362

'

Contingent and deferred consideration

$48,889,000

'

$48,889,000

'

$2,180,000

'

'

'

$7,600,000

'

'

$3,200,000

Minimum performance hurdle

'

'

'

'

'

8.00%

'

'

'

'

'

'

Performance Annual Dollar Cap

'

'

'

'

'

2,500,000

'

'

'

'

'

'

Earn-out contingency based on acquiree's future revenues

'

'

'

'

'

50.00%

'

'

'

50.00%

'

'

Liabilities arising from contingencies, amount Recognized

'

'

'

'

'

'

12,700,000

'

'

'

'

'

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

'

'

'

'

'

'

'

'

10,171,000

'

'

'

Receivables

'

'

'

'

'

'

'

'

712,000

'

'

'

Property and equipment

'

'

'

'

'

'

'

'

232,000

'

'

'

Prepaid expenses

'

'

'

'

'

'

'

'

892,000

'

'

'

Notes receivable

'

'

'

'

'

'

'

'

1,660,000

'

'

'

Other assets

'

'

'

'

'

'

'

'

2,171,000

'

'

'

Accounts payable

'

'

'

'

'

'

'

'

-1,710,000

'

'

'

Accrued expenses

'

'

'

'

'

'

'

'

-8,543,000

'

'

'

Other liabilities

'

'

'

'

'

'

'

'

-656,000

'

'

'

Total fair value excluding goodwill and intangible assets

'

'

'

'

'

'

'

'

4,929,000

'

'

'

Goodwill

395,242,000

'

395,242,000

'

79,986,000

'

'

'

11,265,000

'

'

'

Intangible assets

'

'

'

'

'

'

'

'

14,200,000

'

'

'

Total consideration

'

'

'

'

'

'

'

'

30,394,000

'

'

'

Business Combination, Consideration Transferred [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

Cash paid by the Company

'

'

'

'

'

12,786,000

'

'

'

'

'

'

Stock issued by the Company

'

'

'

'

'

4,860,000

'

'

'

'

'

'

Contingent and deferred consideration

'

'

'

'

'

12,748,000

'

'

'

'

'

'

Total adjusted purchase price

'

'

'

'

'

30,394,000

'

'

'

'

'

'

Revenues

638,425,000

230,016,000

918,385,000

448,647,000

'

'

2,500,000

'

'

'

'

'

Income before taxes

59,312,000

26,604,000

74,364,000

53,351,000

'

'

400,000

'

'

'

'

'

Business Acquisition, Pro Forma Information [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

Total revenues

'

'

1,448,900,000

1,192,700,000

'

'

25,400,000

25,500,000

'

'

'

'

Loss before taxes

'

'

'

'

'

'

$1,800,000

$600,000

'

'

'

'

Recent_and_Pending_Acquisition5

Recent and Pending Acquisitions - Hatteras (Details) (USD $)	6 Months Ended			0 Months Ended	6 Months Ended		0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
				Hatteras Funds Group	Hatteras Funds Group	Hatteras Funds Group	Closing Date	First Anniversary of the Closing Date	Second Anniversary of the Closing Date	Third Anniversary of the Closing Date
							Hatteras Funds Group	Hatteras Funds Group	Hatteras Funds Group	Hatteras Funds Group
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'	'
Initial accounting incomplete adjustment	'	'	'	$40,000,000	'	'	'	'	'	'
Payments to acquire business	'	'	'	'	'	'	75.00%	7.50%	7.50%	10.00%
Contingent and deferred consideration	48,889,000	'	2,180,000	'	34,300,000	'	'	'	'	'
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]	'	'	'	'	'	'	'	'	'	'
Cash and cash equivalents	'	'	'	'	805,000	'	'	'	'	'
Receivables	'	'	'	'	7,747,000	'	'	'	'	'
Property and equipment	'	'	'	'	192,000	'	'	'	'	'
Prepaid expenses	'	'	'	'	326,000	'	'	'	'	'
Other assets	'	'	'	'	120,000	'	'	'	'	'
Accounts payable	'	'	'	'	-3,721,000	'	'	'	'	'
Accrued expenses	'	'	'	'	-5,277,000	'	'	'	'	'
Total fair value excluding goodwill and intangible assets	'	'	'	'	192,000	'	'	'	'	'
Goodwill	395,242,000	'	79,986,000	'	15,348,000	'	'	'	'	'
Intangible assets	'	'	'	'	48,770,000	'	'	'	'	'
Total consideration	'	'	'	'	64,310,000	'	'	'	'	'
Business Combination, Consideration Transferred [Abstract]	'	'	'	'	'	'	'	'	'	'
Cash paid by the Company	'	'	'	30,000,000	'	'	'	'	'	'
Contingent and deferred consideration	'	'	'	34,310,000	'	'	'	'	'	'
Total adjusted purchase price	'	'	'	64,310,000	'	'	'	'	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'	'	'	'	'	'	'
Total revenues	1,448,900,000	1,192,700,000	'	'	29,700,000	19,900,000	'	'	'	'
Income (loss) before taxes	'	'	'	'	$2,500,000	($700,000)	'	'	'	'

Recent_and_Pending_Acquisition6

Recent and Pending Acquisitions - First Allied (Details) (USD $)

5 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 15, 2014

Sep. 25, 2013

Jun. 30, 2014

Jan. 15, 2014

Sep. 25, 2013

Jun. 30, 2014

Jun. 30, 2014

Sep. 25, 2013

Sep. 25, 2013

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

Secured Debt

First Allied notes

Common Class A

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

RCAP Holdings, LLC

Secured Debt

Common Class A

Common Class A

First Allied Holdings, Inc.

RCAP Holdings, LLC

First Allied Holdings, Inc.

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued, number of shares

'

'

'

'

'

'

'

'

'

'

'

11,264,929

11,264,929

'

'

Business acquisition, cost of acquired entities throughout period, purchase price

'

'

'

'

'

'

$177,000,000

$177,000,000

'

'

'

'

'

'

'

Total consideration

'

'

'

'

'

271,200,000

145,000,000

145,000,000

'

'

'

'

'

'

'

Convertible notes, face value

'

'

'

'

'

'

'

'

'

'

'

'

'

26,000,000

32,000,000

Debt acquired

'

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

Goodwill

395,242,000

79,986,000

'

'

'

'

'

'

94,200,000

'

'

'

'

'

'

Debt carrying amount acquired

'

'

'

'

'

'

'

'

'

'

37,500,000

'

'

'

'

Issuance of common stock

1,203,000

'

239,200,000

'

'

'

'

'

'

'

'

'

'

'

'

Equity interests value assigned

'

'

'

'

'

'

'

'

'

207,500,000

'

'

'

'

'

Acquisition share price (in dollars per share)

'

'

'

'

$21.23

'

'

'

'

'

'

'

'

'

'

Total fair value excluding goodwill and intangible assets

'

'

'

'

'

'

'

'

'

'

137,200,000

'

'

'

'

Expected tax deductible amount

'

'

'

$400,000

'

'

'

'

'

'

'

'

'

'

'

Recent_and_Pending_Acquisition7

Recent and Pending Acquisitions - Validus/Strategic Capital Partners (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	19-May-14	19-May-14	19-May-14
In Thousands, unless otherwise specified			Validus/Strategic Capital Partners, LLC	Validus/Strategic Capital Partners, LLC	Validus/Strategic Capital Partners, LLC
					Common Class A
Business Acquisition [Line Items]	'	'	'	'	'
Cash paid by the Company	'	'	$60,000	'	'
Stock issued by the Company	'	'	'	'	10,000
Contingent and deferred consideration	$48,889	$2,180	'	$10,000	'

