Rcs Capital (RCAPQ) Inactive 10-K11 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Jun. 30, 2014	Mar. 06, 2015
Document Information [Line Items]
Entity Registrant Name	RCS Capital Corp
Entity Central Index Key	1568832
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Document Type	10-K
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	FALSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float		$696.30
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			73,657,002
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding			1

Consolidated_Statements_of_Fin

Consolidated Statements of Financial Condition (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$199,435,000	$70,059,000
Cash and securities segregated under federal and other regulations	19,030,000	0
Available-for-sale securities	11,473,000	8,528,000
Trading securities	10,242,000	7,708,000
Fees and commissions receivable:
Due from related parties	701,000	1,072,000
Due from non-related parties	85,492,000	13,565,000
Reimbursable expenses:
Due from related parties	17,570,000	18,772,000
Due from non-related parties	3,352,000	584,000
Receivable from customers	17,224,000	0
Investment banking fees receivable:
Due from related parties	11,054,000	21,420,000
Due from non-related parties	1,376,000	0
Receivables from brokers, dealers, clearing organizations and other	33,865,000	4,383,000
Due from RCAP Holdings and other related parties	2,255,000	8,151,000
Prepaid expenses and other assets	85,674,000	4,139,000
Property and equipment (net of accumulated depreciation of $5,488 and $350, respectively)	24,746,000	1,883,000
Deferred compensation plan investments	83,456,000	0
Notes receivable (net of allowance of $914 and $424, respectively)	68,989,000	13,270,000
Deferred financing fees	27,808,000	0
Intangible assets (net of accumulated amortization of $68,106 and $1,892, respectively)	1,243,525,000	83,005,000
Goodwill	519,361,000	79,986,000
Total assets	2,466,628,000	336,525,000
Liabilities, Mezzanine Equity and Stockholdersâ€™ Equity
Payable to customers	13,832,000	0
Payable to broker-dealers	1,240,000	1,259,000
Commissions payable	100,816,000	17,440,000
Accrued expenses and accounts payable:
Due to related parties	2,479,000	5,894,000
Due to non-related parties	93,898,000	31,602,000
Deferred revenue:
Due to related parties	2,247,000	2,567,000
Due to non-related parties	9,271,000	1,602,000
Derivative contracts	81,032,000	0
Other liabilities	25,518,000	758,000
Deferred compensation plan accrued liabilities	84,963,000	0
Net deferred tax liability	266,202,000	23,567,000
Contingent and deferred consideration	145,430,000	2,180,000
Long-term debt	804,411,000	33,302,000
Total liabilities	1,631,339,000	120,171,000
Commitments and contingencies â€” See Note 17 for more information.	0	0
Additional paid-in capital	723,113,000	180,528,000
Accumulated other comprehensive loss	-120,000	-46,000
Retained earnings	-179,804,000	1,164,000
Total stockholdersâ€™ equity	543,260,000	181,684,000
Non-controlling interests	34,041,000	34,670,000
Total liabilities, mezzanine and equity	2,466,628,000	336,525,000
Series B Preferred Stock
Deferred revenue:
Convertible preferred stock	146,700,000	0
Series C Preferred Stock
Deferred revenue:
Convertible preferred stock	111,288,000	0
Common Class A
Deferred revenue:
Common stock	71,000	14,000
Common Class B
Deferred revenue:
Common stock	$0	$24,000

Consolidated_Statements_of_Fin1

Consolidated Statements of Financial Condition (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property and equipment, accumulated depreciation	$5,488	$350
Notes receivable, allowance for credit losses	914	424
Intangible assets, accumulated amortization	$68,106	$1,892
Series B Preferred Stock
Preferred Stock, Dividend Rate, Percentage	11.00%	0.00%
Convertible preferred, par value	$0.00	$0
Convertible preferred, shares authorized	100,000,000	0
Convertible preferred, shares issued	5,800,000	0
Convertible preferred, shares outstanding	5,800,000	0
Series C Preferred Stock
Preferred Stock, Dividend Rate, Percentage	7.00%	0.00%
Convertible preferred, par value	$0.00	$0
Convertible preferred, shares authorized	100,000,000	0
Convertible preferred, shares issued	4,400,000	0
Convertible preferred, shares outstanding	4,400,000	0
Common Class A
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	70,571,540	13,764,929
Common stock, shares outstanding	70,571,540	13,764,929
Common Class B
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1	24,000,000
Common stock, shares outstanding	1	24,000,000

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selling commissions:
Related party products	$445,704	$400,560	$161,370
Non-related party products	11,485	116,074	19,111
Dealer manager fees:
Related party products	208,509	227,420	94,761
Non-related party products	5,579	56,381	10,100
Retail commissions	752,875	47,936	0
Investment banking fees:
Related party products	62,560	45,484	0
Non-related party products	3,375	0	925
Advisory and asset-based fees (non-related party)	436,008	36,526	0
Transfer agency revenue (related party products)	17,182	8,667	0
Services revenue:
Related party products	34,361	29,185	970
Non-related party products	4,429	496	54
Reimbursable expenses:
Related party products	9,194	2,126	186
Non-related party products	230	100	-25
Investment fee revenue	30,129	0	0
Transaction fees	121,151	4,137	0
Other revenue	-40,576	-25	45
Total revenues	2,102,195	975,067	287,497
Wholesale commissions:
Related party products	374,767	395,859	161,399
Non-related party products	11,010	115,610	19,111
Wholesale reallowance:
Related party products	59,451	63,964	24,385
Non-related party products	1,863	19,462	2,464
Retail commissions and advisory	1,068,191	69,009	0
Investment fee expense	16,070	0	0
Internal commissions, payroll and benefits	292,494	128,751	45,865
Conferences and seminars	37,207	27,460	14,938
Travel	13,896	6,203	6,235
Marketing and advertising	14,379	8,575	2,680
Professional fees	41,782	5,812	1,567
Data processing	35,519	8,974	0
Quarterly fee (related party)	2,030	5,996	0
Acquisition-related costs	19,740	4,587	0
Interest expense	49,154	241	0
Occupancy	23,291	6,092	0
Depreciation and amortization	71,447	2,208	31
Clearing and exchange fees	23,603	2,426	0
Outperformance bonus (related party)	9,709	492	0
Legal settlement	60,000	0	0
Other expenses	42,717	3,488	1,410
Total expenses	2,268,320	875,209	280,085
Income (loss) before taxes	-166,125	99,858	7,412
Provision (benefit) for (from) income taxes	-46,485	1,843	0
Net (loss) income	-119,640	98,015	7,412
Less: net income attributable to non-controlling interests	8,925	95,749	0
Less: preferred dividends and deemed dividends	147,121	0	0
Net (loss) income attributable to Class A common stockholders	($275,686)	$2,266	$7,412
Per Share Data
Basic earnings per share (in dollars per share)	($5.55)	$0.29
Diluted earnings per share (in dollars per share)	($5.55)	$0.28
Weighted average number of shares outstanding, basic (in shares)	49,765,160	7,885,186
Weighted average number of shares outstanding, diluted (in shares)	49,765,160	8,025,208

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income (loss)	($119,640)	$98,015	$7,412
Other comprehensive loss, net of tax:
Unrealized gain (loss) on available-for-sale securities, net of tax ($(82), $21 and $0, respectively)	381	-489	0
Total other comprehensive loss, net of tax	381	-489	0
Total comprehensive income (loss)	-119,259	97,526	7,412
Less: Net comprehensive income attributable to non-controlling interests	9,380	95,306	0
Less: preferred dividends and deemed dividends	147,121	0	0
Net comprehensive income (loss) attributable to RCS Capital Corporation	($275,760)	$2,220	$7,412

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Unrealized loss on available for sale securities tax	($82)	$21	$0

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock	Additional Paid-in Capital		Retained Deficit	Accumulated Other Comprehensive Income	Parent	Noncontrolling Interest	Memberâ€™s Equity	Common Class A	Common Class A	Common Class A	Common Class A	Common Class A	Common Class B	Restricted Stock Units (RSUs)	Restricted Stock Units (RSUs)	Restricted Stock Units (RSUs)	Restricted Stock Units (RSUs)	Restricted Stock Units (RSUs)	LTIP Units	LTIP Units	IPO	IPO	IPO	IPO	IPO	First Allied acquisition	First Allied acquisition	First Allied acquisition	First Allied acquisition	Private Placement	Private Placement	Private Placement	Private Placement	Summit Financial Services Group	Summit Financial Services Group	Summit Financial Services Group	Summit Financial Services Group	JP Turner & Company, LLC	JP Turner & Company, LLC	JP Turner & Company, LLC	JP Turner & Company, LLC	ICH acquisition	ICH acquisition	ICH acquisition	ICH acquisition	Trupoly acquisition	Trupoly acquisition	Trupoly acquisition	Trupoly acquisition	StratCap	StratCap	StratCap	StratCap	Stock Purchase Program	Stock Purchase Program	Stock Purchase Program	Stock Purchase Program
In Thousands, except Share data, unless otherwise specified	USD ($)	USD ($)	USD ($)		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	Common Stock	Additional Paid-in Capital	Retained Deficit	Parent	Common Stock	USD ($)	Common Stock	Additional Paid-in Capital	Retained Deficit	Parent	USD ($)	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 ($)	Additional Paid-in Capital	Parent	Common Class A	USD ($)	Additional Paid-in Capital	Parent	Common Class A	USD ($)	Additional Paid-in Capital	Parent	Common Class A	USD ($)	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 ($)		USD ($)	USD ($)		Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock		USD ($)	USD ($)	Common Stock
																											USD ($)								USD ($)												USD ($)				USD ($)				USD ($)				USD ($)
Beginning Balance at Dec. 31, 2012	$5,726		$0		$0	$0	$0	$0	$5,726		$0				$0
Beginning Balance, shares at Dec. 31, 2012											0				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,454				-165		-165		47,619
Distributions	-19,650								-19,650
Ending Balance at Jun. 09, 2013	33,530				-165		-165		33,695		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	33,530		0		-165	0	-165	0	33,695		0				0
Beginning Balance, shares at Jun. 09, 2013											0				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	50,561				2,266		2,266	48,295
Reorganization, shares															24,000,000
Reorganization	0				165		189	33,506	-33,695						24
Equity-based compensation	492		0					492
Unrealized loss on available-for-sale securities, net of tax	-489					-46	-46	-443
Issuance of common stock, shares																											2,500,000				11,264,929
Issuance of common stock		11																					43,627	43,624	43,627		3	137,163	137,152	137,163
Dividends declared on LTIP units	-47,180							-47,180
Less: Dividend equivalents on Restricted Stock	-1,350		-248		-1,102		-1,350
Ending Balance at Sep. 30, 2013
Beginning Balance at Dec. 31, 2013	216,354		180,528		1,164	-46	181,684	34,670	0		14				24
Beginning Balance, shares at Dec. 31, 2013											13,764,929				24,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,757				917		917	8,840
Equity-based compensation	210						0	210
Unrealized loss on available-for-sale securities, net of tax	502					47	47	455
Ending Balance at Feb. 10, 2014	226,823				2,081	1	182,648	44,175	0
Beginning Balance at Dec. 31, 2013	216,354		180,528						0		14				24
Beginning Balance, shares at Dec. 31, 2013											13,764,929				24,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	-119,640
Unrealized loss on available-for-sale securities, net of tax	381
Less: Dividend equivalents on Restricted Stock																-100
Ending Balance at Dec. 31, 2014	577,301								0
Beginning Balance at Feb. 10, 2014	226,823		180,528		2,081	1	182,648	44,175	0		14				24
Beginning Balance, shares at Feb. 10, 2014											13,764,929				24,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	-276,518		-111,041		-165,562		-276,603	85
Distributions	-719		-719				-719
Equity-based compensation	9,499							9,499
Unrealized loss on available-for-sale securities, net of tax	-121					-121	-121	0
Issuance of common stock, shares											23,999,999				-23,999,999		2,336,525										19,870,248								2,469,136				498,884				239,362				2,027,966				33,652				464,317				1,191,996
Issuance of common stock	1,727		45,200	[1]			45,200	-43,473			24				-24	19,459	2	24,700	-5,243	19,459			373,883	373,863	373,883		20					47,727	47,725	47,727	2	10,431	10,431	10,431		4,860	4,860	4,860		44,095	44,093	44,095	2	725	725	725	0	10,000	9,999	10,000	1	22,091	22,090	22,091	1
Preferred stock conversion, shares																																																											3,363,579
Preferred stock conversion																																																								65,578	65,574	65,578	4
LTIP Units Exchanged, shares		310,947
LTIP Units Exchanged	0		10,200				10,201	-10,201			1								0
Docupace acquisition	34,236							34,236
Dividends declared on LTIP units																					-280	-280
Less: Dividend equivalents on Restricted Stock										-15,728		-4,770	-10,958	-15,728		-467		-345	-122	-467
Ending Balance at Dec. 31, 2014	577,301		723,113		-179,804	-120	543,260	34,041	0		71				0
Ending Balance, shares at Dec. 31, 2014											70,571,540				1
Beginning Balance at Dec. 30, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, shares										468,762
Ending Balance at Dec. 31, 2014									$0

[1]	Includes deferred tax impact of $1.7 million due to the Exchange.

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $)	1 Months Ended
	Jun. 30, 2013	Jun. 10, 2013	Feb. 10, 2014
Common stock		$100
Unclassified Stock
Issuance of common stock, shares	100
Common stock, par value (in dollars per share)		$0.01
Exchange Transaction \| Additional Paid-in Capital
Deferred tax impact			$1,700,000

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	($119,640)	$98,015	$7,412
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,233	316	31
Amortization	66,214	1,892	0
Equity-based compensation	29,169	1,268	0
Deferred income taxes	-44,139	-416	0
Gain on the sale of available-for-sale securities	-171	59	0
Change in contingent and deferred consideration	8,865	10	0
Loss on derivative contracts	45,213	0	0
Deferred compensation plan investments, net	1,862	0	0
Non-cash legal settlement	15,300	0	0
Forgiveness of notes receivable	8,031	573	0
Change in fair value of trading securities	1,158	138	0
Deferred financing fees amortization	7,935	0	0
Other	875	145	0
Increase (decrease) resulting from changes in:
Cash and securities segregated under federal and other regulations	-11,031	0	0
Trading securities	-210	-5,854	0
Fees and commissions receivable:
Due from related parties	371	104	-1,024
Due from related parties	-28,242	257	-96
Reimbursable expenses receivable:
Due from related parties	1,202	-17,282	-1,011
Due from non-related parties	-2,768	-523	-33
Receivable from customers	9,473	0	0
Investment banking fees receivable:
Due from related parties	10,366	-21,420	0
Due from non-related parties	-1,376	0	0
Receivables from broker, dealers, clearing organizations and other	-19,934	1,449	0
Due from RCAP Holdings and related parties	5,896	-7,156	0
Prepaid expenses and other assets	-20,057	-122	99
Notes receivable	-20,808	-6,292	77
Payable to customers	-13,666	0	0
Payable to broker-dealers	-1,892	-3,748	4,158
Commissions payable	11,016	2,944	0
Accrued expenses and accounts payable:
Due to related parties	-3,415	16,736	0
Due to non-related parties	12,554	-14,838	3,789
Due to related parties	-320	2,567	0
Due to non-related parties	-54,021	-1,101	0
Other liabilities	-34,717	0	0
Net cash (used in) provided by operating activities	-135,674	47,721	13,402
Cash flows from investing activities:
Purchases of available-for-sale securities	-11,484	-10,097	0
Proceeds from the sale of available-for-sale securities	9,013	1,000	0
Purchase of property and equipment	-8,781	-685	-106
Proceeds from the written put option	21,217	0	0
Payments to acquire businesses, net of cash acquired	-19,041	0	0
Payment for acquisition of intellectual property	-600	0	0
Net cash (used in) provided by investing activities	-1,041,282	30,911	-106
Cash flows from financing activities:
Proceeds from the issuance of term loans	685,106	4,502	0
Payments on long-term debt	-48,844	-1,645	0
Payment of contingent and deferred consideration	-23,258	-10	0
Net proceeds from the issuance of convertible notes (including embedded derivative)	83,551	43,627	0
Net proceeds from issuance of Series A convertible preferred stock (including embedded derivative)	197,504	0	0
Net proceeds from issuance of common stock	437,981	0	0
Contributions	0	0	3,646
Distributions	0	-66,830	-8,200
Dividends paid	-25,622	-900	0
Other	-86	0	0
Net cash provided by (used in) financing activities	1,306,332	-21,256	-4,554
Net increase in cash	129,376	57,376	8,742
Cash and cash equivalents, beginning of period	70,059	12,683	3,941
Cash and cash equivalents, end of period	199,435	70,059	12,683
Non-cash:
Dividends declared but not yet paid	1,183	450	0
Conversion of Series A convertible preferred stock to Class A common stock	65,577	0	0
Issuance of stock for compensation and acquisitions	99,279	137,655	0
Cash:
Cash paid for income taxes	27,303	203	0
Cash paid for interest	39,897	442	0
Cetera Financial Group
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-891,101	0	0
Summit Financial Services Group
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-33,374	0	0
Hatteras Funds Group
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-29,195	0	0
JP Turner & Company, LLC
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-2,615	0	0
SK Research
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-10,092	0	0
ICH acquisition
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-1,531	0	0
StratCap
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-62,988	0	0
Trupoly acquisition
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	-710	0	0
First Allied acquisition
Cash flows from investing activities:
Payments to acquire businesses, net of cash acquired	$0	$40,693	$0

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Noncash settlement expense	$15,300

Organization_and_Description_o

Organization and Description of the Company	12 Months Ended
Organization and Description of the Company	Dec. 31, 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” and together with Realty Capital Securities and RCS Advisory, 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 units in the Original Operating Subsidiaries 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 the 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 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.
	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.
	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.
	Also in connection with the Restructuring Transactions, the Company formed RCS Capital Holdings, LLC (“RCS Holdings”), a Delaware limited liability company. Pursuant to the Limited Liability Company Agreement of RCS Holdings (the “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 LLC 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 were fully vested, are not subject to any put and call rights, and entitled the holder thereof to voting and economic rights (including rights to dividends and distributions upon liquidation).
	In connection with the formation of RCS Holdings, on February 11, 2014, (a) the Company entered into a Contribution and 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, and (b) RCS Capital Management contributed to RCS Holdings an aggregate of 3,975,000 LTIP Units of the Original Operating Subsidiaries in exchange for 1,325,000 RCS Holdings LTIP Units.
	On April 28, 2014, the Amended and Restated 2013 Manager Multi-Year Outperformance Agreement among the Company, RCS Holdings and RCS Capital Management, dated as of February 11, 2014 (the “OPP”) was amended which resulted in RCS Capital Management earning 310,947 RCS Holdings LTIP Units and forfeiting 1,014,053 RCS Holdings LTIP Units. Immediately prior to the acquisition by Luxor Capital Group, LP and certain of its affiliates (collectively, “Luxor”) of an interest in RCS Capital Management, RCS Capital Management distributed 310,947 earned RCS Holdings LTIP Units (the “Earned LTIP Units”) to its then current members, each of whom is also a member of RCAP Holdings (the “Members”). Prior to December 31, 2014, the interests of the LTIP Units were included in non-controlling interest.
	On December 31, 2014, the Company, RCS Capital Management, and RCS Holdings, entered into an amendment (“Amendment No. 2”) to the OPP. Amendment No. 2 provided for the early vesting of the Earned LTIP Units such that all of the Earned LTIP Units became fully vested on December 31, 2014. Under the OPP and the LLC Agreement, RCS Holdings LTIP Units automatically converted, upon vesting and after achieving economic equivalence with Class A RCS Holdings Units (which had already been achieved), into Class C RCS Holdings Units on a one-for-one basis. A holder of Class C RCS Holdings Units may elect to convert such units, on a one-for-one basis, into shares of Class A common stock, or, at the option of the Company, a cash equivalent.
	Pursuant to a Redemption and Exchange Agreement entered into December 31, 2014 among the Company, RCS Holdings and the Members in connection with Amendment No. 2 (the “Redemption and Exchange Agreement”), each of the Members exchanged their Class C RCS Holdings Units (which were received upon the automatic conversion of their Earned LTIP Units into Class C RCS Holdings Units due to the early vesting of the Earned LTIP Units) for shares of Class A common stock in accordance with the terms of the LLC Agreement and all applicable notice and delivery waiting period requirements were waived. Accordingly, 310,947 shares of Class A common stock were issued to the Members on December 31, 2014. As a result, no RCS Holdings LTIP Units were outstanding as of December 31, 2014, thus eliminating the non-controlling interest in RCS Holdings related to the existence of the RCS Holdings LTIP Units. This enables the Company to be entitled to a 100% dividends received deduction with respect to dividends from its corporate subsidiaries and further streamlines the capital structure of the Company and its subsidiaries. See Note 19 for more information.
	2014 Public Offering and Concurrent Private 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.
	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.
	Recent and Pending Acquisitions
	During the year ended December 31, 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 (together, “J.P. Turner”), Hatteras Funds Group (“Hatteras”), First Allied Holdings Inc. (“First Allied”), Investors Capital Holdings, Ltd. (“ICH”), Validus/Strategic Capital Partners, LLC (“StratCap”), Trupoly, LLC (“Trupoly”) and Docupace Technologies, LLC (“Docupace”) (collectively, the “acquired businesses”). As of December 31, 2014, the acquisitions of VSR Group, Inc. (“VSR”) and Girard Securities, Inc. (“Girard”) were pending (collectively, the “pending acquisitions” and together with the recent acquisitions the “recent and pending acquisitions”). See Note 2 for more information. 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 recast 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 from September 25, 2013 through December 31, 2013 and First Allied’s results for the entire year ended December 31, 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, Hatteras, ICH, StratCap, Trupoly and Docupace beginning on the date of each respective 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 non-traded business development company (“BDC”) funds 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 transactions. Realty Capital Securities markets securities throughout the United States by means of a national network of selling-group members consisting 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, using a third-party service provider to act 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, co-sponsored or advised directly or indirectly by AR Capital, LLC.
	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 property and equipment. 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	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Recent and Pending Acquisitions	Recent and Pending Acquisitions
	During the year ended December 31, 2014, the Company completed the acquisitions of Cetera, Summit, J.P. Turner, Hatteras, First Allied, ICH, StratCap, Trupoly and Docupace. 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 revenues as well as expense synergies associated with back office management, technology efficiencies, savings from the renegotiation of the Company’s clearing contracts, the elimination of duplicative public company expenses and other factors.
	As of December 31, 2014, the acquisitions of VSR and Girard 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), and 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 (together, with a $25.0 million senior secured first lien revolving credit facility, the “Bank Facilities”), the issuance of $120.0 million (aggregate principal amount) of convertible notes and $270.0 million (aggregate stated liquidation value) of 7% Series A Convertible Preferred Stock, $0.001 par value per share (“Series A Preferred Stock”), 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 (in thousands):


	Cash and cash equivalents	$	241,641

	Cash and segregated securities	7,999

	Trading securities	741

	Receivables	49,883

	Property and equipment	17,735

	Prepaid expenses	15,083

	Deferred compensation plan investments	76,010

	Notes receivable	38,805

	Other assets	37,096

	Accounts payable	(94,074		)
	Accrued expenses	(32,421		)
	Other liabilities	(112,977		)
	Deferred compensation plan accrued liabilities	(75,294		)
	Total fair value excluding goodwill and intangible assets	170,227

	Goodwill	290,262

	Intangible assets	944,542

	Deferred tax liability	(272,289		)
	Total consideration	$	1,132,742

	The assignment of the total consideration for the Cetera acquisition remains preliminary and is subject to the finalization of goodwill, other assets, other liabilities and deferred tax liabilities.
	As of December 31, 2014, approximately $8.3 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):


	Contractual purchase price	$	1,150,000

	Purchase price adjustments	17,258

	Total consideration	$	1,132,742

	The results of operations of the Company include the results of operations of Cetera from April 29, 2014, the acquisition date, to December 31, 2014, which reflects $829.1 million in revenues and a $10.5 million loss before taxes.
	The Company’s supplemental pro forma results of operations for Cetera for the year ended December 31, 2014 and 2013 are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	1,214.10			$	1,123.90

	Loss before taxes	(36.9		)		(73.3		)
	The supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets in connection with the closing of the acquisition of Cetera on April 29, 2014. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses. For the year ended December 31, 2014, the Company adjusted the pro forma results to exclude acquisition-related expenses of $25.0 million and the year ended December 31, 2013 were adjusted to include those expenses. Acquisition-related costs are costs incurred by the acquiree to engage in a business combination. Such costs may include accounting fees, valuation fees, consulting fees and legal fees.
	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 consideration in cash of $38.6 million, which does not include cash distributed by Summit to its shareholders. The aggregate cash consideration paid was $46.7 million which is inclusive of the cash distributed by Summit.
The assignment of the total consideration for the Summit acquisition as of the date of the acquisition was as follows (in thousands):


Cash and cash equivalents	$	13,353

Receivables	3,147

Property and equipment	362

Prepaid expenses	1,531

Notes receivable	1,092

Other assets	2,366

Accounts payable	(9,973		)
Accrued expenses	(3,100		)
Total fair value excluding goodwill and intangible assets	8,778

Goodwill	23,891

Intangible assets	31,240

Deferred tax liability	(6,751		)
Total consideration	$	57,158

As of December 31, 2014, approximately $0.3 million of the goodwill from Summit’s historic pre-acquisition goodwill 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 December 31, 2014, which reflects $58.3 million in revenues and a $1.9 million loss before taxes.
The Company’s supplemental pro forma results of operations for Summit for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	100.5			$	82.8

Income (loss) before taxes	(5.5		)		(0.2		)
The supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses. For the year ended December 31, 2014, the Company adjusted the pro forma results to exclude acquisition-related expenses of $0.8 million and the year ended December 31, 2013 were adjusted to include those expenses. Acquisition-related costs are costs incurred by the acquiree to engage in a business combination. Such costs may include accounting fees, valuation fees, consulting fees and legal fees.
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 in a private placement offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 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 acquisition), the Company agreed to 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 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, was to 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). On the date of the acquisition, the Company recorded liabilities for contingent consideration and deferred payments, at fair value, of $4.5 million and $10.6 million, respectively. As of December 31, 2014, the fair value of the contingent consideration was $6.2 million. The change in the fair value of the contingent consideration was recorded in other expenses on the consolidated statement of income. The fair value was determined by an independent third-party valuation firm using probability weightings and discounted cash flow analysis which was reviewed by the Company.
The assignment of the total consideration for the J.P. Turner acquisition as of the date of the acquisition was as follows (in thousands):


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	13,579

Intangible assets	14,200

Total consideration	$	32,708

As of December 31, 2014, approximately $3.5 million 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 consideration	4,500

Deferred consideration	10,562

Total consideration	$	32,708

On March 4, 2015, the Company amended its agreement with J.P. Turner to settle the remaining contingent and deferred consideration. As part of the amendment, the Company paid an aggregate consideration of $9.1 million, which consisted of $6.4 million in cash and 245,813 shares of Class A common stock, or an aggregate share value of $2.7 million.
The contingent and deferred consideration in the table above represents the fair value which includes discounting for the time value of money. The estimated range of undiscounted outcomes of the contingent consideration as of December 31, 2014 was as follows (in thousands):


	Low Case(1)				High Case(1)
Estimated contingent consideration amount	$	7,551			$	7,551

________________________
(1) The contingent consideration amount for J.P. Turner was to be based on the achievement of certain agreed-upon revenue or EBITDA performance targets for fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016, which were subject to an annual cap of $2.5 million. Based on the independent valuation company’s projections, which were reviewed by the Company, the earn-outs for the fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016 were expected to be subject to that cap in both the low and high case.
The results of operations of the Company include the results of operations of J.P. Turner from June 12, 2014, the acquisition date, to December 31, 2014, which reflects $30.9 million in revenues and a $0.1 million loss before taxes.
The Company’s supplemental pro forma results of operations with J.P. Turner for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	52.8			$	57.8

Income (loss) before taxes	1.5				(4.8		)

The supplemental pro forma results of operations include adjustments which reflect a full year 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, and it 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 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 Hatteras in the fiscal years ending December 31, 2016 and December 31, 2018. On the date of the acquisition, the Company recorded liabilities for contingent consideration and deferred payments, at fair value, of $24.9 million and $9.4 million, respectively. As of December 31, 2014 the fair value of the contingent consideration was $28.3 million. The change in the fair value of the contingent consideration was recorded in other expenses on the consolidated statement of income. The fair value was determined by an independent third-party valuation firm using projected pre-tax net income and discounted cash flow analysis which was reviewed by the Company.
The assignment of the total consideration for the Hatteras acquisition as of the date of the acquisition was as follows (in thousands):


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 December 31, 2014, the goodwill from the Hatteras acquisition is not deductible for income tax purposes.
The total Hatteras consideration consisted of the following (in thousands):


Cash paid by the Company	$	30,000

Contingent consideration	24,880

Deferred consideration	9,430

Total consideration	$	64,310

The contingent and deferred consideration in the table above represents the fair value which includes discounting for the time value of money. The estimated range of undiscounted outcomes of the contingent consideration as of December 31, 2014 was as follows (in thousands):


	Low Case				High Case
Estimated contingent consideration amount	$	14,716			$	94,454

The results of operations of the Company include the results of operations of Hatteras from June 30, 2014, the acquisition date, to December 31, 2014, which reflects $31.8 million in revenues and $4.2 million in income before taxes.
The Company’s supplemental pro forma results of operations for Hatteras for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	62.3			$	47.6

Income before taxes	7.2				1.2

The supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses. For the year ended December 31, 2014, the Company adjusted the pro forma results to exclude acquisition-related expenses of $0.6 million and the year ended December 31, 2013 were adjusted to include those expenses. Acquisition-related costs are costs incurred by the acquiree to engage in a business combination. Such costs may include accounting fees, valuation fees, consulting fees and legal fees.
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 in a private placement offering exempt from registration under the Securities Act. 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, which the Company entered into in connection with the acquisition of Cetera 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 immediately following the acquisition of First Allied by RCAP Holdings on September 25, 2013. See Note 3 for additional detail.
As of December 31, 2014, approximately $8.0 million of the goodwill from First Allied’s historic pre-acquisition goodwill was deductible for income tax purposes.
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 2,027,966 shares of Class A common stock (2,029,261 shares issued on July 11, 2014, of which 1,295 shares were subsequently canceled on October 6, 2014 as an adjustment to the final consideration) pursuant to a registration statement on Form S-4 and paid aggregate consideration in cash of $8.4 million.
The assignment of the total consideration for the ICH acquisition as of the date of the acquisition was as follows (in thousands):


Cash and cash equivalents	$	6,881

Short term investments and securities owned	499

Receivables	7,500

Property and equipment	275

Notes receivable	1,875

Deferred compensation	2,250

Deferred tax asset	2,613

Other assets	1,055

Accounts payable and accrued expenses	(1,945		)
Other liabilities	(7,593		)
Notes payable and long-term debt	(2,918		)
Non-qualified deferred compensation	(2,611		)
Total fair value excluding goodwill, intangible assets, and deferred tax liability	7,881