Recent_and_Pending_Acquisition8

Recent and Pending Acquisitions - ICH (Details) (USD $)	6 Months Ended				0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jul. 11, 2014	Jul. 11, 2014	Jul. 11, 2014
			Investors Capital Holdings	Investors Capital Holdings	Subsequent Event	Subsequent Event	Subsequent Event
					Investors Capital Holdings	Investors Capital Holdings	RCAP Holdings, LLC
						Common Class A	Investors Capital Holdings
							Common Class A
Business Acquisition [Line Items]	'	'	'	'	'	'	'
Business acquisition, cost of acquired entities throughout period, purchase price	'	'	'	'	$52,500,000	'	'
Business acquisition, equity interest issued, number of shares	'	'	'	'	'	2,029,261	2,029,261
Cash paid by the Company	'	'	'	'	8,700,000	'	'
Business Acquisition, Pro Forma Information [Abstract]	'	'	'	'	'	'	'
Total revenues	1,448,900,000	1,192,700,000	45,600,000	42,000,000	'	'	'
Loss before taxes	'	'	($1,800,000)	($1,500,000)	'	'	'

Recent_and_Pending_Acquisition9

Recent and Pending Acquisitions - Consolidated pro forma results (Details) (USD $)	6 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Business Acquisition [Line Items]	'	'
Total revenues	$1,448.90	$1,192.70
Income (loss) before taxes	3.7	-1.7
Provision for income taxes (40%)	1.5	-0.7
Net income	2.2	-1
Less: income attributable to non-controlling interest	9.1	-0.6
Less: preferred dividends and deemed dividend	198.1	0
Net (loss) income attributable to Class A common stockholders	($205)	($0.40)
Pro forma earnings per share (in dollars per share)	($5.46)	($0.03)
Pro forma diluted earnings per share (in dollars per share)	($5.68)	($0.03)
Pro forma weighted average basic shares (in shares)	37,645,469	16,515,013
Pro forma weighted average diluted shares (in shares)	40,318,237	16,515,013
Pro forma statutory tax rate	40.00%	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 10, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jul. 01, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 10, 2014

Jun. 10, 2014

segment

Minimum

Maximum

Maximum

Maximum

Related party's share based compensation plan

Related party's share based compensation plan

Share-based goods and nonemployee services compensation

Common Class A

Common Class A

Voting power

Realty Capital

Realty Capital

Minimum

Maximum

Maximum

Stock Purchase Program

RCAP Equity, LLC

Common Class A

RCAP Holdings, LLC

Summary of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Cash and Cash Equivalent Item, Description

'P90D

'

'

'

'

'

'

'

'

'

'

'

'

Restricted cash

$26,000,000

'

$0

'

'

'

'

'

'

'

'

'

'

Cash, uninsured amount

$424,900,000

'

$66,400,000

'

'

'

'

'

'

'

'

'

'

Sales commissions earned by related percentage of benchmark

'

'

'

'

'

0.00%

7.00%

'

'

'

'

'

'

Gross proceeds from the sales of common stock, before allowances, percentage of benchmark

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

Investment banking deferred revenue recognition, duration

'

'

'

'3 months

'26 months

'

'

'

'

'

'

'

'

Share-based compensation arrangement by share-based payment award, award vesting period

'

'

'

'3 years 0 months 0 days

'5 years 0 months 0 days

'

'

'3 years 0 months 0 days

'5 years 0 months 0 days

'4 years 0 months 0 days

'

'

'

Voting rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

68.97%

Minority ownership percent in operating subsidiaries

'

9.40%

'

'

'

'

'

'

'

'

'

'

'

Number of operating segments

6

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant

'

'

'

'

'

'

'

'

'

'

250,000

4,000,000

'

Recovered_Sheet1

Fair Value Disclosures - Fair value Hierarchy (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	$445		$8,528
Trading securities	9,661		7,708
Derivative contracts	94,327		0
Contingent and deferred consideration	48,889		2,180
Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	445		8,528
Trading securities	9,579		7,708
Deferred compensation plan investments:	79,611		'
Total	164,343		16,236
Contingent consideration	0		0
Total	438		309
Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	0		0
Trading securities	81		0
Deferred compensation plan investments:	0		'
Total	6,080		0
Contingent consideration	0		0
Total	0		0
Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	0		0
Trading securities	1		0
Deferred compensation plan investments:	0		'
Total	121		0
Contingent and deferred consideration	'		2,180
Total	135,373		2,180
Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	445		8,528
Trading securities	9,661		7,708
Deferred compensation plan investments:	79,611		'
Total	170,544		16,236
Contingent consideration	31,211		2,180
Total	135,811		2,489
Money market fund | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash equivalents - money market funds	74,708		'
Deferred compensation plan investments:	4,084		'
Money market fund | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash equivalents - money market funds	0		'
Deferred compensation plan investments:	0		'
Money market fund | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash equivalents - money market funds	0		'
Deferred compensation plan investments:	0		'
Money market fund | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Cash equivalents - money market funds	74,708		'
Deferred compensation plan investments:	4,084		'
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
U.S. treasury securities	0		'
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
U.S. treasury securities	5,999		'
U.S. treasury securities | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
U.S. treasury securities	0		'
U.S. treasury securities | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
U.S. treasury securities	5,999		'
Mutual funds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	445		8,528
Trading securities	9,100		7,708
Mutual funds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	0		0
Trading securities	0		0
Mutual funds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	0		0
Trading securities	0		0
Mutual funds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	445		8,528
Trading securities	9,100		7,708
Equity securities	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Available-for-sale securities	445		8,528
Equity securities | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	321		'
Other liabilities:	263		238
Equity securities | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other liabilities:	0		0
Equity securities | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	1		'
Other liabilities:	0		0
Equity securities | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	322		'
Other liabilities:	263		238
Certificate of deposits | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	50		'
Other liabilities:	59		20
Certificate of deposits | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	10		'
Other liabilities:	0		0
Certificate of deposits | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other liabilities:	0		0
Certificate of deposits | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	60		'
Other liabilities:	59		20
U.S. government bonds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
U.S. government bonds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	11		'
U.S. government bonds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
U.S. government bonds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	11		'
State and municipal bonds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	108		'
Other liabilities:	49		51
State and municipal bonds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other liabilities:	0		0
State and municipal bonds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other liabilities:	0		0
State and municipal bonds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	108		'
Other liabilities:	49		51
Other | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	60		'
Other | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	0		'
Other | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Trading securities	60		'
International global funds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	16,392		'
International global funds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
International global funds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
International global funds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	16,392		'
U.S. equity funds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	47,494		'
U.S. equity funds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
U.S. equity funds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
U.S. equity funds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	47,494		'
U.S. fixed-income funds | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	11,641		'
U.S. fixed-income funds | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
U.S. fixed-income funds | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	0		'
U.S. fixed-income funds | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Deferred compensation plan investments:	11,641		'
Other assets - private equity | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets - private equity	0		'
Other assets - private equity | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets - private equity	0		'
Other assets - private equity | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets - private equity	120		'
Other assets - private equity | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other assets - private equity	120		'
Derivative contracts | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Derivative contracts	0		'
Derivative contracts | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Derivative contracts	0		'
Derivative contracts | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Derivative contracts	104,162		'
Mutual funds and UITs | Fair Value, Measurements, Recurring | Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other liabilities:	67		'
Mutual funds and UITs | Fair Value, Measurements, Recurring | Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other liabilities:	0		'
Mutual funds and UITs | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other liabilities:	0		'
Mutual funds and UITs | Fair Value, Measurements, Recurring | Total	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Other liabilities:	67		'
Long-term Debt | Derivative contracts | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Derivative contracts	9,800	[1]	'
Monte Carlo | Derivative contracts | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Derivative contracts	104,162	[1]	'
Discounted cash flow | Fair Value, Measurements, Recurring | Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Contingent consideration	$31,211		'
[1]	Includes $9.8 million of derivatives classified in long-term debt.