Goodwill	26,680

Intangible assets	30,100

Deferred tax liability	(12,152		)
Total consideration	$	52,509

As of December 31, 2014, the goodwill from the ICH acquisition is not deductible for income tax purposes.
The total ICH consideration consisted of the following (in thousands):


Cash paid by the Company	$	8,412

Stock issued by the Company	44,097

Total consideration	$	52,509

The results of operations of the Company include the results of operations of ICH from July 11, 2014, the acquisition date, to December 31, 2014, which reflects $45.7 million in revenues and $1.3 million loss before taxes.
The Company’s supplemental pro forma results of operations for ICH for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	94.8			$	87.8

Loss before taxes	(3.7		)		(5.0		)
The supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses.
Validus/Strategic Capital Partners
On August 29, 2014, the Company completed the acquisition 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 aggregate consideration paid on the date of the acquisition was $76.4 million. The Company issued 464,317 shares of Class A common stock in a private placement offering exempt from registration under the Securities Act and $67.5 million paid in cash. Additionally, the Company paid $10.0 million in cash on December 1, 2014 and will pay earn-out payments in 2015 and 2016 based on the achievement of certain agreed-upon EBITDA performance targets. On the date of the acquisition, the Company recorded liabilities for contingent consideration and deferred payments, at fair value, of $67.3 million and $10.0 million, respectively. As of December 31, 2014, the fair value of the contingent consideration was $68.2 million. The change in the fair value of the contingent consideration was recorded in other expenses on the consolidated statement of income. The fair value was determined by an independent third-party valuation firm using projected pre-tax net income and discounted cash flow analysis which was reviewed by the Company.
The assignment of the total consideration for the StratCap acquisition as of the date of the acquisition was as follows (in thousands):


Cash and cash equivalents	$	4,522

Short term investments and securities owned	2,239

Receivables	4,858

Property and equipment	96

Prepaid expenses and other assets	629

Accounts payable	(706		)
Accrued expenses	(201		)
Other liabilities	(908		)
Total fair value excluding goodwill and intangible assets	10,529

Goodwill	22,871

Intangible assets	121,380

Total consideration	$	154,780

As of December 31, 2014, the goodwill from the StratCap acquisition is not deductible for income tax purposes.
The total StratCap consideration consisted of the following (in thousands):


Cash paid by the Company	$	67,510

Stock issued by the Company	10,000

Contingent consideration	67,300

Deferred consideration	9,970

Total consideration	$	154,780

The contingent and deferred consideration in the table above represents the fair value which includes discounting for the time value of money. The estimated range of undiscounted outcomes for the contingent consideration are as follows (in thousands):


	Low Case				High Case
Estimated contingent consideration amount	$	70,840			$	125,920

The results of operations of the Company include the results of operations of StratCap from August 29, 2014, the acquisition date, to December 31, 2014, which reflects $19.9 million in revenues and $3.9 million loss before taxes.
The Company’s supplemental pro forma results of operations for StratCap for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	143.3			$	66.2

Loss before taxes	(5.2		)		(15.3		)
The supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets. For the year ended December 31, 2014, the Company adjusted the pro forma results to exclude acquisition-related expenses of $0.2 million and the year ended December 31, 2013 were adjusted to include those expenses. Acquisition-related costs are costs incurred by the acquiree to engage in a business combination. Such costs may include accounting fees, valuation fees, consulting fees and legal fees.
Trupoly
On July 21, 2014, the Company announced that it is establishing a crowdfunding investment platform which it has branded under the name, “We Are Crowdfunding.” In connection with this initiative, the Company acquired substantially all the assets of New York based Trupoly, a white-label investor relationship management portal, which will be integrated into the Company’s new crowdfunding investment platform. The assets of Trupoly primarily consist of intangible assets related to existing technology and a non-compete agreement.
On the closing date of the Trupoly acquisition, the Company issued shares of Class A common stock in a private placement offering exempt from registration under the Securities Act and paid the remaining consideration in cash. The Company will also pay 50.0% of the deferred consideration in shares of Class A common stock and 50.0% in cash on July 21, 2015, the one-year anniversary of the closing date.
As of December 31, 2014, approximately $0.7 million of the goodwill from the Trupoly acquisition is deductible for income tax purposes.
Docupace
On November 21, 2014, the Company completed the acquisition of a controlling financial interest in Docupace, a provider of integrated, electronic processing technologies and systems for financial institutions and wealth management firms.
The aggregate consideration on the date of the acquisition was $35.4 million, including $0.3 million of accrued interest on the deferred payment. On the closing date, the Company paid cash consideration of $18.8 million to the seller of Docupace and acquired a 51.0% ownership interest.
In addition, the Company made a $4.0 million capital contribution, which increased its total ownership interest to 53.525%. The Company is required to make additional capital contributions of up to $28.0 million in cash and up to$20.0 million in cash during the years ended December 31, 2015 and 2016, respectively. The Company expects to pay post-closing consideration of $16.6 million in cash, Class A common stock or a combination thereof. The Company has delayed making the contingent payment that was due to the sellers of Docupace on February 20, 2015 because the Company and the sellers have not finalized the calculation of the amount of that payment.
The total fair value of Docupace on the date of the acquisition subsequent to the capital contribution was $73.6 million. The fair value of the non-controlling interest as of the date of the acquisition was $34.2 million. The fair value of the non-controlling interest was determined based on the fair value of the controlling interest held by the Company grossed-up to 100% value in order to derive a per-share price to be applied to the non-controlling shares. This method assumes that the non-controlling shareholder will participate equally with the controlling shareholder in the economic benefits of the post combination entity.
Based on preliminary estimates, approximately $22.8 million of the goodwill from the Docupace acquisition is deductible for income tax purposes as of December 31, 2014.
Consolidated pro forma results
The Company’s supplemental pro forma results of operations, which include the Original Operating Subsidiaries, Cetera, Summit, J.P. Turner, Hatteras, First Allied, ICH and StratCap for the year ended December 31, 2014 and 2013, are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	2,729.50			$	2,682.50

Loss before taxes	(196.1		)		(78.3		)
Benefit from income taxes(1)	(78.5		)		(31.3		)
Net loss	(117.6		)		(47.0		)
Less: income attributable to non-controlling interest	8.9				—

Less: preferred dividends and deemed dividend	153.3				18.9

Net loss attributable to Class A common stockholders	$	(279.8	)		$	(65.9	)

Per share data
Pro forma basic and diluted loss per share(2)	$	(5.18	)		$	(1.61	)

Pro forma weighted average basic and diluted shares	54,155,046				40,995,457

________________________
(1) Reflects pro forma adjustment to record the income tax provision based on the assumed 40% tax rate.
(2) For the year ended December 31, 2014, the numerator for the pro forma basic and diluted earnings per share calculation was reduced by $0.7 million for allocation of earnings to nonvested restricted stock units holders.
The consolidated supplemental pro forma results of operations do not include pro forma results for Trupoly and Docupace as they would have had an immaterial impact. The consolidated supplemental pro forma results of operations include adjustments which reflect a full year of amortization of intangible assets, interest expense and pro forma incentive fee. In addition, the Company recorded pro forma adjustments to eliminate intercompany revenues and expenses and quarterly fee. For the year ended December 31, 2014, the Company adjusted the pro forma results to exclude acquisition-related expenses of $44.5 million and the year ended December 31, 2013 were adjusted to include those expenses. Acquisition-related costs are costs incurred by the acquiree or the Company to engage in a business combination. Such costs may include accounting fees, valuation fees, consulting fees and legal fees.
Pending acquisitions
On August 6, 2014, the Company entered into an agreement to purchase VSR, an independent broker-dealer. The transaction is expected to close in the first quarter of 2015 subject to customary closing conditions.
On August 14, 2014, the Company entered into an agreement to purchase Girard, an independent broker-dealer. The transaction is expected to close in the first quarter of 2015 subject to customary closing conditions.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, Hatteras, ICH, StratCap, Trupoly and Docupace 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 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 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 recast 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 was 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 2014.
	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 $148.8 million and $66.4 million in cash balances as of December 31, 2014 and December 31, 2013, respectively, that were in excess of the FDIC insured limits.
	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
	The Company has investments in mutual funds that are advised by related parties. The Company 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 from the Company’s wholesale distribution business. Additionally, fees and commissions receivable includes commissions from mutual funds, variable annuities, insurance product purchases transacted directly with the product manufacturers, and mutual fund and annuity trailers from the Company’s retail business.
	Receivables from Brokers, Dealers and Clearing Organizations and Other
	Receivables from brokers, dealers and clearing organizations and other include receivables that arise in the ordinary course of the Company’s brokerage activities.
	Receivables for 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.
	Receivables from Customers
	Receivable from customers includes amounts due on cash and margin transactions. Certain of the Company’s broker-dealers extend credit to their customers to finance their purchases of securities on margin. Securities owned by customers are held as collateral for margin receivables. Additionally, receivable from customers includes advisory, service and incentive fee receivables from the investment management business.
	Property and Equipment
	Property and equipment 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 Company has determined that the notes receivable acquired through the recent acquisitions and subsequent originations were 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 is reviewed annually for impairment as of October 31. Intangible assets that are definite-lived are amortized over their useful lives and reviewed for impairment annually. The Company performed a quantitative goodwill impairment test and determined that as of October 31, 2014, the goodwill was not impaired. The Company also determined that there was no impairment of its definite-lived intangible assets during any of the periods presented.
	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. The valuation results were reviewed by the Company. See Note 8 for more information.
	Derivative Contracts
	During the second quarter of 2014, the Company entered into a series of contemporaneous transactions 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 Series A Preferred Stock (“hybrid instruments”).
	The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and Series A 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.
	On November 18, 2014 and December 12, 2014, a portion of the Series A Preferred Stock was submitted for conversion, and on December 10, 2014, December 19, 2014 and February 23, 2015, shares of Class A common stock were issued on account of such conversions. Accordingly, the bifurcated derivatives associated with the converted Series A Preferred Stock were adjusted to their fair value on the date of each submission for conversion, with the changes in fair value reflected in other revenues in the consolidated statement of income. The bifurcated derivatives associated with the converted Series A Preferred Stock were then written off against additional paid-in capital.
	On December 19, 2014, the remaining Series A Preferred Stock was exchanged for shares of its new series of 11% Series B Preferred Stock, $0.001 par value per share (“Series B Preferred Stock”), and shares of its new series of 7% Series C Convertible Preferred Stock, $0.001 par value per share (“Series C Preferred Stock”). Accordingly, the bifurcated derivatives associated with the remaining Series A Preferred Stock were adjusted to their fair value as measured on the date of the exchange, with the change in fair value reflected in other revenues in the consolidated statement of income. The remaining bifurcated derivatives associated with the Series A Preferred Stock, which were exchanged, were written off against additional paid-in capital.
	The Series B Preferred Stock and Series C Preferred Stock also have embedded derivative contract features that require separate accounting as derivative instruments. 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, 10 and 11 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 with the change in the fair value recorded in other expenses on the consolidated statement of income. The discount on the deferred consideration is accreted into earnings in other expenses on the consolidated statement of income.
	Preferred Stock
	On April 29, 2014, the Company issued shares of Series A Preferred Stock in a private placement. Based on the Series A Preferred Stock’s redemption and conversion features, the Company classified the Series A Preferred Stock as mezzanine equity on the statement of financial condition. The Series A Preferred Stock was convertible, at the holder’s option, into shares of Class A common stock.
	On November 18, 2014 and December 12, 2014, a portion of the Series A Preferred Stock was submitted for conversion, and on December 10, 2014, December 19, 2014 and February 23, 2015, shares of Class A common stock were issued on account of such conversions. On December 12, 2014, the Company entered into the Securities Exchange Agreement (the “Securities Exchange Agreement”) to exchange the remaining shares of Series A Preferred Stock for shares of its new series of Series B Preferred Stock and shares of its new series of Series C Preferred Stock. On December 19, 2014, this exchange was completed. Based on the Series B Preferred Stock’s and Series C Preferred Stock’s redemption and conversion features, the Company has classified the Series B Preferred Stock and Series C Preferred Stock as mezzanine equity on the statement of financial condition. The Series B Preferred Stock is not convertible. The Series C 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 immediately following 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 recast 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 was 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
	The Company, through certain of its broker-dealer subsidiaries, 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. The Company generally receives commissions of up to 7.0% of gross offering proceeds for funds raised in connection with sales of publicly registered, non-traded securities, all of which are reallowed as commissions, and 4.0% in connection with sales of open-end and closed-end mutual funds through the participating independent broker-dealer channel in accordance with industry practices. Commission percentages are generally established in the issuers’ offering documents leaving the Company no discretion as to the payment of commissions. Commission revenues and related expenses are recorded on a trade date basis as securities transactions occur.
	The Company, serving as a dealer manager, receives fees and compensation in connection with the wholesale distribution of registered non-traded securities, such as non-traded REIT and non-traded BDC funds. The Company contracts directly with broker-dealers and RIAs to solicit share subscriptions. The non-traded securities are offered on a “best efforts” basis and the Company is not obligated to underwrite or purchase any shares for its own account. The Company 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 RIAs. The Company 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.
	For open and close-end mutual funds, the Company contracts directly with broker-dealers and RIAs to solicit shares of registered investment company funds. The funds are offered on a “best efforts” basis and the Company is not obligated to underwrite or purchase any shares of the funds for its own account. The Company generally receives up to 50 basis points of the gross proceeds from the shares of the fund and also may receive fees from the shares of the funds from broker-dealers and RIAs.
	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 the Company’s 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 agreed to with each participating broker-dealer, the Company concluded that the gross basis of accounting for its commission and fee revenues is appropriate.
	Retail 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.
	Investment Banking Fees
	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 receivable in the statement of financial condition. Investment banking agreements either have a fixed fee or a percentage of the total deal value which are typically contingent upon the consummation of the transaction; these agreements may also include a minimum fee that will be paid even in the event the transaction is not consummated provided that services have been rendered. Income from investment banking agreements is generally recognized upon consummation of the transaction. However, in certain cases, we recognize income from investment banking agreements prior to the consummation of the transaction if services have been rendered and there are no substantive remaining contingencies as of the reporting date. Income from certain investment banking agreements is recorded as deferred revenue in the statement of financial condition and is recognized over the remaining life of the offering. These fees are typically a fixed dollar amount.
	Advisory Fees and Asset-Based Fees
	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 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.
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 services, conference management, investor relations and public relations services and strategic advice. Such fees are charged at hourly billing rates for the services provided, based on agreements entered into with related party and non-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.
Investment Fee Revenue
The Company earns management and servicing fees from the investment companies for which it serves as investment adviser. Management and servicing fees are recognized when earned and are calculated monthly or quarterly, as applicable, as a percentage of the aggregate net assets of the funds under management.
Transaction Fees
The Company charges transaction fees for executing transactions on client accounts. Transaction-related charges are recognized on a trade-date basis. Other fee revenue includes 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. Other fees are recognized as earned.
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 awards of restricted shares of Class A common stock to certain employees under the RCS Capital Corporation Equity Plan (the “RCAP Equity Plan”) 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.
An entity that was previously 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 such employees on behalf of such entity. The Company recognizes compensation expense 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 then outstanding common stock, approved the Company’s 2014 Stock Purchase Program (the “2014 Stock Purchase Program”). The 2014 Stock Purchase Program became effective on June 30, 2014. Subject to the terms and conditions of the 2014 Stock Purchase Program, select employees, financial advisors and executive officers of the Company and its affiliates and of certain subsidiaries of the Company were eligible to participate and had the opportunity to elect to purchase shares of Class A common stock. Such participants were also automatically granted one warrant to purchase one share of Class A common stock for each three shares purchased, at an exercise price equal to the purchase price per share purchased. The Company recognizes the expense in internal commissions, payroll and benefits expense in the consolidated statement of income on a straight line basis over the three-year vesting period based on the grant date fair value of warrants issued to employees. For warrants issued to non-employees, the Company remeasures the fair value at each reporting date and the amortization of the expense is adjusted accordingly and recognized over the remaining vesting period.
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.
Marketing and Advertising
The Company expenses the cost of marketing and advertising as incurred.
Interest Expense
Interest expense includes interest expense and amortization of debt issuance costs 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. Following the conversion of all outstanding LTIP Units pursuant to Amendment No. 2 to the OPP and related transactions that occurred on December 31, 2014, the Company now files a consolidated federal income tax return and allocates federal income taxes to certain of its subsidiaries pursuant to a tax sharing agreement.
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
The Company’s internal reporting is organized into six segments as follows:

•	Independent Retail Advice, which is comprised of Cetera, Summit, J.P. Turner, First Allied and ICH (following the completion of the VSR and Girard acquisitions, this segment will also include VSR and Girard);

•	Wholesale Distribution, which is comprised of Realty Capital Securities, excluding its investment banking division, and StratCap;

•	Investment Banking, Capital Markets and Transaction Management Services, which is comprised of the investment banking division of Realty Capital Securities, RCS Advisory, ANST and Docupace;

•	Investment Management, which is comprised of Hatteras;

•	Investment Research, which is comprised of SK Research; and

•	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.
In November 2014, the FASB issued Accounting Standards Update 2014-16, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (“ASU 2014-16”), which requires an entity to determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract, when evaluating whether the host contract is more akin to debt or equity. The amendments in ASU 2014-16 did not change the current criteria in US GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required but rather clarified how US GAAP should be interpreted in concluding on the nature of the host contract. The Company adopted ASU 2014-16 during the fourth quarter of 2014. The adoption of ASU 2014-16 did not have an impact on the Company’s previously reported financial condition or results of operations.
In February 2015, the FASB issued Accounting Standards Update 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”). The new guidance applies to entities in all industries and amends the current consolidation guidance. The amendments are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal periods beginning after December 15, 2017. Early application is permitted. The Company is still evaluating the impact of ASU 2015-02.

Fair_Value_Disclosures

Fair Value Disclosures	12 Months Ended
Fair Value Disclosures	Dec. 31, 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 years ended December 31, 2014 and December 31, 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, substantially all deferred compensation plan investments and publicly traded securities with sufficient trading volume are fair valued by management using quoted prices for identical instruments in active markets. Accordingly, these securities are primarily classified within Level 1. Government bonds, U.S. Treasury securities, corporate bonds, certificates of deposit and mutual funds in the deferred compensation plan are fair valued by management using references to prices for similar instruments, quoted prices or recent transactions in less active markets 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. A binomial lattice model was used to derive the fair value for the embedded derivatives related to the Series C preferred stock while the embedded derivatives related to the convertible notes and the put/call were 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 investments in private equity funds 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 funds would be sold at a value materially different than the reported NAV. The private equity funds do not have notice periods, or restrictions on redemptions. The private equity funds primarily invest in nonpublic companies and other private equity funds, and distributions from will be received as the underlying investments of the funds are liquidated. The Company also holds an investment in a REIT whose fair value is based on NAV. Given the use of unobservable inputs used in the valuation, investments in private equity funds and the REIT are 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 consideration to the sellers of J.P. Turner, Hatteras and StratCap and contingent consideration related to acquisitions made by First Allied prior to its acquisition by RCAP Holdings in September 2013. During the year ended December 31, 2014, the Company settled the contingent consideration related to acquisitions made by Cetera prior to its acquisition by the Company. As of December 31, 2014, the Company estimated the fair value of future payments of contingent consideration to be $107.3 million. See Note 2 and 3 for more information. As of December 31, 2013, the Company had an estimated $2.2 million in contingent consideration related to acquisitions made by First Allied.
	The Company estimated the fair value of the contingent consideration at the close of the transactions using discounted cash flows. The fair value of the contingent consideration was based on financial forecasts determined by management that included assumptions about growth in assets under administration, assets under management, earnings, financial advisor retention and discount rates. The financial targets are sensitive to financial advisor 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. Given the significant unobservable inputs used in the valuation the contingent consideration is classified as Level 3 in the Company’s fair value hierarchy.
	The Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis by product category as of December 31, 2014 are as follows (in thousands):


		Level 1				Level 2				Level 3			Total
	Assets:
	Cash equivalents - money market funds	$	82,973			$	—			$	—		$	82,973
	Cash equivalents - money market funds	$	82,973			$	—			$	—		$	82,973
	Available-for-sale securities:
	Mutual funds	11,473				—				—			11,473
	Mutual funds	11,473				—				—			11,473
	Total available-for-sale	11,473				—				—			11,473
	Total available-for-sale	11,473				—				—			11,473
	Trading securities:
	Equity securities	262				—				—			262
	Equity securities	262				—				—			262
	Mutual funds	9,457				—				—			9,457
	Mutual funds	9,457				—				—			9,457
	U.S. government bonds	2				10				—			12
	U.S. government bonds	2				10				—			12
	Other	41				—				470			511
	Other	41				—				470			511
	Total trading securities	9,762				10				470			10,242
	Total trading securities	9,762				10				470			10,242
	Deferred compensation plan investments:
	Money market fund	6,246				—				—			6,246
	Money market fund	6,246				—				—			6,246
	International global funds	17,722				—				—			17,722
	International global funds	17,722				—				—			17,722
	U.S. equity funds	46,999				—				—			46,999
	U.S. equity funds	46,999				—				—			46,999
	U.S. fixed-income funds	9,787				—				—			9,787
	U.S. fixed-income funds	9,787				—				—			9,787
	Mutual funds	—				2,702				—			2,702
	Mutual funds	—				2,702				—			2,702
	Total deferred compensation plan investments	80,754				2,702				—			83,456
	Total deferred compensation plan investments	80,754				2,702				—			83,456
	Prepaid expenses and other assets - oil and gas interests	—				—				151			151
	Prepaid expenses and other assets - oil and gas interests	—				—				151			151
	Total	$	184,962			$	2,712			$	621		$	188,295
	Total	$	184,962			$	2,712			$	621		$	188,295

	Liabilities:
	Derivative contracts	$	—			$	—			$	102,908	(1)	$	102,908
	Derivative contracts	$	—			$	—			$	102,908	(1)	$	102,908
	Other liabilities:
	Equity securities	161				—				—			161
	Equity securities	161				—				—			161
	Mutual funds and unit investment trusts	4				—				—			4
	Mutual funds and unit investment trusts	4				—				—			4
	State and municipal government obligations	222				—				—			222
	State and municipal government obligations	222				—				—			222
	Contingent consideration	—				—				107,278		(2)	107,278
	Contingent consideration	—				—				107,278		(2)	107,278
Total	$	387			$	—			$	210,186		$	210,573
Total	$	387			$	—			$	210,186		$	210,573
_____________________
(1) Includes $21.9 million of derivatives classified in long-term debt.
(2) Excludes deferred payments, which are measured on non-recurring basis.
The Company’s fair value hierarchy for those assets and liabilities 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
Mutual funds	$	8,528			$	—			$	—		$	8,528
Total available-for-sale	8,528				—				—			8,528
Total available-for-sale	8,528				—				—			8,528
Trading securities:
Mutual funds	7,708				—				—			7,708
Mutual funds	7,708				—				—			7,708
Total trading securities	7,708				—				—			7,708
Total trading securities	7,708				—				—			7,708
Total	$	16,236			$	—			$	—		$	16,236
Total	$	16,236			$	—			$	—		$	16,236

Liabilities:
Other liabilities:
Equity securities	$	238			$	—			$	—		$	238
Equity securities	$	238			$	—			$	—		$	238
State and municipal government obligations	51				—				—			51
State and municipal government obligations	51				—				—			51
Certificates of deposit	20				—				—			20
Certificates of deposit	20				—				—			20
Contingent consideration	—				—				2,180			2,180
Contingent consideration	—				—				2,180			2,180
Total	$	309			$	—			$	2,180		$	2,489
Total	$	309			$	—			$	2,180		$	2,489
The following table presents changes during the year ended December 31, 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 statement of financial condition as of December 31, 2014 (in thousands):


	Fair value as of				Net realized and unrealized gains/(losses)				Purchases			Issuances			Sales			Settlements			Fair value as of
	31-Dec-13				Net realized and unrealized gains/(losses)				Purchases			Issuances			Sales			Settlements			31-Dec-14
Assets:
Trading securities- other	$	—			$	4			$	477		$	—		$	(11	)	$	—		$	470
Trading securities- other	$	—			$	4			$	477		$	—		$	(11	)	$	—		$	470
Prepaid expenses and other assets - oil and gas interests	—				(166		)		372			—			—			(55		)	151
Prepaid expenses and other assets - oil and gas interests	—				(166		)		372			—			—			(55		)	151
Total	$	—			$	(162	)		$	849		$	—		$	(11	)	$	(55	)	$	621
Total	$	—			$	(162	)		$	849		$	—		$	(11	)	$	(55	)	$	621


	Fair value as of				Net realized and unrealized (gains)/losses				Purchases			Issuances			Sales			Settlements			Fair value as of
	31-Dec-13				Net realized and unrealized (gains)/losses				Purchases			Issuances			Sales			Settlements			31-Dec-14
Liabilities:
Derivative contracts	$	—			$	45,213			$	—		$	233,189		$	—		$	(175,494	)	$	102,908
Derivative contracts	$	—			$	45,213			$	—		$	233,189		$	—		$	(175,494	)	$	102,908
Contingent consideration	2,180				8,808				12,868			96,680			—			(13,258		)	107,278
Contingent consideration	2,180				8,808				12,868			96,680			—			(13,258		)	107,278
Total	$	2,180			$	54,021			$	12,868		$	329,869		$	—		$	(188,752	)	$	210,186
Total	$	2,180			$	54,021			$	12,868		$	329,869		$	—		$	(188,752	)	$	210,186
The following table presents changes during the year ended December 31, 2013 in Level 3 liabilities measured at fair value on a recurring basis, and the realized and unrealized gains and losses related to the Level 3 liabilities in the statement of financial condition as of December 31, 2013 (in thousands):


	Fair value as of				Net realized and unrealized (gains)/losses				Purchases			Issuances			Settlements			Fair value as of
	31-Dec-12				Net realized and unrealized (gains)/losses				Purchases			Issuances			Settlements			31-Dec-13
Liabilities:
Contingent consideration	$	—			$	9			$	2,181		$	—		$	(10	)	$	2,180
Contingent consideration	$	—			$	9			$	2,181		$	—		$	(10	)	$	2,180
Total	$	—			$	9			$	2,181		$	—		$	(10	)	$	2,180
Total	$	—			$	9			$	2,181		$	—		$	(10	)	$	2,180
The realized and unrealized gains and losses on derivative contracts and contingent consideration are included in other revenues and other expenses, respectively, in the consolidated statements of income.
The change in unrealized gain relating to Level 3 assets and liabilities held as of December 31, 2014 was $9.9 million. The Company did not have any unrealized gains or losses relating to Level 3 assets and liabilities held as of December 31, 2013.
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of December 31, 2014 (dollars in thousands):


	Fair value				Valuation technique		Unobservable inputs
Assets:
Trading securities- other- private equity fund	$	113			Net asset value (NAV)		Net asset value (NAV)
Trading securities- other- private equity fund	$	113			Net asset value (NAV)		Net asset value (NAV)
Trading securities- other- REIT	$	357			Net asset value (NAV)		Net asset value (NAV)
Trading securities- other- REIT	$	357			Net asset value (NAV)		Net asset value (NAV)
Prepaid expenses and other assets - oil and gas interests	$	151			Discounted cash flows		10% discount rate
Prepaid expenses and other assets - oil and gas interests	$	151			Discounted cash flows		10% discount rate

Liabilities:
Derivative contracts	$	102,908			Monte Carlo & binomial lattice (Series C)		Inputs for convertible notes, Series B and Series C preferred stock respectively:
							- Duration: 6.8 years, 8.0 years, 8.0 years
							- Volatility: 30%, N/A, 30.0%
							- Risk free rate of interest: 1.95%, 2.1%, 2.1%
							- Discount rate: 12.95%, 15.1%, 15.1%
							- Dividend assumptions: N/A, 12.5% (first 18 months only; subsequently reverts to 11%), 8.0% (first 18 months only; subsequently reverts to 7%)

							Inputs for the put option:
							- Volatility: 30%
							- Exercise date: June 10, 2033
							- Risk free rate: 2.43%
Contingent consideration - J.P. Turner	$	6,200			Discounted cash flow		J.P. Turner:
							- Probability exceeding percentage threshold: 99.7% to 100%
							- Present value factor: 0.71 to 0.95
							- Time until payments: 0.4 years to 2.4 years
Contingent consideration - Hatteras	$	28,310			Discounted cash flow		Hatteras:
							- Projected earnings: $11.0 million to $17.3 million, December 31, 2016 and 2018, respectively
							- Discounted rates based on the estimated weighted average cost of capital (WACC): 0.50 to 0.70
Contingent consideration - StratCap	$	68,200			Discounted cash flow		StratCap:
							- Projected earn-out payments: EBITDA multiples for 2015 and 2016.
							- Present value factor: 0.65 to 0.787
							- Probability adjustment: 25.0%, 50%, 25.0% for Low Case, Base Case, and High Case, respectively.
Contingent consideration - First Allied and Cetera	$	4,568			Discounted cash flow		- Revenue achievement
Contingent consideration - First Allied and Cetera	$	4,568			Discounted cash flow		- WACC 0.20
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of December 31, 2013 (dollars in thousands):


	Fair value				Valuation technique		Unobservable inputs
Liabilities:
Contingent consideration	$	2,180			Discounted cash flow		2.5% discount rate
Contingent consideration	$	2,180			Discounted cash flow		2.5% discount rate
The following table presents information related to the Company’s investments that calculate NAV per share as of December 31, 2014. For these investments, which are measured at fair value on a recurring basis, the Company used the NAV 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
Trading securities- other- private equity fund	Investments in private equity funds		$	113			$	9
Trading securities- other- private equity fund	Investments in private equity funds		$	113			$	9
Trading securities- other- REIT	Investment in a REIT		357				—
Trading securities- other- REIT	Investment in a REIT		357				—
The following table presents information about the carrying values and fair values by fair value hierarchy for convertible notes, Series B Preferred Stock and Series C Preferred Stock, first and second lien term loan facility, promissory note and subordinated borrowings where the ending balance was carried at amortized cost as of December 31, 2014. There were no such instruments as of December 31, 2013.