Fair_Value_Disclosures_Realize

Fair Value Disclosures - Realized and Unrealized Gains and Losses Level 3 (Details) (Fair Value, Measurements, Recurring, Level 3, USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	$2,180
Net realized and unrealized gains and (losses)	58,308
Other comprehensive income (loss)	0
Purchases	0
Issuances	193,825
Sales	0
Settlements	507
Transfers in	0
Transfers out	0
Ending balance	135,373
Other assets	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	0
Net realized and unrealized gains and (losses)	0
Other comprehensive income (loss)	0
Purchases	120
Issuances	0
Sales	0
Settlements	0
Transfers in	0
Transfers out	0
Ending balance	120
Derivative contracts	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	0
Net realized and unrealized gains and (losses)	58,452
Other comprehensive income (loss)	0
Purchases	0
Issuances	162,614
Sales	0
Settlements	0
Transfers in	0
Transfers out	0
Ending balance	104,162
Contingent consideration	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	2,180
Net realized and unrealized gains and (losses)	-144
Other comprehensive income (loss)	0
Purchases	0
Issuances	31,211
Sales	0
Settlements	507
Transfers in	0
Transfers out	0
Ending balance	$31,211

Fair_Value_Disclosures_Level_3

Fair Value Disclosures - Level 3 Valuation (Details) (USD $)

0 Months Ended

6 Months Ended

Apr. 29, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Derivative contracts

Convertible Notes Payable [Member]

Convertible Preferred Stock

Put Option

JP Turner & Company, LLC

JP Turner & Company, LLC

Hatteras Funds Group

Hatteras Funds Group

Net asset value (NAV)

Discounted cash flow

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Minimum

Maximum

Minimum

Maximum

Level 3

Level 3

Monte Carlo

Level 3

Level 3

Level 3

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Fair Value, Measurements, Recurring

Level 3

Level 3

Level 3

Level 3

Level 3

Fair Value Inputs, Assets, Quantitative Information [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

'2 years

'

'

'

'

'

'7 years 4 months 2 days

'30 years

'

'

'

'

'

Fair Value Inputs, Discount Factor

'

'

'

'

'

'

59.00%

59.00%

'

'

'

'

'

Fair Value Assumptions, Expected Volatility Rate

'

'

'

'

'

'

30.00%

30.00%

30.00%

'

'

'

'

Fair Value Assumptions, Risk Free Interest Rate

'

'

'

'

'

'

2.19%

3.30%

3.05%

'

'

'

'

Other assets - private equity

'

'

'

$120,000

'

'

'

'

'

'

'

'

'

Derivative contracts

'

94,327,000

0

'

'

104,162,000

[1]

'

'

'

'

'

'

'

Contingent consideration

'

'

'

'

31,211,000

'

'

'

'

'

'

'

'

Fair Value Inputs, Discount Rate

'

'

'

'

'

'

10.19%

13.30%

'

'

'

'

'

Preferred Stock, Call or Exercise Features

'

'

'

'

'

'

'

'

'June 10, 2033

'

'

'

'

Business Combination, Contingent Consideration, probability exceeding percentage threshold

'

'

'

'

'

'

'

'

'

58.30%

97.70%

'

'

Business Combination, Contingent Consideration, present value factor

'

'

'

'

'

'

'

'

'

6.50%

7.50%

9.10%

9.79%

Business Combination, Contingent Consideration, projected earnings

'

'

'

'

'

'

'

'

'

'

'

$11,400,000

$20,000,000

Business Combination, Contingent Consideration, discounted rate based on estimated average cost of capital (WACC)

'

'

'

'

'

'

'

'

'

'

'

4.62%

6.44%

[1]

Includes $9.8 million of derivatives classified in long-term debt.

Fair_Value_Disclosures_Net_Ass

Fair Value Disclosures - Net Asset Value Per Share(Details) (Other assets - private equity, Fair Value, Measurements, Recurring, Level 3, USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	commitment
Other assets - private equity | Fair Value, Measurements, Recurring | Level 3	'
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]	'
Other assets - private equity	$120
Unfunded Commitments	59

Fair_Value_Disclosures_Debt_in

Fair Value Disclosures - Debt instruments (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Convertible preferred stock	$275,510	$0
Carrying Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	1,052,429	'
Convertible preferred stock	275,510	'
Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	952,519	'
Convertible preferred stock	146,528	'
Fair Value | Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Convertible preferred stock	0	'
Fair Value | Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Convertible preferred stock	0	'
Fair Value | Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	952,519	'
Convertible preferred stock	146,528	'
Convertible Debt | Carrying Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	59,676	'
Convertible Debt | Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	88,748	'
Convertible Debt | Fair Value | Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Convertible Debt | Fair Value | Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Convertible Debt | Fair Value | Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	88,748	'
First Lien Term Facility [Member] | Carrying Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	569,455	'
First Lien Term Facility [Member] | Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	569,455	'
First Lien Term Facility [Member] | Fair Value | Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
First Lien Term Facility [Member] | Fair Value | Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
First Lien Term Facility [Member] | Fair Value | Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	569,455	'
Second Lien Term Facility [Member] | Carrying Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	147,788	'
Second Lien Term Facility [Member] | Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	147,788	'
Second Lien Term Facility [Member] | Fair Value | Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Second Lien Term Facility [Member] | Fair Value | Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	0	'
Second Lien Term Facility [Member] | Fair Value | Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Debt, fair value	$147,788	'

AvailableforSale_Securities_De

Available-for-Sale Securities (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Available-for-Sale Securities [Roll Forward]	'	'
Beginning balance	'	$8,528
Unrealized gains	100	100
Ending balance	445	445
Equity securities	'	'
Available-for-Sale Securities [Roll Forward]	'	'
Beginning balance	'	8,528
Purchases	'	215	[1]
Sales	'	9,013
Realized gain	'	171
Unrealized gains	'	544	[2]
Ending balance	445	445
Cost	410	410
Dividend Reinvestment Plan	'	'
Available-for-Sale Securities [Roll Forward]	'	'
Purchases	'	$200
[1]	Includes $0.2 million of purchases under dividend reinvestment programs.
[2]	This amount represents the change in the unrealized gain or loss for the six months ended JuneB 30, 2014. The Company had $0.1 million available-for-sale realized gains for the three and six months ended JuneB 30, 2013. The amount excludes the deferred income tax benefit (provision).

Note_Receivable_Details

Note Receivable (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
			Forgivable Loans	Forgivable Loans	Payback Loans	Payback Loans
Financing Receivable [Roll Forward]	'	'	'	'	'	'
Beginning balance	$13,270	$8,547	$23,000	$11,100	$43,300	$2,200
Originated loans	6,229	5,636	'	'	'	'
Acquired loans	51,387	0	'	'	'	'
Collections	-2,756	-363	'	'	'	'
Forgiveness/amortization	-2,507	-573	'	'	'	'
Accretion	1,034	6	'	'	'	'
Allowance	-315	17	'	'	'	'
Ending balance	66,342	13,270	23,000	11,100	43,300	2,200
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'	'	'	'	'
Beginning balance	424	441	'	'	'	'
Provision for bad debt	569	0	'	'	'	'
Charge off - net of recoveries	-254	-17	'	'	'	'
Total change	315	-17	'	'	'	'
Ending balance	$739	$424	'	'	'	'

Fixed_Assets_Details

Fixed Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment [Line Items]	'	'
Total fixed assets	$24,938	$2,233
Less: Accumulated depreciation and amortization	1,933	350
Fixed assets - net	23,005	1,883
Office furniture and equipment, net	'	'
Property, Plant and Equipment [Line Items]	'	'
Total fixed assets	2,974	1,007
Computer software and hardware, net	'	'
Property, Plant and Equipment [Line Items]	'	'
Total fixed assets	19,407	854
Leasehold improvements	'	'
Property, Plant and Equipment [Line Items]	'	'
Total fixed assets	$2,557	$372

Fixed_Assets_Depreciation_and_

Fixed Assets - Depreciation and Amortization (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Property, Plant and Equipment [Abstract]	'	'	'	'
Depreciation and amortization	$1,800	'	$2,014	$70
Depreciation and amortization	$15,530	$37	$17,546	$70

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]	'		'
Goodwill	$395,242		$79,986
Indefinite-lived intangible assets	64,612		0
Finite-Lived Intangible Assets, Net	1,050,104		83,005
Total intangible assets	1,114,716		83,005
Total goodwill and intangible assets	1,509,958		162,991
Financial advisor relationships	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Finite-Lived Intangible Assets, Net	974,053		69,698
Investment management agreements	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Finite-Lived Intangible Assets, Net	47,390		0
Customer relationships	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Finite-Lived Intangible Assets, Net	11,856		12,409
Non-competition agreements	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Finite-Lived Intangible Assets, Net	6,812		898
Other	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Finite-Lived Intangible Assets, Net	$9,993	[1]	$0
[1]	(1) Primarily comprised of SK Research intellectual property.