					Fair Value
	Carrying value				Level 1				Level 2			Level 3
Convertible notes	$	61,632			$	—			$	—		$	78,005
Convertible notes	$	61,632			$	—			$	—		$	78,005
Series B Preferred Stock	146,700				—				—			117,367
Series B Preferred Stock	146,700				—				—			117,367
Series C Preferred Stock	111,288				—				—			136,242
Series C Preferred Stock	111,288				—				—			136,242
First lien term facility	555,700				—				—			530,491
First lien term facility	555,700				—				—			530,491
Second lien term facility	147,903				—				—			142,500
Second lien term facility	147,903				—				—			142,500
Promissory note (legal settlement)	15,300				—				15,300			—
Promissory note (legal settlement)	15,300				—				15,300			—
Subordinated borrowings	2,000				—				—			2,000
Subordinated borrowings	2,000				—				—			2,000
Total	$	1,040,523			$	—			$	15,300		$	1,006,605
Total	$	1,040,523			$	—			$	15,300		$	1,006,605
The fair value of the convertible notes, the Series B Preferred Stock and the Series C Preferred Stock were determined by an independent valuation company and reviewed by the Company. The fair value of the convertible notes, the Series B Preferred Stock and the Series C Preferred Stock as of December 31, 2014 was determined using inputs such as conversion price, conversion period, equity volatility, risk-free rate, credit spread, and discount rate. The convertible notes, the Series B Preferred Stock and the Series C Preferred Stock are classified as Level 3 in the Company’s fair value hierarchy. The fair value of the Company’s first and second lien term debt facilities were determined based upon indicative market data obtained from a third party that makes markets in these financial instruments. As of December 31, 2014, the first and second lien term debt facilities were classified as Level 3 of the fair value hierarchy due to a lack of adequate observable market activity related to these financial instruments. The promissory note, which was entered into in the fourth quarter between the Company and ARCP, has been classified as Level 2 in the Company’s fair value hierarchy.
The carrying value of accounts receivable and notes receivable approximates the fair value as they have limited credit risk and short-term maturities. Additionally, a substantial portion of the notes receivable balance related to acquisitions that closed during 2014 and were fair valued by an independent valuation company during 2014. Therefore, customer and notes receivables are classified as Level 2 in the non-recurring fair value hierarchy.
Goodwill and intangible assets established upon each acquisition were fair valued and were classified as Level 3 in the non-recurring fair value hierarchy. See Note 8 for more information.

AvailableforSale_Securities

Available-for-Sale Securities	12 Months Ended
	Dec. 31, 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 December 31, 2014 and December 31, 2013 (in thousands):


				For the year ended December 31, 2014
		Fair value at December 31, 2013		Purchases(1)		Sales			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair value at December 31, 2014		Cost
	Mutual funds	$	8,528	$	11,484	$	(9,013	)	$	171		$	303		$	11,473	$	11,684

	_____________________
	(1) Includes $0.3 million of purchases under dividend reinvestment programs.
	The following table presents information about the Company’s available-for-sale securities as of December 31, 2013 and December 31, 2012 (amounts in thousands):


				For the year ended December 31, 2013
		Fair value at December 31, 2012		Purchases		Sales			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair value at December 31, 2013		Cost
	Mutual funds	$	—	$	10,097	$	(1,000	)	$	(59	)	$	(510	)	$	8,528	$	9,038

	The Company’s basis on which the cost of security sold or the amount reclassified out of accumulated other comprehensive income into earnings is determined using specific identification. The Company did not recognize any other-than-temporary impairments for the year ended December 31, 2014, December 31, 2013 and December 31, 2012.

Note_Receivable

Note Receivable	12 Months Ended
	Dec. 31, 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 notes and payback 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.
	Payback notes are promissory notes extended primarily to financial advisors with the obligation to pay back the principal and accrued interest.
	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 year ended December 31, 2014 and the year ended December 31, 2013, were as follows (in thousands):


		31-Dec-14									31-Dec-13
		Forgivable loans			Payback loans			Total			Forgivable loans			Payback loans			Total
	Beginning balance	$	11,104		$	2,166		$	13,270		$	6,633		$	1,914		$	8,547

	Originated and acquired loans	16,747			52,200			68,947			5,286			350			5,636

	Collections	(1,672		)	(8,805		)	(10,477		)	(157		)	(206		)	(363		)
	Forgiveness	(8,329		)	298			(8,031		)	(661		)	88			(573		)

	Accretion	5,368			402			5,770			3			3			6

	Allowance	(143		)	(347		)	(490		)	—			17			17

	Ending balance	$	23,075		$	45,914		$	68,989		$	11,104		$	2,166		$	13,270

	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 year ended December 31, 2014 and the year ended December 31, 2013 (in thousands):


		31-Dec-14									31-Dec-13
		Forgivable loans			Payback loans			Total			Forgivable loans			Payback loans			Total
	Beginning balance	$	368		$	56		$	424		$	368		$	73		$	441

	Provision for bad debt	327			735			1,062			—			—			—

	Charge off - net of recoveries	(184		)	(388		)	(572		)	—			(17		)	(17		)

	Total change	143			347			490			—			(17		)	(17		)

	Ending balance	$	511		$	403		$	914		$	368		$	56		$	424

Property_and_Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment
	The Company’s property and equipment as of December 31, 2014 and December 31, 2013 consisted of the following (in thousands):


		31-Dec-14		31-Dec-13
	Office furniture and equipment	$	3,650	$	1,007

	Computer software and hardware	22,971		854

	Leasehold improvements	3,613		372

	Total property and equipment	30,234		2,233

	Less: Accumulated depreciation and amortization	5,488		350

	Property and equipment - net	$	24,746	$	1,883

	For the years ended December 31, 2014, 2013 and 2012, the Company recorded $5.2 million, $0.3 million and $0.03 million, respectively, in depreciation and amortization expense.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets
	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):


		31-Dec-14				31-Dec-13
	Independent Retail Advice	$	434,398			$	79,986

	Wholesale Distribution	22,871				—

	Investment Management	15,348				—

	Investment Banking and Capital Markets	45,989				—

	Corporate and Other	755				—

	Total goodwill	$	519,361			$	79,986

	The following table presents the carrying amount of goodwill as of December 31, 2014 and December 31, 2013 by acquisition (in thousands):


		31-Dec-14				31-Dec-13
	First Allied acquisition	$	79,986			$	79,986

	Cetera acquisition	290,262				—

	Summit acquisition	23,891				—

	J.P. Turner acquisition	13,579				—

	Hatteras acquisition	15,348				—

	ICH acquisition	26,680				—

	StratCap acquisition	22,871				—

	Trupoly acquisition	755				—

	Docupace acquisition (preliminary)	45,989				—

	Total goodwill	$	519,361			$	79,986

	For the years ended December 31, 2014, 2013 and 2012 there was no impairment of goodwill.
	Intangible Assets
	The components of intangible assets as of December 31, 2014 are as follows (dollars in thousands):


		Weighted-Average Life Remaining		Gross Carrying Value				Accumulated Amortization			Net Carrying Value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	13		$	1,019,353			$	52,070		$	967,283

	Sponsor relationships	9		113,000				4,186			108,814

	Trade names	29		65,192				1,638			63,554

	Investment management agreements	12		47,390				1,966			45,424

	Customer relationships	11		20,686				1,473			19,213

	Internally developed software and technologies	7		22,510				779			21,731

	Intellectual property	9		10,642				849			9,793

Non-competition agreements	2		9,648				5,136			4,512

Distribution networks(1)	40		3,210				9			3,201

Total finite-lived intangible assets			$	1,311,631			$	68,106		$	1,243,525

________________
(1) The Company previously classified its distribution networks as indefinite-lived intangible assets. The Company finalized its assessment of the useful life of the distribution networks and concluded that they were finite-lived rather than indefinite-lived intangible assets.
The Company’s intangible assets as of December 31, 2013 relate to First Allied. The components of intangible assets as of December 31, 2013 are as follows (dollars 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 $66.2 million for the year ended December 31, 2014. Total amortization expense for finite-lived intangible assets was $1.9 million for the year ended December 31, 2013. The Company did not have any amortization expense for the year ended December 31, 2012. Future amortization expense is estimated as follows (in thousands):


	Year Ended December 31,
2014	$	102,820

2015	100,090

2016	99,937

2017	99,858

2018	98,529

Thereafter	742,291

Total	$	1,243,525

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 2014. The results of these acquisitions are broadly consistent with their original expectations. Additionally, the Company performed a quantitative goodwill impairment test and determined that the goodwill was not impaired. As a result, the carrying value of goodwill and intangible assets as of December 31, 2014 closely approximates fair value. Unobservable inputs considered in determining fair value at the acquisition date 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	12 Months Ended
	Dec. 31, 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. During the year ended December 31, 2014, the Company repaid $14.4 million of the senior secured first lien term loan facility as a regularly scheduled principal repayment.
	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 amount of convertible notes in a private placement. The convertible notes are senior unsecured obligations that are effectively 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, 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 was 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. 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 Company also assumed $2.0 million in subordinated debt when it acquired ICH. The subordinated borrowings are covered by an agreement with ICH’s clearing firm approved by FINRA on March 8, 2013 and are thus available for computing net capital under the SEC’s uniform net capital rule. To the extent that such borrowings are required for ICH’s continued compliance with minimum net capital requirements, they may not be repaid. The subordinated borrowings mature on March 8, 2016.
	On December 4, 2014, the Company issued a $15.3 million two-year promissory note bearing interest at a rate of 8% per annum pursuant to the terms of a litigation settlement. The principal amount of the promissory note is due in three payments of $7.7 million, $3.8 million and $3.8 million on March 31, 2016, September 30, 2016 and March 31, 2017, respectively. See Note 17 for more information.
	The following table presents the Company’s long-term borrowings as of December 31, 2014 and December 31, 2013 and their contractual interest rates (dollars in thousands):


		December 31, 2014				December 31, 2013
		Balance			Interest Rate	Balance			Interest Rate
	First lien term facility	$	555,700		6.50%	$	—

	Second lien term facility	147,903			10.50%	—

	Convertible notes	83,508		(1)	5.00%	—

	Promissory note	15,300			8.00%	—

	Subordinated borrowings	2,000			8.25%	—

	Other	—				33,302		(2)	2.42%

	Total borrowings	804,411				33,302

	Less: Current portion of borrowings	43,891				3,200

	Total long-term debt, net of current portion	$	760,520			$	30,102

	_____________________
	(1) The Company’s convertible notes balance includes the fair value of the compound derivative of $21.9 million.
	(2) 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 December 31, 2014, no amounts were outstanding under the senior secured first lien revolving facility (other than the backstop letter of credit). 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 $21.9 million, as of December 31, 2014 (in thousands):


		Year Ended December 31,
	2016	$	63,627

	2017	74,466

	2018	76,597

	2019	277,217

	Thereafter(1)	268,613

	Total long-term debt, net of current portion	$	760,520

	_____________________
	(1) Includes the fair value of the compound derivative of $21.9 million.
	The following table presents the scheduled contractual maturities of the current portion of long-term debt as of December 31, 2014 (in thousands):


	31-Mar-15	$	5,668

	30-Jun-15	12,797

	30-Sep-15	12,740

	31-Dec-15	12,686

	Total current portion of long-term debt	$	43,891

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. The Company, together with the guarantors, has pledged substantially all of their 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 pay quarterly dividends on Class A common stock (including Class A common stock issued pursuant to restricted stock awards) or on Series B Preferred Stock or Series C Preferred Stock in the near term, 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.
On January 9, 2015, the Company issued a letter of credit in the amount of $0.1 million on behalf of First Allied. The letter of credit was issued to the lessor on a lease entered into by First Allied.

Derivative_Contracts

Derivative Contracts	12 Months Ended
Derivative Contracts	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative contracts	Derivative Contracts
	During the second quarter of 2014, the Company entered into a series of contemporaneous transactions 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 Series A Preferred Stock (“hybrid instruments”).
	The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and Series A 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.
	On November 18, 2014 and December 12, 2014, a portion of the Series A Preferred Stock was submitted for conversion, and on December 10, 2014, December 19, 2014 and February 23, 2015, shares of Class A common stock were issued on account of such conversions. Accordingly, the bifurcated derivatives associated with the converted Series A Preferred Stock were adjusted to their fair value on the date of each submission for conversion, with the changes in fair value reflected in other revenues in the consolidated statement of income. The bifurcated derivatives associated with the converted Series A Preferred Stock were then written off against additional paid-in capital.
	On December 19, 2014, the remaining Series A Preferred Stock was exchanged for Series B Preferred Stock and Series C Preferred Stock. Accordingly, the bifurcated derivatives associated with the remaining Series A Preferred Stock were adjusted to their fair value as measured on the date of the exchange, with the change in fair value reflected in other revenues in the consolidated statement of income. The remaining bifurcated derivatives associated with the Series A Preferred Stock, which were exchanged, were written off against additional paid-in capital.
	The Series B Preferred Stock and Series C Preferred Stock also have embedded derivative contracts features that require separate accounting as derivative instruments. 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, which was amended on December 19, 2014 in connection with the exchange of Series A Preferred Stock for Series B Preferred Stock and Series C Preferred Stock. Under this agreement, 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 Series C Preferred Stock).
	The put/call agreement also provides that the members of RCS Capital Management may elect to purchase all 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 December 31, 2014, the fair value of the put right was approximately $11.6 million and was recorded in derivative contracts in the consolidated statements of financial condition. As of December 31, 2014, the call right did not have any value. The Company recorded a gain of approximately $9.6 million for the period from issuance to December 31, 2014 related to the put right in other revenues in the consolidated statements of income.
	Embedded derivatives related to the preferred stock and convertible notes
	The Company’s Series A Preferred Stock was convertible, at the option of the holders of the Company’s Series A Preferred Stock, into shares of Class A common stock. The convertible features and other features were considered embedded derivatives that were not clearly and closely related to the host instrument. As a result, these features were bifurcated and accounted for as a separate compound derivative.
	The Company recognized a loss of $3.5 million from the date of issuance through the submission for conversion date on November 18, 2014 on the embedded derivatives related to 902,000 shares of Series A Preferred Stock. The remaining fair values of the bifurcated derivatives related to the Series A Preferred Stock submitted for conversion on November 18, 2014 of $10.7 million, were written off against additional paid-in capital.
	The Company recognized a loss of $8.7 million from the date of issuance through the submission for conversion date on December 12, 2014 on the embedded derivatives related to 2,171,553 shares of Series A Preferred Stock. The remaining fair values of the bifurcated derivatives related to the Series A Preferred Stock submitted for conversion on December 12, 2014 of $26.0 million were written off against additional paid-in capital.
	The Company recognized a loss of $46.5 million from the date of issuance until the date of the submission for conversion on December 12, 2014 on the embedded derivatives related to the remaining 11,584,427 shares of Series A Preferred Stock exchanged for Series B Preferred Stock and Series C Preferred Stock. The remaining fair value of the bifurcated derivatives associated with the exchanged Series A Preferred Stock of $138.8 million, as measured on December 12, 2014, were written off against additional paid-in capital.
	The Series B Preferred Stock is not convertible but includes an option for the Company to call the instrument in connection with a consolidation or merger of our company with one or more entities that are not its affiliates which results in a Change of Control (as defined in the Series B COD) and as a result of which the Company is not the surviving entity that is considered an embedded derivative that is not clearly and closely related to the host instrument. As a result, this feature must be bifurcated and accounted for as a separate compound derivative. As of the issuance date and as of December 31, 2014, the compound derivative had no value.
	The Series C Preferred Stock is convertible, at the option of the holder, 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 December 31, 2014, the fair value of the compound derivative was approximately $69.4 million and was recorded in derivative contracts in the consolidated statements of financial condition. The Company adjusts the carrying value of the compound derivative to fair value at each reporting date, or the date of conversion, and recognizes the change in fair value in the consolidated statements of income. The Company recorded a gain of approximately $1.2 million for the period from issuance to December 31, 2014 in other revenues in the consolidated statements of income as a result of the change in fair value of the derivatives embedded in the Series C Preferred Stock.
	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 December 31, 2014, the fair value of the compound derivative was approximately $21.9 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, or the date of conversion, and recognizes the change in fair value in the statements of income. The Company recorded a gain of approximately $2.7 million for the period from issuance to December 31, 2014 in other revenues in the consolidated statements of income as a result of the change in fair value of the derivatives embedded in the convertible notes.

Preferred_Stock

Preferred Stock

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Preferred Stock

Series A Preferred Stock. On April 29, 2014, the Company issued 14,657,980 shares of Series A Preferred Stock to affiliates of Luxor in a private placement. The shares of Series A Preferred Stock were 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 was not paid in cash on the dividend payment date. The shares of Series A Preferred Stock were convertible, at the option of the holders of the Series A 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 exceeded 2.5 times the fixed conversion price, or $50.65, and at least $10.0 million of Class A common stock was traded each day for 30 consecutive days at any time after the first two years from the issuance date of the Series A Preferred Stock, then the Company may have required the holders to convert the Series A Preferred Stock into shares of Class A common stock at the same price as set forth above. Accrued and unpaid dividends on the Series A Preferred Stock were also entitled to the same liquidation preference and were convertible into additional shares of Class A common stock on the same terms as actual shares of Series A Preferred Stock.

The terms of the Series A Preferred Stock set forth in the related certificate of designation included negative covenants relating to the issuance of additional preferred securities, amending the provisions of certificate of designation, affiliate transactions and the incurrence of indebtedness. The certificate of designation relating to the Series A Preferred Stock and the indenture governing the convertible notes provided that, without the advance approval of FINRA, the aggregate number of shares of Class A common stock issued upon conversion of the Series A Preferred Stock, upon conversion of the convertible notes or pursuant to the June 10, 2014 private offering of Class A common stock, in which the Company issued 2,469,136 shares, could not exceed 24.9% of the number of common shares outstanding on the trading day immediately preceding the date of issuance of such Class A common stock.

In addition, the certificate of designation relating to the Series A Preferred Stock and the indenture governing the convertible notes provided that the aggregate number of shares of Class A common stock issued to Luxor and its affiliates (including shares of Class A common stock obtained upon conversion of the Series A Preferred Stock, the convertible notes or any other shares of Class A common stock otherwise beneficially owned by such entity) could not exceed 9.9% of the number of shares of Class A common stock outstanding on the trading day immediately preceding the date of issuance of shares of Class A common stock upon conversion. This provision could have been waived by Luxor and its affiliates on 65 days’ notice to the Company.

In the event of any liquidation, before any payment or distribution of the assets of the Company was made to or set apart for the holders of Company’s common stock, the holders would have been entitled to receive an amount equal to the greater of (i) $18.42 in cash per Series A Preferred Stock plus dividends accrued and unpaid to the date of the final distribution to the holders or (ii) an amount per Series A Preferred Stock share equal to the amount of consideration which would have been payable had each Series A Preferred Stock 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 would have been made to the holders of the Company’s common stock upon liquidation.

During the year ended December 31, 2014, the Company declared $8.0 million in dividends on its Series A Preferred Stock. The Company paid cash dividends to the Series A Preferred Stock of $3.3 million on July 10, 2014, and $4.7 million on October 9, 2014.

The Company also recognized a deemed dividend of $68.5 million in connection with the issuance of the Series A Preferred Stock. This deemed dividend represents the difference between redemption value of the Series A Preferred Stock (based on the if-converted price) and the amount of the proceeds that were allocated to the Series A Preferred Stock excluding the embedded derivative. The Series A Preferred Stock could have been 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. See Note 15 for more information.

During the year ended December 31, 2014, Luxor elected to convert 3,073,553 shares of Series A Preferred Stock into 5,405,601 shares of Class A common stock. The following table presents the details of the conversions (in thousands, except share and per share data):

Date of Submission For Conversion

Preferred Shares Converted

Liquidation Preference Converted(1)

Conversion Price Per Share(2)

Class A Common Stock Issued

Close Price Per Share on the Date of Conversion

Aggregate Market Value of Class A Common Issued

18-Nov-14

902,000

16,770

11.1

1,511,004

12.96

19,583

December 12, 2014(3)

2,171,553

40,560

10.41

3,894,597

11.81

45,995

Total(4)

3,073,553

57,330

10.61

5,405,601

12.13

65,578

_____________________

(1) The liquidation preference is determined by multiplying the number of shares being converted by $18.42 then adding the unpaid dividends on such shares.

(2) Both conversions were calculated using 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.

(3) To comply with ownership limitations applicable to Luxor under the terms of the Series A Preferred Stock, 1,852,575 shares of Class A common stock were issued on December 19, 2014 and 2,042,022 shares of Class A common stock were issued on February 23, 2015. See Note 15 for more information.

(4) Per share totals are expressed as weighted averages.

Exchange of Series A Preferred Stock. On December 19, 2014 the Company exchanged the remaining 11,584,427 shares of Series A Preferred Stock for 5,800,000 shares of Series B Preferred Stock and 4,400,000 shares of Series C Preferred Stock. $3.0 million of accrued and unpaid dividends on Series A Preferred Stock through December 12, 2014, the date of submission for conversion, were proportionately added to the amount of dividends due on the Series B Preferred Stock and the Series C Preferred Stock on January 12, 2015, the first dividend payment date.

Series B Preferred Stock. On December 19, 2014, the Company issued 5,800,000 of Series B Preferred Stock to affiliates of Luxor.

If paid in cash, dividends on shares of Series B Preferred Stock accrue quarterly at 11.00% per annum of the liquidation preference. To the extent a quarterly dividend is not paid in cash on the applicable dividend payment date, then such dividend not paid in cash for such period will accrue at 12.50% per annum of the liquidation preference.

The initial liquidation preference of shares of Series B Preferred Stock was $25.00 per share. Any dividends that are not paid in cash on an applicable dividend payment date are automatically added to the aggregate liquidation preference on such applicable dividend payment date.

The holders of Series B Preferred Stock have no conversion rights.

At any time prior to June 12, 2016, the Company has the right to redeem all (and not less than all) of the outstanding shares of Series B Preferred Stock for cash at a redemption price equal to the aggregate liquidation preference plus accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of redemption.

Starting on December 12, 2022, the Company will have a right to redeem, and holders of shares of Series B Preferred Stock will have a right to cause the Company to redeem, all or a part of the outstanding shares of Series B Preferred Stock for cash at a redemption price equal to the aggregate liquidation preference plus accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of redemption. If any redemption by the Company would result in less than $35.0 million in aggregate liquidation preference of Series B Preferred Stock remaining outstanding, then the Company will be required to redeem all (and not less than all) of the outstanding shares of Series B Preferred Stock.

The shares of Series B Preferred Stock are also redeemable in connection with a consolidation or merger of the Company with one or more entities that are not its affiliates which results in a change of control and as a result of which the Company is not the surviving entity.

The Series B Preferred Stock ranks pari passu with the Series C Preferred Stock.

In the event of (A) a dissolution or winding up of our company, whether voluntary or involuntary, (B) a consolidation or merger of the Company with and into one or more entities which are not our affiliates which results in a change of control, or (C) a sale or transfer of all or substantially all of the Company’s assets other than to an affiliate of the Company, before any payment or distribution of the assets of the Company (whether capital or surplus) shall be made to or set apart for the holders of equity securities junior to the Series B Preferred Stock, the holders of shares of Series B Preferred Stock are entitled (subject to the redemption rights of such holders in connection with a consolidation or merger of the Company with one or more entities that are not its affiliates which results in a change of control and as a result of which our company is not the surviving entity) to receive an amount equal to the liquidation preference plus an amount equal to all accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of the final distribution to such holder.

The terms of the Series B Preferred Stock set forth in the related certificate of designation include voting rights relating to the issuance of additional preferred securities, amending the provisions of the related certificate of designation, affiliate transactions and the incurrence of indebtedness.

During the year ended December 31, 2014, the Company accrued $0.8 million in dividends on its Series B Preferred Stock. The Company also recognized a deemed dividend of $26.7 million, which included 56.9% of the accrued and unpaid dividends on the shares of Series A Preferred Stock that were exchanged in connection with the issuance of the Series B Preferred Stock. This deemed dividend represents the difference between redemption value of the Series B Preferred Stock (based on the if-converted price) and the amount of the proceeds that were allocated to the Series B Preferred Stock excluding the embedded derivative. The Series B Preferred Stock can be settled in cash in certain situations; therefore, the Company elected to accrete the Series B Preferred Stock up to the redemption value on the date of issuance. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders. During the first quarter of 2015 to reflect dividends accrued through December 31, 2014, the liquidation preference of the Series B Preferred Stock was increased by $2.8 million, which included 56.9% of the accrued and unpaid dividends on the exchanged shares of Series A Preferred Stock. Since the quarterly dividend was not paid in cash on the dividend payment date, the 12.5% dividend rate took effect.

Series C Preferred Stock. On December 19, 2014, the Company issued 4,400,000 of Series C Preferred Stock to affiliates of Luxor. If paid in cash, dividends on shares of Series C Preferred Stock will accrue quarterly at 7.00% per annum of the liquidation preference. To the extent a quarterly dividend is not paid in cash on the applicable dividend payment date, then such dividend not paid in cash for such period will accrue at 8.00% per annum of the liquidation preference.

The initial liquidation preference of shares of Series C Preferred Stock was $25.00 per share. Any dividends that are not paid in cash on an applicable dividend payment date are automatically added to the aggregate liquidation preference on such applicable dividend payment date.

The shares of Series C Preferred Stock are convertible, at the option of the holders of the Series C Preferred Stock, into shares of Class A common stock, at $13.00, which conversion price is subject to anti-dilution adjustments upon the occurrence of certain events and transactions. If both the one-day VWAP and the daily closing price of Class A common stock for the prior 30 consecutive trading days exceeds $50.66 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 Series C Preferred Stock, then the Company may require the holders to convert the Series C Preferred Stock into shares of Class A common stock at the same price as set forth above.

The following limitations on the ownership of Class A common stock, which will be adjusted as appropriate for share splits, share dividends, combinations, recapitalizations and the like and taking into account the number of shares of Class A common stock resulting from such conversion, are contained in the certificate of designation related to the Series C Preferred Stock.

At any time when a holder of Series C Preferred Stock then beneficially owns 9.9% or less, but greater than 4.9%, of the shares of Class A common stock outstanding, in no event will such holder be allowed to accept shares of Class A common stock issuable upon conversion of Series C Preferred Stock that, when taken together with the shares of Class A common stock otherwise beneficially owned, collectively exceeds 9.9% of the shares of Class A common stock outstanding on the trading day immediately preceding the election to convert such Series C Preferred Stock. This ownership limitation can be waived by any holder of Series C Preferred Stock on 65 days prior written notice to the Company.

At any time when a holder of Series C Preferred Stock then beneficially owns 4.9% or less of the shares of Class A common stock outstanding, in no event will such holder be allowed to accept shares of Class A common stock obtained upon conversion of Series C Preferred Stock that, when taken together with the shares of Class A common stock otherwise held, collectively exceeds 4.9% of the shares of Class A common stock outstanding on the trading day immediately preceding the election to convert such Series C Preferred Stock. This ownership limitation can be waived by any holder of Series C Preferred Stock on 65 days prior written notice to the Company.

In no event will a holder of Series C Preferred Stock be allowed to accept shares of Class A common stock issuable upon conversion of Series C Preferred Stock that that would result in that holder owning an aggregate number of shares of Class A common stock, when taken together with any other shares of Class A common stock then held by such holder and persons aggregated with such holder under the rules of the FINRA, in excess of 24.9% of the shares of Class A common stock outstanding on the trading day immediately preceding the election to convert such Series C Preferred Stock, unless such ownership of shares of Class A common stock in excess of 24.9% is duly approved in advance by FINRA.

The ownership limitations described above are identical to the limitations contained in the indenture governing the convertible notes and the put/call agreement governing Luxor’s right to exchange its membership interest in RCS Capital Management for shares of Class A common stock.

Starting on December 12, 2022, the Company will have a right to redeem, and holders of shares of Series C Preferred Stock will have a right to cause the Company to redeem, all or a part of the outstanding shares of Series C Preferred Stock for cash at a redemption price equal to the aggregate liquidation preference plus accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of redemption. If any redemption by the Company would result in less than $35.0 million in aggregate liquidation preference of Series C Preferred Stock remaining outstanding, then the Company will be required to redeem all (and not less than all) of the outstanding shares of Series C Preferred Stock.

The shares of Series C Preferred Stock are also redeemable in connection with a consolidation or merger of the Company with one or more entities that are not its affiliates which results in a change of control and as a result of which the Company is not the surviving entity.

The Series C Preferred Stock ranks pari passu with the Series B Preferred Stock.

In the event of (A) a dissolution or winding up of our company, whether voluntary or involuntary, (B) a consolidation or merger of the Company with and into one or more entities which are not our affiliates which results in a change of control, or (C) a sale or transfer of all or substantially all the Company’s assets other than to an affiliate of the Company, before any payment or distribution of the assets of the Company (whether capital or surplus) shall be made to or set apart for the holders of equity securities junior to the Series C Preferred Stock, the holders of shares of Series C Preferred Stock are entitled (subject to the redemption rights of such holders in connection with a consolidation or merger of the Company with one or more entities that are not its affiliates which results in a change of control and as a result of which our company is not the surviving entity) to receive an amount equal to the greater of: (i) the liquidation preference plus an amount equal to all accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of the final distribution to such holder; and (ii) an amount per share of Series C Preferred Stock equal to the amount or consideration which would have been payable had each share of Series C Preferred Stock been converted into shares of Class A common stock.

The terms of the Series C Preferred Stock set forth in the related certificate of designation include voting rights relating to the issuance of additional preferred securities, amending the provisions of the related certificate of designation, affiliate transactions and the incurrence of indebtedness.

During the year ended December 31, 2014, the Company accrued $0.4 million in dividends on its Series C Preferred Stock. The Company also recognized a deemed dividend of $42.8 million, which includes 43.1% of the accrued and unpaid dividends on the shares of Series A Preferred Stock exchanged in connection with the issuance of the Series C Preferred Stock. This deemed dividend represents the difference between the redemption value of the Series C Preferred Stock (based on the if-converted price) and the amount of the proceeds that were allocated to the Series C Preferred Stock excluding the embedded derivative. The Series C Preferred Stock can be settled in cash in certain situations; therefore, the Company elected to accrete the Series C Preferred Stock up to the redemption value on the date of issuance. This accretion was recognized in its entirety resulting in a reduction in the income attributable to the common stockholders. During the first quarter of 2015 to reflect dividends accrued through December 31, 2014, the liquidation preference of the Series C Preferred Stock was increased by $1.9 million, which included 43.1% of the accrued and unpaid dividends on exchanged shares of Series A Preferred Stock. Since the quarterly dividend was not paid in cash on the dividend payment date, the 8% dividend rate took effect.

Stockholders’ Equity

As of December 31, 2014, the Company had the following classes of common stock and non-controlling interests:

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.

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 2014, the Class A common stock issued as consideration in connection with the acquisitions of Summit, J.P. Turner, First Allied, ICH, Trupoly, and StratCap was 498,884 shares, 239,362 shares, 11,264,929 shares, 2,027,966 shares (2,029,261 shares issued on July 11, 2014, of which 1,295 shares were subsequently canceled on October 6, 2014 as an adjustment to the final consideration), 33,652 shares and 464,317 shares, respectively. In March 2015, the Company amended its agreement with J.P. Turner to settle the remaining contingent and deferred consideration for the J.P. Turner acquisition and issued 245,813 shares of Class A common stock. See Note 2 for more information.

During the year ended December 31, 2014, the Company granted 2,624,027 shares, net of forfeited and retired grants, of its Class A common stock in the form of restricted stock awards under the RCAP Equity Plan and upon exchange of the Earned LTIP Units. See Notes 1 and 13 for more information.