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets Goodwill by segment (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Goodwill [Line Items]	'	'
Goodwill	$395,242	$79,986
Independent Retail Advice	'	'
Goodwill [Line Items]	'	'
Goodwill	379,894	79,986
Investment Management	'	'
Goodwill [Line Items]	'	'
Goodwill	$15,348	$0

Goodwill_and_Intangible_Assets4

Goodwill and Intangible Assets Goodwill rollforward (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Apr. 29, 2014	Jun. 30, 2014	Jun. 11, 2014	Jun. 30, 2014	Jun. 12, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified			Cetera acquisition	Cetera acquisition	Summit acquisition	Summit acquisition	J.P. Turner acquisition	J.P. Turner acquisition	Hatteras acquisition
Goodwill [Roll Forward]	'	'	'	'	'	'	'	'	'
Beginning balance	$395,242	$79,986	'	$259,646	'	$28,997	'	$11,265	'
Goodwill, acquired during period	'	'	259,646	'	28,997	'	11,265	'	15,348
Ending balance	$395,242	$79,986	'	$259,646	'	$28,997	'	$11,265	$15,348

Goodwill_and_Intangible_Assets5

Goodwill and Intangible Assets Finite-lived Intangible Assets (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Financial advisor relationships

Financial advisor relationships

Investment management agreements

Investment management agreements

Customer relationships

Customer relationships

Non-competition agreements

Non-competition agreements

Other

Other

Finite-Lived Intangible Assets [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average life remaining (in years)

'

'

'

'

'

'14 years

'13 years

'13 years

'

'12 years

'13 years

'1 year

'2 years

'9 years

[1]

'

Finite-lived intangible assets, gross

$1,067,528,000

'

$1,067,528,000

'

$84,897,000

$988,902,000

$71,185,000

$47,390,000

'

$12,686,000

$12,686,000

$8,268,000

$1,026,000

$10,282,000

[1]

'

Accumulated amortization

17,424,000

'

17,424,000

'

1,892,000

14,849,000

1,487,000

0

'

830,000

277,000

1,456,000

128,000

289,000

[1]

'

Finite-lived intangible assets, net

1,050,104,000

'

1,050,104,000

'

83,005,000

974,053,000

69,698,000

47,390,000

0

11,856,000

12,409,000

6,812,000

898,000

9,993,000

[1]

0

Indefinite-lived intangible assets

64,612,000

'

64,612,000

'

0

'

'

'

'

'

'

'

'

'

'

Total intangible assets, gross carrying value

1,132,140,000

'

1,132,140,000

'

'

'

'

'

'

'

'

'

'

'

'

Total intangible assets, net carrying value

1,114,716,000

'

1,114,716,000

'

83,005,000

'

'

'

'

'

'

'

'

'

'

Amortization of intangible assets

$13,800,000

$0

$15,500,000

$0

'

'

'

'

'

'

'

'

'

'

'

[1]

(1) Primarily comprised of SK Research intellectual property.

Goodwill_and_Intangible_Assets6

Goodwill and Intangible Assets Future Amortization (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]	'	'
2014	$83,809	'
2015	77,689	'
2016	77,689	'
2017	77,689	'
2018	77,689	'
Thereafter	655,539	'
Finite-lived intangible assets, net	$1,050,104	$83,005

Longterm_Debt_Narrative_Detail

Long-term Debt - Narrative (Details) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

Apr. 29, 2014

Jun. 30, 2013

Jun. 30, 2014

Apr. 29, 2014

Jan. 01, 2014

Apr. 29, 2014

Jun. 30, 2014

Jun. 30, 2014

Nov. 01, 2011

Nov. 01, 2011

Nov. 01, 2011

Apr. 29, 2014

Jan. 02, 2013

Jun. 30, 2014

Jan. 02, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jul. 28, 2014

Sep. 25, 2013

Sep. 25, 2013

Apr. 29, 2014

Apr. 29, 2014

Jul. 21, 2014

Apr. 29, 2014

FA Term Loan

Senior Secured First Lien Revolving Credit Facility

Revolving Credit Facility

Barclays Bank PLC and Bank of America

Fifth Third Bank

Fifth Third Bank

Fifth Third Bank

Common Class A

Minimum

Maximum

Maximum

Senior Secured Second Lien Term Loan

Senior Secured First Lien Term Loan

Senior Secured First Lien Term Loan

London Interbank Offered Rate (LIBOR)

London Interbank Offered Rate (LIBOR)

London Interbank Offered Rate (LIBOR)

Subsequent Event

Secured Debt

Secured Debt

Secured Debt

Secured Debt

Letter of Credit

Convertible Debt

FA Term Loan

FA Revolver

Maximum

Senior Secured First Lien Term Loan

Senior Secured First Lien Term Loan

RCAP Holdings, LLC

RCAP Holdings, LLC

First Allied notes

Senior Secured Second Lien Term Loan

Senior Secured First Lien Term Loan

Subsequent Event

Cetera Financial Group

Minimum

Maximum

First Allied Holdings, Inc.

First Allied Holdings, Inc.

RCAP Holdings, LLC

Cetera Financial Group

Cetera Financial Group

Backstop Letter of Credit

First Allied Holdings, Inc.

Barclays Bank PLC and Bank of America

Barclays Bank PLC and Bank of America

Line of Credit Facility [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured debt, commitment

'

'

'

'

'

$25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term line of credit

'

'

'

'

'

'

'

'

18,000,000

12,000,000

6,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000

'

Convertible Notes Payable

'

'

'

1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Conversion Price

'

'

'

'

'

'

'

'

'

'

'

$21.18

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible notes, face value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,000,000

32,000,000

150,000,000

575,000,000

'

120,000,000

Debt Instrument, Increase (Decrease), Net

'

'

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Rate

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

2.50%

10.50%

6.50%

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Periodic Payment

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

32,000,000

'

'

'

'

'

'

Debt Instrument, Term

'2 years

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Basis Spread on Variable Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.50%

'

5.25%

1.25%

'

'

'

'

'

'

'

Debt Instrument, Description of Variable Rate Basis

'

'

'1.25 to 1.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

Payments for Deposits Applied to Debt Retirements

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Covenant, Leverage Test Ratio (respect to dividends to affiliates)

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Covenant, Leverage Test Ratio (respect to dividends to non-affiliates)

'

'

'

'

'

'

'

1.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Covenant, Pre-Closing Retained Earnings Amount

'

'

'

'

'

'

'

$11,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LongTerm_Debt_Longterm_Debt_Lo

Long-Term Debt Long-term Debt - Long-term Borrowings and Contractual Interest Rates (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jul. 28, 2014

Jun. 30, 2014

Senior Secured First Lien Term Loan

Senior Secured First Lien Term Loan

Senior Secured Second Lien Term Loan

Senior Secured Second Lien Term Loan

Convertible Debt

Convertible Debt

Other Long-term Debt

Other Long-term Debt

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

Subsequent Event

Common Class A

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

First Allied Holdings, Inc.

Other Long-term Debt

Call Option

FA Term Loan

FA Term Loan

FA Revolver

FA Revolver

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Rate

'

'

6.50%

'

10.50%

'

5.00%

'

2.40%

2.42%

'

'

'

'

'

'

Total borrowings

$818,703,000

$33,302,000

$569,455,000

$0

$147,788,000

$0

$69,510,000

[1]

$0

$31,950,000

[2]

$33,302,000

[3]

$27,200,000

$28,800,000

$4,800,000

$4,500,000

$32,000,000

'

Less: Current portion of borrowings

33,183,000

3,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total long-term debt, net of current portion

785,520,000

30,102,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of embedded derivative

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9,800,000

[1]

The Companybs convertible notes balance includes the fair value of the compound derivative of $9.8 million.

[2]

The Companybs other long-term borrowings as of JuneB 30, 2014 relate to First Allied, of which, $27.2 million was outstanding under the FA Term Loan and $4.8 million was outstanding under the FA Revolver.

[3]

The Companybs long-term borrowings as of DecemberB 31, 2013 relate to First Allied, of which, $28.8 million was outstanding under the FA Term Loan and $4.5 million was outstanding under the FA Revolver.