On September 30, 2014, the Company issued 723,234 shares of its Class A common stock and 241,078 warrants to purchase shares of Class A common stock under the 2014 Stock Purchase Program. On December 31, 2014, the Company issued 468,762 shares of its Class A common stock and 156,254 warrants to purchase shares of Class A common stock under the 2014 Stock Purchase Program. See Note 13 for more information.

On December 10, 2014, December 19, 2014 and February 23, 2015, the Company issued 1,511,004 shares, 1,852,575 shares and 2,042,022 shares, respectively, of its Class A common stock pursuant to the conversion of a portion of the Company’s outstanding Series A Preferred Stock. See Note 11 for more information.

In addition to 287,502 issued under the RCAP Equity Plan, the Company issued 23,445 shares of its Class A common stock in a private placement pursuant to the exchange of the Company’s outstanding Earned LTIP Units on December 31, 2014. See Notes 1 and 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. At the present time, the Company does not expect to pay quarterly dividends on Class A common stock (including Class A common stock issued pursuant to restricted stock awards) or on Series B Preferred Stock and Series C Preferred Stock in the near term, as the Company’s ability to pay cash dividends is restricted due to negative covenants in the Bank Facilities. See Note 9 for more information.

Class B common stock. As of December 31, 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 OPP was amended which resulted in RCS Capital Management earning 310,947 Earned LTIP Units and forfeiting 1,014,053 RCS Holdings LTIP Units. Immediately prior to the acquisition by Luxor of an interest in RCS Capital Management on April 29, 2014, 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. Prior to December 31, 2014, the interests of the RCS Holdings LTIP Units were included in non-controlling interests.

On December 31, 2014, the Company, RCS Capital Management, and RCS Holdings, entered into a series of agreements providing that all the Earned LTIP Units became fully vested on December 31, 2014 and were converted and exchanged for 310,947 shares of Class A common stock. As a result, no RCS Holdings LTIP Units were outstanding as of December 31, 2014, thus eliminating the non-controlling interest in RCS Holdings related to the existence of the RCS Holdings LTIP Units. See Note 1 for more information.

Docupace non-controlling interest. The non-controlling shareholder of Docupace participates equally with the Company in the economic benefits of the post combination entity. Accordingly, the Company included the appropriate portion of Docupace’s net assets and operating loss that it does not own in non-controlling interests on the consolidated statement of financial condition and the consolidated statements of income, respectively. See Note 2 for more information.

Subsidiary dividends. Cash dividends paid to the Company by its consolidated subsidiaries were $102.5 million and $4.9 million for the year ended December 31, 2014 and 2013, respectively. There were no dividends paid to the Company by its consolidated subsidiaries for the year ended December 31, 2012.

Stockholders_Equity

Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

Preferred Stock

Date of Submission For Conversion

Preferred Shares Converted

Liquidation Preference Converted(1)

Conversion Price Per Share(2)

Class A Common Stock Issued

Close Price Per Share on the Date of Conversion

Aggregate Market Value of Class A Common Issued

18-Nov-14

902,000

16,770

11.1

1,511,004

12.96

19,583

December 12, 2014(3)

2,171,553

40,560

10.41

3,894,597

11.81

45,995

Total(4)

3,073,553

57,330

10.61

5,405,601

12.13

65,578

_____________________

(1) The liquidation preference is determined by multiplying the number of shares being converted by $18.42 then adding the unpaid dividends on such shares.

(2) Both conversions were calculated using 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.

(4) Per share totals are expressed as weighted averages.

Series B Preferred Stock. On December 19, 2014, the Company issued 5,800,000 of Series B Preferred Stock to affiliates of Luxor.

The holders of Series B Preferred Stock have no conversion rights.

The Series B Preferred Stock ranks pari passu with the Series C Preferred Stock.

The Series C Preferred Stock ranks pari passu with the Series B Preferred Stock.

In the event of (A) a dissolution or winding up of our company, whether voluntary or involuntary, (B) a consolidation or merger of the Company with and into one or more entities which are not our affiliates which results in a change of control, or (C) a sale or transfer of all or substantially all the Company’s assets other than to an affiliate of the Company, before any payment or distribution of the assets of the Company (whether capital or surplus) shall be made to or set apart for the holders of equity securities junior to the Series C Preferred Stock, the holders of shares of Series C Preferred Stock are entitled (subject to the redemption rights of such holders in connection with a consolidation or merger of the Company with one or more entities that are not its affiliates which results in a change of control and as a result of which our company is not the surviving entity) to receive an amount equal to the greater of: (i) the liquidation preference plus an amount equal to all accrued and unpaid dividends from the date immediately following the immediately preceding dividend payment date to the date of the final distribution to such holder; and (ii) an amount per share of Series C Preferred Stock equal to the amount or consideration which would have been payable had each share of Series C Preferred Stock been converted into shares of Class A common stock.

Stockholders’ Equity

As of December 31, 2014, the Company had the following classes of common stock and non-controlling interests:

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.

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.

EquityBased_Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation
	RCAP Equity Plan
	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) 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 Registration Statements on Form S-8 filed on February 19, 2014 and January 9, 2015, a total of 6,980,124 shares of Class A common stock may be granted pursuant to awards under the RCAP Equity Plan. As of December 31, 2014 and March 6, 2015, 2,624,027 and 3,421,815 shares of Class A common stock, respectively, had been granted pursuant to awards under the RCAP Equity Plan, net of forfeited and retired grants. Subject to the filing of a registration statement on Form S-8, approximately 2,289,058 additional shares could become available for grant under the RCAP Equity Plan as of March 6, 2015.
	The following table details the restricted shares activity during the year ended December 31, 2014:


		Shares of Restricted Common Stock			Weighted-Average Issue Price			Aggregate Value (in thousands)			Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—			$	—		$	—		—

	Granted(1)	2,368,203			34.71			82,200			3.82

	Less: vested(2)	59,812			27.73			1,659			N/A

	Less: forfeited	26,086			38.1			994			N/A

	Less: retired	5,592			30.73			172			N/A

	Nonvested, December 31, 2014	2,276,713			$	34.86		$	79,375		3.09

	_____________________
	(1) Does not include 287,502 shares of Class A common stock issued to individual members of RCS Capital Management that were issued as awards under the RCAP Equity Plan on December 31, 2014 following conversion and exchange of Earned LTIP units.
	(2) The shares that vested during the year ended December 31, 2014 had an aggregate fair market value of $1.6 million on the vesting dates.
	During the year ended December 31, 2014, the Company recorded $16.4 million of stock-based compensation expenses pursuant to the RCAP Equity Plan which is included in internal commissions, payroll and benefits expense in the consolidated statements of income. The Company did not incur expenses pursuant to the RCAP Equity Plan during the years ended December 31, 2013 and 2012. The tax benefit generated by the RCAP Equity Plan during the year ended December 31, 2014 was $4.6 million.
	During the year ended December 31, 2014, the Company granted 171,567 restricted stock awards, net of forfeited and retired awards, to certain employees of related parties under the RCAP Equity Plan with a weighted average grant date fair value of $36.72. During the year ended December 31, 2014, 3,038 shares granted to employees of related parties 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 restricted stock awards have rights to non-forfeitable dividends for which the Company recognized $0.1 million derived from the grants to employees of related parties for the year ended December 31, 2014.
	Restricted Stock Awards Granted by an Entity that was Previously a Related Party
	An entity that was previously 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 Company re-measures the fair value of the awards at each reporting date based on such entity’s stock price, at which time the amortization of the award is adjusted. During the year ended December 31, 2014, the Company recorded $3.1 million of stock-based compensation expenses derived from these grants which is included in internal commissions, payroll and benefits expense in the consolidated statements of income. The Company did not have any stock-based compensation during the years ended December 31, 2013 and 2012. The tax benefit generated by these grants during the year ended December 31, 2014 was $0.9 million.
	The following table details the restricted shares activity related to restricted stock awards of an entity that was previously a related party granted to RCAP employees during the year ended December 31, 2014:


		Shares of Restricted Common Stock of a Related Party			Weighted-Average Fair Value Per Share			Aggregate Value (in thousands)			Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—			$	—		$	—		—

	Granted	512,430			10.39			5,324			4.05

	Less: vested	143,805			13.83			1,989			N/A

	Less: forfeited	—			—			—			N/A

	Nonvested, December 31, 2014	368,625			$	9.05		$	3,335		2.83

	FA RSU Plan
	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 vested on September 25, 2014 had a non-fluctuating value of $20.00 per unit and were settled by a $2.8 million payment made by the Company in cash in October 2014. The restricted units of the second and third tranches 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. As of December 31, 2014, there were 211,498 nonvested units outstanding.
	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. During the year ended December 31, 2014 and the period September 25, 2013 through December 31, 2013, the Company recorded $3.9 million and $0.7 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. The Company did not incur expenses pursuant to the FA RSU Plan during the year ended December 31, 2012. As of December 31, 2014, the weighted-average vesting period remaining for the restricted units granted under the FA RSU Plan is 1.75 years. The tax benefits generated by the FA RSU plan during the years ended December 31, 2014 and 2013 were $1.1 million and $0.01 million, respectively.
	2014 Stock Purchase Program
	Select employees, financial advisors and executive officers of the Company and its affiliates and of certain subsidiaries of the Company were eligible to participate in the 2014 Stock Purchase Program (the “Program”). Subject to the terms and conditions of the Program, eligible individuals had the opportunity on specified dates in 2014 to elect to purchase shares of Class A common stock and were automatically granted one warrant to purchase one share of Class A common stock for each three shares purchased. Each warrant granted gave the holder the right to purchase one additional share of Class A common stock at an exercise price equal to the purchase price per share purchased under the Program, and will vest and become exercisable, subject to continuous service from the grant date to the three-year anniversary of the grant. Such warrants may be exercised by the holder until the earliest of the 30th day following the date the holder’s service is terminated for any reason other than for cause and the 10-year anniversary of the issuance. Upon a termination of service for any reason, all outstanding nonvested warrants held by a warrant holder will expire and terminate immediately. Upon a termination of service for cause, all outstanding warrants, vested or nonvested, held by a warrant holder will expire and terminate immediately. The Program was not intended to qualify as an “employee stock purchase plan” under Section 423 of the Code, and any warrants granted under the Program were not intended to qualify as “incentive stock options” under Section 422 of the Code.
	On September 30, 2014, 723,234 shares of Class A common stock were purchased at a price of $22.52 per share and 241,078 warrants were granted under the Program. On December 31, 2014, 468,762 shares of Class A common stock were purchased at a price of $12.24 per share and 156,254 warrants were granted under the Program.
	The following table presents the details for the inputs and valuations of the warrants using a Black-Scholes option pricing model:


	Date of Issuance		Valuation Date		Exercise Price			Fair Value			Volatility(1)		Risk-Free Rate of Interest		Dividend Yield		Time to Expiration (years)(2)
	September 30, 2014		September 30, 2014		$	22.52		$	7.88		30	%	2.23	%	—	%	6.5

	September 30, 2014		December 31, 2014		$	22.52		$	1.75		30	%	1.95	%	—	%	6.25

	December 31, 2014		December 31, 2014		$	12.24		$	4.2		30	%	1.95	%	—	%	6.5

	_____________________
	(1) Volatility was based on the historical and implied volatility of a peer group of companies.
	(2) Time to expiration was calculated using the simplified method to estimate the expected term assumption for “plain vanilla” options.
	The following table details the warrant activity during the year ended December 31, 2014:


		Warrants			Weighted-Average Fair Value			Aggregate Value (in thousands)			Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—			$	—		$	—		—

Issued	397,332			3.44			1,367			3

Less: vested	—			—			—			N/A

Less: forfeited	1,915			7.88			15			N/A

Nonvested, December 31, 2014	395,417			$	3.42		$	1,352		2.85

Warrants issued to employees of the Company are expensed over the three-year vesting period using the grant date fair value as calculated by the Black-Scholes option pricing model. Warrants issued to individuals that are not deemed employees of the Company are expensed over the three-year vesting period using the fair value on the reporting date as calculated by the Black-Scholes option pricing model. The expenses recognized for the year ended December 31, 2014 included in internal commissions, payroll and benefits in the consolidated statements of income were immaterial. The Company did not incur expenses pursuant to the 2014 Stock Purchase Program during the years ended December 31, 2013 and 2012. The tax benefit generated by the warrants during the year ended December 31, 2014 was $0.02 million.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	During the year ended December 31, 2012, Realty Capital Securities was the only one of the Company’s operating subsidiaries that was in operation. As a limited liability company it was not subject to income taxes, accordingly, Realty Capital Securities did not record income tax expense (benefit).
	The components of income tax expense/(benefit) included in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands):


		Year Ended December 31,
		2014				2013				2012
	Current income tax expense
	U.S. federal	$	(1,630	)		$	1,630			$	—

	State and local	(196		)		677				—

	Total current income tax expense	(1,826		)		2,307				—


	Deferred income tax benefit
	U.S. federal	(33,351		)		(390		)		—

	State and local	(11,308		)		(74		)		—

	Total deferred income tax benefit	(44,659		)		(464		)		—

	Total income tax expense	$	(46,485	)		$	1,843			$	—

	The reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for the years ended December 31, 2014, 2013 and 2012 were as follows:


		Year Ended December 31,
		2014			2013			2012
	U.S. federal statutory income tax rate	35	%		35	%		—	%
	Increase (decrease) in tax rate resulting from:
	State and local income taxes net of federal benefit	4.82	%		0.39	%		—	%
	Fair value adjustments on derivatives	(10.10	)%		—	%
	Transaction costs	(1.92	)%		—	%		—	%
	Non-controlling interests	1.81	%		(33.63	)%		—	%
	Other	(1.63	)%		0.09	%		—	%
	Effective income tax rate	27.98	%		1.85	%		—	%
	As the Company was in a pre-tax income position in 2013 and a pre-tax loss position in 2014, the effective income tax rate for 2013 represents a tax expense and the effective income tax rate for 2014 represents a tax benefit.
	Deferred income tax expense (benefits) result from differences between assets and liabilities measured for financial reporting purposes versus income tax return purposes. Deferred income tax assets are recognized if, in the Company’s judgment, their realizability is determined to be more likely than not. If a deferred tax asset is determined to be unrealizable, the Company records a valuation allowance. The components of the deferred income taxes as of December 31, 2014 and 2013 were as follows (dollars in thousands):


		Year Ended December 31,
		2014				2013
	Deferred tax assets
	Net operating loss carryforward	46,551				$	1

	Deferred compensation	26,916				21

	Accrued liabilities and reserves	15,971				104

	Stock-based compensation	9,763				6,717

	Amortization	5,011				—

	Deferred revenue	3,443				1,815

	Other	1,268				840

	Gross deferred tax assets	$	108,923			$	9,498

	Valuation allowance	(256		)		—

	Deferred tax assets, net of valuation allowance	108,667				9,498


Deferred tax liabilities
Intangible assets	372,947				$	33,013

Convertible notes basis	1,922				—

Fixed assets	—				52

Total deferred tax liabilities	$	374,869			$	33,065


Net deferred tax liability	$	266,202			$	23,567

The Company believes that, as of December 31, 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 December 31, 2014.
As of December 31, 2014, the Company had US federal net operating loss carryforwards of $111.9 million, which begin to expire in 2023. As of December 31, 2014, the Company had an income tax receivable of $40.4 million.
The Company files tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is open to audit under the statute of limitations by the Internal Revenue Service for 2013. The Company or its subsidiaries’ federal and state income tax returns are open to audit under the statute of limitations for 2011 to 2013.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 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 and any participating securities. LTIP Units, nonvested restricted shares of Class A common stock, shares issuable under the second and third tranches of the FA RSU Plan, Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock, each of which contains non-forfeitable rights to dividends, are considered participating securities. Other potentially dilutive common shares including incremental restricted shares and warrants as calculated under the treasury stock method, 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, Series A Preferred Stock and Series C Preferred Stock as calculated under the if-converted method and shares contingently issuable as consideration for the certain recent acquisitions are considered when calculating diluted EPS. Basic and diluted earnings per share for the year ended December 31, 2014 were calculated assuming that the 11,264,929 shares issued on June 30, 2014 in connection with the closing of the First Allied acquisition were outstanding for the entire period. Basic and diluted earnings per share for the year ended December 31, 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 and the 11,264,929 shares issued on June 30, 2014 in connection to the closing of the First Allied acquisition were outstanding beginning on September 25, 2013.
	The following tables present the calculation of basic and diluted earnings per share for the year ended December 31, 2014 and 2013 (in thousands, except share and per share data):


		Year Ended December 31, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(275,686	)	49,765,160	$	(5.540	)

	Allocation of earnings to participating securities:
	Allocation of earnings to nonvested RSU holders	(467		)	—	(0.009		)

	Basic and diluted earnings:
	Net loss attributable to Class A common stockholders	$	(276,153	)	49,765,160	$	(5.549	)

	_____________________
	(1) Included in net loss attributable to common stock is a net deemed dividend of $68.5 million and dividends of $8.0 million declared to Series A Preferred Stock shareholders, a deemed dividend of $26.7 million and dividends of $0.8 million declared to Series B Preferred Stock shareholders and a deemed dividend of $42.8 million and dividends of $0.4 million declared to Series C Preferred Stock shareholders. See Note 11 for more information.
	(2) 2,042,022 shares of Class A common stock issued on February 23, 2015 pursuant to the submission for conversion of Series A preferred stock on December 12, 2014 are included in the weighted average shares outstanding assuming issuance on the date of submission for conversion. See Note 11 for more information.