LongTerm_Debt_Maturities_of_Lo

Long-Term Debt Maturities of Long-term Debt (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
2015	$27,176,000		'
2016	54,040,000		'
2017	75,134,000		'
2018	99,386,000		'
2019	280,188,000		'
Thereafter(1)	249,596,000	[1]	'
Total long-term debt, net of current portion	785,520,000		30,102,000
Call Option | Common Class A	'		'
Debt Instrument [Line Items]	'		'
Fair value of embedded derivative	$9,800,000		'
[1]	Includes the fair value of the compound derivative of $9.8 million.

LongTerm_Debt_Contractual_Matu

Long-Term Debt - Contractual Maturities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	$33,183	$3,200
31-Mar-14	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	0	800
30-Jun-14	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	0	800
30-Sep-14	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	6,531	800
31-Dec-14	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	6,501	800
31-Mar-15	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	6,505	0
30-Jun-15	'	'
Debt Instrument [Line Items]	'	'
Total current portion of long-term debt	$13,646	$0

Derivative_Contracts_Details

Derivative Contracts (Details) (USD $)	Apr. 29, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Apr. 29, 2014
In Millions, unless otherwise specified		Put Option	Put Option	Put Option	Convertible Preferred Stock	Convertible Preferred Stock	Common Class A	Luxor Capital Group, LP
						Call Option	Call Option
Derivative [Line Items]	'	'	'	'	'	'	'	'
Noncontrolling interest, ownership percentage by noncontrolling owners	'	'	'	'	'	'	'	19.46%
Derivative, Basis Spread on Variable Rate	15.00%	'	'	'	'	'	'	'
Derivative Liability, Fair Value, Gross Liability	'	$12.80	$12.80	$12.80	'	'	'	'
Derivative, gain on derivative	'	8.5	8.5	8.5	'	'	'	'
Fair value of embedded derivative	'	'	'	'	'	81.5	9.8	'
Embedded derivative, gain on embedded derivative	'	'	'	'	$35.20	'	$14.70	'

Convertible_Preferred_Stock_De

Convertible Preferred Stock (Details) (USD $)	0 Months Ended
	Apr. 29, 2014	Apr. 29, 2014
Class of Stock [Line Items]	'	'
Convertible Preferred Stock, Shares Issued upon Conversion	'	14,657,980
Debt Instrument, Convertible, Threshold Consecutive Trading Days	'30 days	'
Conversion Price Ratio	2.5	'
Debt Instrument, Term	'2 years	'
Conversion Price One	'	'
Class of Stock [Line Items]	'	'
Debt Instrument, Convertible, Conversion Price	20.26	20.26
Conversion Price Two	'	'
Class of Stock [Line Items]	'	'
Debt Instrument, Convertible, Conversion Price	50.65	50.65
Debt Instrument, Convertible, Threshold Shares Traded, Value	10,000,000	10,000,000
Convertible Preferred Stock	'	'
Class of Stock [Line Items]	'	'
Preferred Stock, Dividend Rate, Percentage, Paid in Cash	7.00%	7.00%
Preferred Stock, Dividend Rate, Percentage	8.00%	8.00%
Preferred Stock, Par or Stated Value Per Share	18.42	18.42
Common Class A	'	'
Class of Stock [Line Items]	'	'
Preferred Stock, Discount on Shares	'	2.00%
Debt Instrument, Convertible, Conversion Price	'	21.18
Debt Instrument, Convertible, Threshold Consecutive Trading Days	'10 days	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

Jun. 10, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Feb. 11, 2014

Jun. 17, 2014

Jun. 10, 2014

Mar. 20, 2014

Jun. 30, 2014

Jun. 10, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 11, 2014

Jun. 30, 2014

Jun. 12, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 10, 2013

Jun. 10, 2014

Jun. 18, 2014

Jun. 18, 2014

Feb. 11, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 11, 2014

Feb. 11, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Feb. 11, 2014

Jun. 30, 2014

Apr. 28, 2014

RCAP Holdings, LLC

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class B

Common Class B

Common Class B

Common Class B

Common Class B

LTIP Units

RCAP Equity Plan

Summit Financial Services Group

Summit Financial Services Group

JP Turner & Company, LLC

JP Turner & Company, LLC

First Allied Holdings, Inc.

IPO

Over-Allotment Option

Over-Allotment Option

Private Placement

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

Economic rights

Voting power

IPO

Majority Shareholder

RCAP Holdings, LLC

IPO

Restricted Stock

First Allied Holdings, Inc.

First Allied Holdings, Inc.

RCAP Holdings, LLC

RCAP Holdings, LLC

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

19,000,000

'

'

'

'

'

'

'

'

'

11,264,929

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating subsidiary units exchanged under the exchange agreement

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class A shares common stock

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares held by a related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,051,499

'

'

'

'

'

'

'

'

1

'

'

Economic rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.76%

'

'

'

'

'

'

'

'

Voting rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95.38%

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

'

'

'

'

'

'

'

'

'

$0.00

$20.25

$0.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.00

$0.00

$0.00

'

'

$0.00

'

Share-based payment award, options, grants in period, gross

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional Stock Purchase Program, Underwriters, Period in Force

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued (in shares)

'

'

'

'

'

'

'

'

'

63,209,261

'

13,764,929

'

'

'

'

'

'

'

'

870,248

'

'

'

'

'

'

'

1

24,000,000

'

'

'

'

Share Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$20.25

'

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, equity interest issued, number of shares

'

'

'

'

'

'

'

'

'

'

'

'

'

498,884

498,884

239,362

239,362

'

'

'

'

'

'

11,264,929

11,264,929

'

'

'

'

'

'

'

'

'

Share-based payment award, options, grants in period, net of forfeitures

'

'

'

'

'

'

'

'

'

'

'

'

2,366,703

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash dividend declared per common share

'

$0.18

$0.18

$0.36

$0.18

'

$0.18

'

$0.18

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Economic rights held by affiliated entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

'

'

'

LTIP Units earned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

310,947

LTIP Units forfeited

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,014,053

LTIP Units distributed to members

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

310,947

EquityBased_Compensation_Narra

Equity-Based Compensation - Narrative (Details) (USD $)

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

5 Months Ended

5 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Sep. 25, 2013

Jun. 10, 2014

Jun. 30, 2014

Jun. 10, 2014

Dec. 31, 2013

Jun. 10, 2014

Feb. 19, 2014

Jun. 10, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

RCAP Equity Plan

FA RSU Plan

FA RSU Plan

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Common Class A

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

Maximum

Internal Commissions, Payroll and Benefits

Internal Commissions, Payroll and Benefits

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

Restricted Stock

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

RCAP Holdings, LLC

RCAP Equity Plan

Stock Purchase Program

Common Class A

FA RSU Plan

FA RSU Plan

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Equity, LLC

Voting power

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares available for grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,649,999

4,000,000

'

'

250,000

'

'

Number of shares outstanding to determine awards

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

Shares outstanding to determine awards

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

Options, grants in period, net of forfeitures

'

'

'

'

'

'

'

'

'

'

'

'

'

175,179

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Grants in period, weighted average grant date fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

$36.63

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted shares, vested in period

'

'

'

0

'

'

'

52,772

'

'

'

143,805

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based compensation, recognition

'

'

'

'

'

'

'

$6,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

439,356

'

19,000,000

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$20

'

$0.00

$20.25

$0.00

'

'

'

'

'

'

'

'

Share-based compensation

'

5,935,000

0

8,998,000

0

167,000

0

2,527,000

0

5,768,000

0

6,471,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

1,500,000

Voting rights held by related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

68.97%

'

'

'

'

'

'

'

Dividends

$450,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,728,000

'

'

'

'

'

$711,000

$100,000

'

'

'

Additional shares available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,871,031

'

'

'

'

'

'

Equitybased_Compensation_Restr

Equity-based Compensation - Restricted Share Activity (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Restricted shares, vested in period	0	'
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, number	0	'
Restricted shares, grants in period	2,368,203	'
Restricted shares, vested in period	52,772	'
Restricted shares, forfeited in period	1,500	'
Ending balance, restricted shares, nonvested, number	2,313,931	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Options, Nonvested, Weighted-Average Issue Price [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, weighted-average issue price	$0	'
Restricted shares, grants in period, weighted-average issue price	$33.40	'
Restricted shares, vested in period, weighted-average issue price	$25.52	'
Restricted shares, forfeited in period, weighted-average issue price	$32.33	'
Ending balance, restricted shares, nonvested, weighted-average issue price	$33.58	$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]	'	'
Beginning balance, restricted shares, aggregate intrinsic value, nonvested	$0	'
Restricted shares, aggregate intrinsic value, granted	79,098	'
Restricted shares, aggregate intrinsic value, vested	1,347	'
Restricted shares, aggregate intrinsic value, forfeited	48	'
Ending balance, restricted shares, aggregate intrinsic value, nonvested	$77,703	$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]	'	'
Beginning balance, restricted shares, nonvested, weighted average vesting period	'3 years 10 months 21 days	'0 years
Restricted shares, grants in period, weighted average vesting period	'3 years 9 months 26 days	'
Restricted shares, forfeits in period, weighted average vesting period	'4 years	'
Ending balance, restricted shares, nonvested, weighted average vesting period	'3 years 10 months 21 days	'0 years

Equitybased_Compensation_Restr1

Equity-based Compensation - Restricted Share Grant Compensation Expense (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Share-based compensation	$5,935	$0	$8,998	$0
Restricted Stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Share-based compensation	167	0	2,527	0
RCAP Holdings, LLC | Restricted Stock	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'	'
Share-based compensation	$5,768	$0	$6,471	$0

Equitybased_Compensation_Restr2

Equity-based Compensation - Restricted Shares Activity Granted to RCAP (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Restricted shares, vested in period	0	'
Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, number	0	'
Restricted shares, grants in period	2,368,203	'
Restricted shares, vested in period	52,772	'
Restricted shares, forfeited in period	1,500	'
Ending balance, restricted shares, nonvested, number	2,313,931	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Options, Nonvested, Weighted-Average Issue Price [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, weighted-average issue price	$0	'
Restricted shares, grants in period, weighted-average issue price	$33.40	'
Restricted shares, vested in period, weighted-average issue price	$25.52	'
Restricted shares, forfeited in period, weighted-average issue price	$32.33	'
Ending balance, restricted shares, nonvested, weighted-average issue price	$33.58	$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]	'	'
Beginning balance, restricted shares, aggregate intrinsic value, nonvested	$0	'
Restricted shares, aggregate intrinsic value, granted	79,098	'
Restricted shares, aggregate intrinsic value, vested	1,347	'
Restricted shares, aggregate intrinsic value, forfeited	48	'
Ending balance, restricted shares, aggregate intrinsic value, nonvested	77,703	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]	'	'
Beginning balance, restricted shares, nonvested, weighted average vesting period	'3 years 10 months 21 days	'0 years
Restricted shares, grants in period, weighted average vesting period	'3 years 9 months 26 days	'
Restricted shares, forfeits in period, weighted average vesting period	'4 years	'
Ending balance, restricted shares, nonvested, weighted average vesting period	'3 years 10 months 21 days	'0 years
RCAP Holdings, LLC | Restricted Stock	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, number	0	'
Restricted shares, grants in period	512,430	'
Restricted shares, vested in period	143,805	'
Restricted shares, forfeited in period	0	'
Ending balance, restricted shares, nonvested, number	368,625	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Options, Nonvested, Weighted-Average Issue Price [Roll Forward]	'	'
Beginning balance, restricted shares, nonvested, weighted-average issue price	$0	'
Restricted shares, grants in period, weighted-average issue price	$14.18	'
Restricted shares, vested in period, weighted-average issue price	$13.83	'
Restricted shares, forfeited in period, weighted-average issue price	$0	'
Ending balance, restricted shares, nonvested, weighted-average issue price	$14.32	$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]	'	'
Beginning balance, restricted shares, aggregate intrinsic value, nonvested	0	'
Restricted shares, aggregate intrinsic value, granted	7,266	'
Restricted shares, aggregate intrinsic value, vested	1,989	'
Restricted shares, aggregate intrinsic value, forfeited	0	'
Ending balance, restricted shares, aggregate intrinsic value, nonvested	$5,277	$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]	'	'
Beginning balance, restricted shares, nonvested, weighted average vesting period	'4 years 5 months 16 days	'0 years
Restricted shares, grants in period, weighted average vesting period	'4 years 0 months 18 days	'
Restricted shares, vests in period, weighted average vesting period	'3 years	'
Restricted shares, forfeits in period, weighted average vesting period	'0 years	'
Ending balance, restricted shares, nonvested, weighted average vesting period	'4 years 5 months 16 days	'0 years

Income_Taxes_Details

Income Taxes (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Net deferred tax liability	$286,819	$23,567
Effective income tax rate reconciliation, percent	18.50%	'
Federal statutory income tax rate, percent	35.00%	'

Earnings_Per_Share_Narrative_D

Earnings Per Share - Narrative (Details) (Common Class A)	0 Months Ended		6 Months Ended
	Jun. 10, 2014	Jun. 10, 2013	Jun. 30, 2014
		IPO	First Allied Holdings, Inc.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]	'	'	'
Issuance of common stock, shares	19,000,000	2,500,000	11,264,929

Earnings_Per_Share_Basic_and_D

Earnings Per Share - Basic and Diluted Calculation (Details) (USD $)

3 Months Ended

6 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

2 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Put Option

Put Option

Put Option

Put Option

Put Option

Restricted Stock Units (RSUs)

Restricted Stock Units (RSUs)

Convertible Debt Securities

Convertible Debt Securities

Common Class A

Common Class A

Common Class A

Common Class A

Luxor Capital Group, LP

Luxor Capital Group, LP

Call Option

Earnings Per Share, Basic [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to common stock

($149,861,000)

$202,000

($146,576,000)

$202,000

'

'

'

'

'

'

'

'

'

($149,861,000)

($146,576,000)

[1]

$202,000

'

Weighted average number of shares outstanding, basic and diluted (in shares)

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

43,030,018

[1]

34,975,636

[1]

2,500,000

'

Earnings per share, basic and diluted (in dollars per shares)

'

$0.08

'

'

'

'

'

'

'

'

'

'

'

($3.48)

[1]

($4.19)

[1]

$0.08

'

Dividend equivalents on restricted stock

'

'

'

'

'

'

'

'

'

-384,000

-711,000

'

'

'

'

'

'

Preferred stock dividends and other adjustments (in shares)

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

Basic distributed and undistributed earnings (loss), (in dollars per share)

'

'

'

'

'

'

'

'

'

-0.01

'

'

'

'

'

'

'

Net income (loss) available to common stockholders, basic

'

'

'

'

'

'

'

'

'

'

'

'

'

-150,245,000

-147,287,000

'

'

Weighted average number of shares outstanding, basic (in shares)

43,030,018

2,500,000

34,975,636

2,500,000

'

'

'

'

'

'

0

'

'

43,030,018

34,975,636

'

'

Basic earnings per share (in dollars per share)

($3.49)

$0.08

($4.21)

$0.08

'

'

'

'

'

'

($0.02)

'

'

($3.49)

($4.21)

'

'

Deemed Dividend

194,800,000

'

194,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share, Diluted [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effect on basic earnings per share, dilutive convertible securities

'

'

'

'

'

'

'

-8,466,000

[2]

-8,466,000

[2]

'

'

'

'

'

'

'

'

Effect on basic earnings per share, options and restrictive stock units

'

'

'

'

'

'

'

'

'

'

'

-14,747,000

[3]

-14,747,000

[3]

'

'

'

'

Net income (loss) available to common stockholders, diluted

'

'

'

'

'

'

'

'

'

'

'

'

'

-173,458,000

-170,500,000

'

'

Weighted average number of shares outstanding, diluted

48,295,269

2,500,000

37,622,806

2,500,000

'

'

'

1,342,828

[2]

675,123

[2]

'

'

3,922,423

[3]

1,972,047

[3]

48,295,269

37,622,806

'

'

Diluted earnings per share (in dollars per share)

($3.59)

$0.08

($4.53)

$0.08

'

'

'

($0.09)

[2]

($0.16)

[2]

'

'

($0.01)

[3]

($0.16)

[3]

($3.59)

($4.53)

'

'

Derivative, gain on derivative

'

'

'

'

8,500,000

8,500,000

8,500,000

'

'

'

'

'

'

'

'

'

'

Embedded derivative, gain on embedded derivative

'

'

'

'

'

'

'

'

'

'

'

14,700,000

14,700,000

'

'

'

14,700,000

Earnings Per Share, Basic and Diluted [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (Loss) Available to Common Stockholders, Basic and Diluted

'

$202,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average number of shares outstanding, basic and diluted (in shares)

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

43,030,018

[1]

34,975,636

[1]

2,500,000

'

Earnings per share, basic and diluted (in dollars per shares)

'

$0.08

'

'

'

'

'

'

'

'

'

'

'

($3.48)

[1]

($4.19)

[1]

$0.08

'

[1]

Included in net loss attributable to common stock is a deemed dividend of $194.8 million. This deemed dividend represents the difference between redemption value of the convertible preferred stock (based on the if-converted price) and the amount of the proceeds that were allocated to the convertible preferred stock excluding the embedded derivative. The convertible preferred stock can be settled in cash in certain situations; therefore, the Company was required to accrete up to the redemption value. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders.

[2]

The reduction in the numerator represents an $8.5 million gain in the fair value of the derivative for the period of issuance to JuneB 30, 2014.

[3]

The reduction in the numerator represents a $14.7 million gain in the fair value of the embedded derivative for the period of issuance to JuneB 30, 2014.

OffBalance_Sheet_Risk_and_Conc1

Off-Balance Sheet Risk and Concentrations (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
	program	investor	program
		program
Risks and Uncertainties [Abstract]	'	'	'
Percentage of reimbursable and investment fees concentrated in affiliated investment programs	60.00%	60.00%	63.00%
Number of affiliate investment programs	3	3	3
Number of direct investment programs	1	1	1
Percentage of receivables from affiliated direct investment programs	83.00%	83.00%	93.00%

Commitment_and_Contingencies_N

Commitment and Contingencies - Narrative (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
	line		line
Line of Credit Facility [Line Items]	'	'	'	'
Rental expense	$1,900,000	$100,000	$2,900,000	$200,000
Number of business lines	2	'	2	'
Accrued litigation	4,800,000	'	4,800,000	'
First Line of Credit [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Long-term line of credit	50,000,000	'	50,000,000	'
Second Line of Credit [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Long-term line of credit	6,000,000	'	6,000,000	'
Long-term Debt | Second Line of Credit [Member]	'	'	'	'
Line of Credit Facility [Line Items]	'	'	'	'
Long-term Line of Credit	$4,800,000	'	$4,800,000	'

Commitments_and_Contingencies_1

Commitments and Contingencies - Leases (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
2015	$8,790
2016	8,758
2017	8,203
2018	7,209
2019	6,123
Thereafter	23,929
Total	$63,012

Commitments_and_Contingencies_2

Commitments and Contingencies - Service Contract (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'
2015	$4,637
2016	4,875
2017	4,407
2018	2,400
2019	2,400
Thereafter	2,400
Total	$21,119

Net_Capital_Requirements_Narra

Net Capital Requirements - Narrative (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Minimum ratio of aggregate indebtedness to net capital	1500.00%		'
Required net capital	$250,000		'
Minimum net capital as a percent of aggregate indebtedness	2.00%		'
Event One	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Minimum net capital as a percent of aggregate indebtedness	0.07%		'
Realty Capital Securities:	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	10,993,000		25,627,000
Required net capital	3,410,000		1,294,000
Net capital in excess of required net capital	7,583,000		24,333,000
First Allied Securities, Inc.	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	2,999,000		4,777,000
Required net capital	250,000		250,000
Alternative Excess Net Capital	2,749,000	[1]	4,527,000	[1]
Legend Equities Corporation:	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	2,572,000		2,684,000
Required net capital	218,000		224,000
Net capital in excess of required net capital	2,354,000		2,460,000
Cetera Advisor Networks LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	9,847,000	[2]	'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	9,597,000	[1],[2]	'
Cetera Advisors LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	6,473,000	[2]	'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	6,223,000	[1],[2]	'
Cetera Financial Specialists LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	3,841,000	[2]	'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	3,591,000	[1],[2]	'
Cetera Investment Services LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	14,208,000	[2]	'
Required net capital	250,000	[2]	'
Net capital in excess of required net capital	13,958,000	[2]	'
Net capital as a percentage of aggregate debit items	124.00%	[2]	'
Hatteras Capital Distributors, LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	465,000	[2]	'
Required net capital	17,000	[2]	'
Net capital in excess of required net capital	448,000	[2]	'
JP Turner & Company, LLC	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	3,815,000	[2]	'
Required net capital	664,000	[2]	'
Net capital in excess of required net capital	3,151,000	[2]	'
Summit Brokerage Services, Inc.	'		'
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'		'
Net Capital	4,679,000	[2]	'
Required net capital	370,000	[2]	'
Net capital in excess of required net capital	$4,309,000	[2]	'
[1]	The entity was determined to be in compliance as of the date stated as its net capital was in excess of the minimum $250,000.
[2]	The entity was not under the control of, or under common control with, the Company as of December 31, 2013.

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Required net capital	$250,000		'
Realty Capital Securities:	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	10,993,000		25,627,000
Required net capital	3,410,000		1,294,000
Net capital in excess of required net capital	7,583,000		24,333,000
Ratio of indebtedness to net capital	2.57		0.76
First Allied Securities, Inc.	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	2,999,000		4,777,000
Computation of Net Capital Requirement, Alternative Standard [Abstract]	'		'
Required net capital	250,000		250,000
Alternative Excess Net Capital	2,749,000	[1]	4,527,000	[1]
Legend Equities Corporation:	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	2,572,000		2,684,000
Required net capital	218,000		224,000
Net capital in excess of required net capital	2,354,000		2,460,000
Ratio of indebtedness to net capital	1.27		1.25
Cetera Advisor Networks LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	9,847,000	[2]	'
Computation of Net Capital Requirement, Alternative Standard [Abstract]	'		'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	9,597,000	[1],[2]	'
Cetera Advisors LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	6,473,000	[2]	'
Computation of Net Capital Requirement, Alternative Standard [Abstract]	'		'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	6,223,000	[1],[2]	'
Cetera Financial Specialists LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	3,841,000	[2]	'
Computation of Net Capital Requirement, Alternative Standard [Abstract]	'		'
Required net capital	250,000	[2]	'
Alternative Excess Net Capital	3,591,000	[1],[2]	'
Cetera Investment Services LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	14,208,000	[2]	'
Required net capital	250,000	[2]	'
Net capital in excess of required net capital	13,958,000	[2]	'
Net capital as a percentage of aggregate debit items	124.00%	[2]	'
Hatteras Capital Distributors, LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	465,000	[2]	'
Required net capital	17,000	[2]	'
Net capital in excess of required net capital	448,000	[2]	'
Ratio of indebtedness to net capital	0.54		'
JP Turner & Company, LLC	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	3,815,000	[2]	'
Required net capital	664,000	[2]	'
Net capital in excess of required net capital	3,151,000	[2]	'
Ratio of indebtedness to net capital	2.61		'
Summit Brokerage Services, Inc.	'		'
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]	'		'
Net capital	4,679,000	[2]	'
Required net capital	370,000	[2]	'
Net capital in excess of required net capital	$4,309,000	[2]	'
Ratio of indebtedness to net capital	1.19		'
[1]	The entity was determined to be in compliance as of the date stated as its net capital was in excess of the minimum $250,000.
[2]	The entity was not under the control of, or under common control with, the Company as of December 31, 2013.

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Apr. 29, 2014

Feb. 11, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Apr. 29, 2014

Apr. 29, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 10, 2014

Apr. 28, 2014

Feb. 11, 2014

Feb. 10, 2014

Feb. 11, 2014

Feb. 11, 2014

Dec. 31, 2013

Feb. 11, 2014

Feb. 11, 2014

Apr. 29, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 18, 2014

Apr. 29, 2014

Crestline Hotels and Resorts, LLC

Crestline Hotels and Resorts, LLC

American Realty Capital

American Realty Capital

American Realty Capital

American Realty Capital

American Realty Capital

Parent

Parent

Parent

ARC Advisory Services, LLC

ARC Advisory Services, LLC

ARC Advisory Services, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

American National Stock Transfer

Luxor Capital Group, LP

Luxor Capital Group, LP

OPP Award

Incentive Fee Benchmark One

Incentive Fee Benchmark Two

Common Class A

LTIP Units

RCS Holdings, LLC

RCS Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

RCAP Holdings, LLC

Luxor Capital Group, LP

Economic rights

Subsidiary of common parent

AR Capital Real Estate Income Fund

AR Capital Real Estate Income Fund

AR Capital Real Estate Income Fund

AR Capital Real Estate Income Fund

Private Placement

Convertible Debt

Manager

Manager

program

program

Common Class A

Common Class A

Common Class B

Class B Operating Subsidiary Units

RCAP Holdings, LLC

program

RCS Advisory

RCS Advisory

Realty Capital Securities:

Realty Capital Securities:

Common Class A

Luxor Capital Group, LP

Common Class A

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenue from related parties

'

'

'

'

'

'

'

'

$285,400,000

$180,800,000

$471,600,000

$385,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related product receivables

'

'

'

'

'

'

'

'

18,400,000

'

18,400,000

'

49,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated operating expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

'

1,500,000

1,400,000

2,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocated operating expenses payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

300,000

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocation to operating subsidiaries

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expenses allocated to the operating subsidiaries from the company

4,900,000

0

6,800,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties, current

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interest, ownership percentage by noncontrolling owners

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19.46%

'

'

'

'

'

'

'

'

'

2.06%

'

'

19.46%

47.96%

'

'

'

'

'

'

'

Rent expense

'

'

'

'

'

'

70,000

70,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Calculated incentive fee percentage, of the difference in product and core earnings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage fee for incentive calculation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Quarterly fee (related party)

247,000

678,000

2,029,000

678,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive fee

0

20,000

0

20,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum award opportunity, percentage of equity market capitalization

5.00%

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units contributed to subsidiary (in units)

'

'

'

'

'

1,325,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Units earned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

310,947

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Units forfeited

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,014,053

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outperformance bonus (related party)

2,559,000

105,000

9,709,000

105,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual vesting percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions on RCS Holdings Class A Units Entitled to RCS Holdings LTIP Units

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating subsidiary units exchanged under the exchange agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP vested period conversion threshold

'

'

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Authorized classes of equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

3

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Shares held by a related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,051,499

'

1

1

'

'

'

'

'

'

'

'

'

Class A shares received under the Exchange Agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23,999,999

'

'

'

'

'

'

'

'

'

'

'

'

'

Transfer agency services agreement term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Tax liability share agreement percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

8,500,000

6,900,000

5,900,000

'

'

Convertible notes, face value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

120,000,000

Convertible notes coupon rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

Conversion price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$666.67

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from the issuance of convertible notes (including embedded derivative)

'

'

83,551,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible Preferred Stock, face value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

270,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible preferred stock coupon rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible preferred stock, percentage of liquidation preference per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

88.89%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from issuance of convertible preferred stock (including embedded derivative)

'

'

$197,504,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$240,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative, Basis Spread on Variable Rate

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$20.25

'

Employee_Benefits_Details

Employee Benefits (Details) (Other Postretirement Benefit Plan, USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Internal Commissions, Payroll and Benefits | 401K and Health and Welfare Benefit Plan for Employees	'	'	'	'
Defined Contribution Plan Disclosure [Line Items]	'	'	'	'
Internal commissions and payroll benefits	$2	$0.40	$3.80	$0.80
Internal Commissions, Payroll and Benefits | Deferred Compensation Plans for Financial Advisors	'	'	'	'
Defined Contribution Plan Disclosure [Line Items]	'	'	'	'
Deferred compensation costs	2.7	0	2.7	0
Other Revenue | Deferred Compensation Plans for Financial Advisors	'	'	'	'
Defined Contribution Plan Disclosure [Line Items]	'	'	'	'
Gain on hedge	$2.70	$0	$2.70	$0

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013	Dec. 31, 2013
				segment
Segment Reporting Information [Line Items]	'		'	'		'	'
Number of operating segments	'		'	6		'	'
Revenues	$638,425		$230,016	$918,385		$448,647	'
Expenses	579,113		203,412	844,021		395,296	'
Income before taxes	59,312		26,604	74,364		53,351	'
Assets	2,389,296		'	2,389,296		'	336,525
Other assets and intercompany investments and receivables	47,364		'	47,364		'	0
Independent retail advice:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	324,153		0	416,910		0	'
Expenses	329,364		0	422,970		0	'
Income before taxes	-5,211		0	-6,060		0	'
Wholesale distribution:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	250,586		220,791	389,696		432,635	'
Expenses	246,101		196,866	388,736		385,847	'
Income before taxes	4,485		23,925	960		46,788	'
Investment banking, capital markets and transaction management services:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	39,101		9,225	87,643		16,012	'
Expenses	16,860		6,329	39,084		9,232	'
Income before taxes	22,241		2,896	48,559		6,780	'
Investment management:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	0		0	0		0	'
Expenses	0		0	0		0	'
Income before taxes	0		0	0		0	'
Investment research:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	691		0	691		0	'
Expenses	3,857		0	4,301		0	'
Income before taxes	-3,166		0	-3,610		0	'
Corporate and other:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	58,470		0	58,470		0	'
Expenses	17,507		217	23,955		217	'
Income before taxes	40,963		-217	34,515		-217	'
Total revenues for reportable segments	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	673,001		230,016	953,410		448,647	'
Income before taxes	59,312		26,604	74,364		53,351	'
Assets	2,532,246		'	2,532,246		'	336,624
Total revenues for reportable segments | Independent retail advice:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	1,910,209		'	1,910,209		'	225,623
Total revenues for reportable segments | Wholesale distribution:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	70,857		'	70,857		'	32,058
Total revenues for reportable segments | Investment banking, capital markets and transaction management services:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	109,150		'	109,150		'	75,358
Total revenues for reportable segments | Investment management:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	73,309		'	73,309		'	0
Total revenues for reportable segments | Investment research:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	10,474		'	10,474		'	0
Total revenues for reportable segments | Corporate and other:	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Assets	358,247	[1]	'	358,247	[1]	'	3,585	[1]
Intercompany revenues	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Revenues	34,576		0	35,025		0	'
Less: intercompany eliminations	'		'	'		'	'
Segment Reporting Information [Line Items]	'		'	'		'	'
Income before taxes	0		0	0		0	'
Other assets and intercompany investments and receivables	$142,950		'	$142,950		'	$99
[1]	Excludes amounts related to investment in subsidiaries.

Subsequent_Events_Acquisitions

Subsequent Events Acquisitions (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jul. 11, 2014	Jul. 11, 2014	Jun. 30, 2014		Dec. 31, 2013		Jul. 28, 2014
In Thousands, except Share data, unless otherwise specified			Subsequent Event	Subsequent Event	Other Long-term Debt		Other Long-term Debt		Other Long-term Debt
			Investors Capital Holdings	Common Class A					Subsequent Event
				Investors Capital Holdings
Subsequent Event [Line Items]	'	'	'	'	'		'		'
Business acquisition, cost of acquired entities throughout period, purchase price	'	'	$52,500	'	'		'		'
Business acquisition, equity interest issued, number of shares	'	'	'	2,029,261	'		'		'
Cash paid by the Company	'	'	8,700	'	'		'		'
Long-term debt	$818,703	$33,302	'	'	$31,950	[1]	$33,302	[2]	$32,000
[1]	The Companybs other long-term borrowings as of JuneB 30, 2014 relate to First Allied, of which, $27.2 million was outstanding under the FA Term Loan and $4.8 million was outstanding under the FA Revolver.
[2]	The Companybs long-term borrowings as of DecemberB 31, 2013 relate to First Allied, of which, $28.8 million was outstanding under the FA Term Loan and $4.5 million was outstanding under the FA Revolver.