		Year Ended December 31, 2013
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net income attributable to the Company	2,266			7,885,186	0.287

	Allocation of earnings to participating securities:
	Allocation of earnings to FA RSU holders	(19		)	—	(0.002		)

	Basic earnings:
	Net income attributable to Class A common stockholders	$	2,247		7,885,186	$	0.285

	Effect of dilutive securities:
	Shares issuable to FA RSU holders	19			140,022	(0.003		)

	Diluted earnings:
	Net income attributable to Class A common stockholders	$	2,266		8,025,208	$	0.282

	For the year ended December 31, 2014, the Company excluded the LTIP Units, incremental restricted shares, shares issuable under the terms of the convertible notes and Luxor’s put option, the Series A Preferred Stock and Series C Preferred Stock, shares issuable under the second and third tranches of the FA RSU plan, shares contingently issuable as consideration for certain recent acquisitions and outstanding warrants issued under the 2014 Stock Purchase Program from the calculation of diluted earnings per share as the effect was antidilutive. For the year ended December 31, 2013 the Company excluded shares of Class B common stock from the calculation of diluted earnings per share as the effect was antidilutive.
	As of December 31, 2013, there were 3,975,000 LTIP Units of the Original Operating Subsidiaries outstanding under the OPP. See Note 19, “Amended and Restated 2013 Manager Multi-Year Outperformance Agreement.” There were no distributions paid to the LTIP Unit holders during 2013.
	In addition, as of December 31, 2013, the Company did not meet (a) the threshold of total return to shareholders as measured against a peer group of companies, (b) nor did the LTIP Units capital account achieve economic equivalence with the capital balance of Class A Units of the Original Operating Subsidiaries, at the end of the reporting period; therefore, the LTIP Units are excluded from the diluted earnings per share computation.

OffBalance_Sheet_Risk_and_Conc

Off-Balance Sheet Risk and Concentrations	12 Months Ended
Off-Balance Sheet Risk and Concentrations	Dec. 31, 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 December 31, 2014, the Company had 34% of reimbursable expenses, investment banking fees, services fees and transfer agent fees receivable concentrated in two related party entities, and 51% of the total wholesale commissions and dealer manager fees receivable concentrated in one non-related party. 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 REIT, and 93% of the total commissions and dealer manager fees receivable concentrated in three related party REITs.
	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	12 Months Ended
	Dec. 31, 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 $8.8 million, $1.3 million and $0.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The following table shows the future annual minimum rental payments due (in thousands):


		Year Ended December 31,
	2015	$	10,900

	2016	10,186

	2017	9,181

	2018	7,917

	2019	6,651

	Thereafter	24,353

	Total	$	69,188

	Service contracts — The Company has contracted with third parties to perform back-office processing services. The following table shows the future annual minimum payments due (in thousands):


		Year Ended December 31,
	2015	$	9,897

	2016	9,253

	2017	7,242

	2018	6,567

	2019	6,567

	Thereafter	3,978

	Total	$	43,504

	Lines of credit — As of December 31, 2014, the Company had three lines of credit. The first line of credit pursuant to the Bank Facilities is for $25.0 million with no maturity date and was unfunded as of December 31, 2014. The second line of credit, which was acquired in the Cetera acquisition, is for $50.0 million with no maturity date and was unfunded as of December 31, 2014. The third line of credit, which was acquired in the ICH acquisition, is for $1.0 million with no maturity date and was unfunded as of December 31, 2014.
	Private equity commitment — As of December 31, 2014, the Company had a commitment to invest up to $0.01 million in private equity funds.
	Acquisition commitments — In addition to the contingent and deferred consideration related to commitments discussed in Note 2, as of December 31, 2014, the Company had commitments to distribute cash and issue Class A common stock pursuant to agreements entered into for pending acquisitions. The following table shows the future annual acquisition commitments (in thousands):


		Year Ended December 31,
		Cash		Class A Common Stock
	2015	$	46,050	$	38,910

	2016	—		2,440

	2017	5,000		5,000

	Total	$	51,050	$	46,350

	Legal proceedings related to business operations — The Company and its subsidiaries are involved in legal proceedings from time to time arising out of their business operations and other matters, 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, directors and officers, 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 December 31, 2014, the Company recorded legal reserves related to several matters of $4.6 million in other liabilities in the consolidated statement of financial condition.
	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.
	There are several cases that are “reasonably possible” but for which we cannot provide a reasonable estimate. These generally are arbitrations or other matters brought against various broker-dealers now owned by the Company.
	ARCP Litigation
	On September 30, 2014, the Company entered into a definitive agreement to acquire Cole Capital Partners LLC and Cole Capital Advisors, Inc. (“Cole Capital “) from ARC Properties Operating Partnership, L.P. (“ARCP OP”), a subsidiary and the operating partnership of ARCP for $700.0 million plus contingent consideration. Cole Capital is the private capital management business of ARCP, which includes a broker-dealer, wholesale distribution, and a non-traded REIT sponsor and advisory businesses.
	The definitive agreement provided that the acquisition of Cole Capital would be consummated in two closings.
	At the first closing (the “First Closing”) on October 22, 2014, subsidiaries of the Company entered into interim sub-advisory arrangements with the current advisors (which are subsidiaries of ARCP) of the five non-traded REITs sponsored and advised by Cole Capital.
	In addition, Realty Capital Securities entered into wholesaling agreements whereby a subsidiary of Cole Capital engaged Realty Capital Securities as its distribution agent for the three non-traded REITs for which it then served as “dealer-manager.” Realty Capital Securities was entitled to receive a sourcing fee on sales through dealers it sourced.
	The Company paid a portion of the purchase price equal to $10.0 million at the First Closing.
	On October 29, 2014, ARCP announced that its audit committee had concluded that the previously issued financial statements and other financial information contained in certain public filings should no longer be relied upon. ARCP reported that this conclusion was based on the preliminary findings of an investigation conducted by ARCP’s audit committee which concluded that certain accounting errors were made by ARCP personnel that were not corrected after being discovered, resulting in an overstatement of adjusted funds from operations and an understatement of ARCP’s net loss for the three and six months ended June 30, 2014. ARCP also announced the resignation of its chief accounting officer and its chief financial officer, who is a member of RCAP Holdings and AR Capital, LLC, and served as the Company’s chief financial officer until December 2013. This individual also served as a member of the board of directors of the Company until July 2014 and had also served as an executive and director of non-traded REITs sponsored by AR Capital, LLC. This individual does not have a role in the management of the Company’s business. Although ARCP was previously sponsored by an entity under common control with RCAP Holdings and was advised by such entity until January 2014, ARCP is a separate company that is no longer sponsored or advised by an entity under common control with RCAP Holdings.
	On November 3, 2014, the Company announced that it had terminated the previously disclosed definitive agreement to acquire Cole Capital from ARCP OP. Also on November 3, 2014, ARCP issued a press release asserting that, in its view, the Company had no basis to terminate the agreement and that the Company’s termination of the agreement was itself breach of the agreement. On November 11, 2014, ARCP filed suit for specific performance, injunctive relief and other relief against the Company in the Court of Chancery of the State of Delaware, (the “ARCP Action”) and, on November 12, 2014, ARCP issued a press release asserting that the Company’s termination of the agreement constituted a breach of contract.
	On December 4, 2014, the Company entered into a binding term sheet with ARCP to settle the ARCP Action. Pursuant to the terms of the settlement, the Company paid ARCP a negotiated break-up fee consisting of a cash payment of $32.7 million and a $15.3 million, two-year promissory note bearing interest at a rate of 8% per annum, and ARCP dismissed with prejudice its lawsuit against the Company and, accordingly, the acquisition of Cole Capital did not proceed. The promissory note is recorded in long-term debt on the consolidated statements of financial condition, and the principal amount of the promissory note is due in three payments of $7.7 million, $3.8 million and $3.8 million on March 31, 2016, September 30, 2016 and March 31, 2017, respectively. The Company and ARCP also agreed, among other things, that ARCP would keep the $10.0 million payment delivered by RCS Capital in connection with the First Closing and the Company would release ARCP from its obligation to pay $2.0 million in respect of structuring services provided by Realty Capital Securities in connection with ARCP’s May 2014 equity offering. As part of the binding term sheet, we agreed with ARCP to work together in good faith to terminate any remaining transactions, and this process is ongoing.
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 and amended) filed by alleged Summit shareholders on November 27, 2013 and December 12, 2013 in Palm Beach County, Florida challenging the Summit acquisition. These lawsuits alleged, 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 did 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 asserted claims similar to those in the original complaint, added allegations relating to the amendment of the Summit merger agreement on March 17, 2014, and also challenged 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 sought 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 setting forth their agreement in principle to settle the consolidated action and, on September 15, 2014, the parties signed a stipulation of settlement and the Company recorded a provision, for its portion of the negotiated attorney’s fees payment. The same day, plaintiffs filed a motion seeking preliminary approval of the settlement and, on October 6, 2014, the Court entered the preliminary approval order. The Final Judgment and Order of Dismissal were issued by the Court on January 9, 2015.
American Realty Capital Healthcare Trust Litigation
In connection with the proposed acquisition by Ventas, Inc. (“Ventas”) of all the outstanding stock of American Realty Capital Healthcare Trust, Inc. (“ARCH”), purported shareholders of ARCH have filed multiple class action lawsuits in the Circuit Court for Baltimore City, Maryland and other jurisdictions. Two of these actions named Realty Capital Securities among others, as a defendant. The actions are: Shine v. American Realty Capital Healthcare Trust, Inc. et al filed June 13, 2014 and Abbassi, et al. v. American Realty Capital Healthcare Trust, Inc. et al. filed July 9, 2014. The actions also assert derivative claims on behalf of ARCH against Realty Capital Securities. On October 10, 2014, lead plaintiffs in the Maryland state court action filed a “Consolidated Amended Derivative and Direct Class Action Complaint,” asserting direct and derivative claims of aiding and abetting a breach of fiduciary duty against multiple defendants, including Realty Capital Securities, arising from their roles providing services to ARCH in connection with the proposed acquisition of ARCH by Ventas and seek (i) to enjoin the proposed acquisition and (ii) recover damages if the proposed acquisition is completed. A similar shareholder action, Rosenzweig v. American Realty Capital Healthcare Trust, Inc. et al, 1:14-cv-02019-GLR, was filed in federal court for the District of Maryland.
On January 2, 2015 and January 5, 2015, the parties to the consolidated state court action and the Rosenzweig action executed separate memoranda of understanding regarding settlement of all claims asserted on behalf of each alleged class of ARCH stockholders in each case. In connection with the settlement contemplated by that memoranda of understanding, each action and all claims asserted therein will be dismissed, subject to approval by each applicable court. Pursuant to the executed memoranda of understanding, ARCH made certain additional disclosures related to the Ventas transaction. The memoranda of understanding further contemplate that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, upon the conclusion of confirmatory discovery and court approval following notice to ARCH’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the applicable court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding.
The Company believes that such lawsuits are without merit, but the ultimate outcome of the matter cannot be predicted with certainty. Neither the outcome of the lawsuits nor an estimate of a probable loss or any reasonable possible losses is determinable at this time. No provisions for any losses related to the lawsuits have been recorded in the accompanying consolidated financial statements for the year ended December 31, 2014. An adverse judgment for monetary damages could have a material adverse effect on the operations and liquidity of the Company. All defendants have stated in court filings that they believe that the claims are without merit and are defending against them vigorously.
RCAP Shareholder Class Action Litigation
On or about December 29, 2014, a securities law class action lawsuit was filed in federal court in the Southern District of New York (Weston v. RCS Capital Corporation et al, 14 CV 10136) against the Company and certain former or current officers and directors of the Company. The lawsuit asserts the Company and the individual defendants violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading public statements pertaining to the Company’s financial position and future business and acquisition prospects. Specifically, plaintiffs allege that defendants made false and/or misleading statements and/or failed to disclose that: (i) the financial statements of ARCP were material false and misleading as a result of accounting irregularities that were disclosed by ARCP on October 29, 2014; (ii) the Company’s announced acquisition of Cole Capital Partners LLC and Cole Capital Advisors was at serious risk due to the accounting issues at ARCP; and (iii) the Company’s revenue stream from its relationship with ARCP was in jeopardy as a result of the accounting issues at ARCP announced on October 1, 2014. There have not been any other material court filings involving the Company or Realty Capital Securities, LLC.
The Company believes the Weston complaint is without merit and intends to vigorously defend itself against its allegations.
ARCP Shareholder Class Action Litigation
The Company was named as a defendant in a consolidated federal securities law class action (Teachers Insurance and Annuity Association of America, et al. v. American Realty Capital Properties, Inc. et al, Civ. A. 15-cv-00421) filed in federal court in New York on January 21, 2015 brought on behalf of all persons who purchased or otherwise acquired securities of ARCP between May 6, 2013 and October 29, 2014, including ARCP common stock, preferred stock and debt securities. The lawsuit’s claims, premised on Sections 11, 12 and 15 of the Securities Act of 1933 and Sections 14(a), 10(b) and 20(a) of the Securities Exchange Act of 1934, allege generally that defendants issued or assisted in the issuance of false and misleading statements to the investing public, including in registration statements, prospectuses, proxies and other public statements and press releases, concerning ARCP’s financial results as part of a scheme to artificially inflate the value of ARCP’s securities.
More specifically, the complaint alleges that the Company is a “control person” of ARCP under the securities laws and thus plaintiffs seek to hold the Company responsible for the alleged misstatements of ARCP and its officers and directors. The Company is also alleged to be a “structuring advisor” to ARCP. Realty Capital Securities, LLC, a subsidiary of the Company is named as a defendant based on its role as a co-manager of ARCP’s July 2013 convertible notes offering.
There have not been any other material court filings involving the Company or Realty Capital Securities, LLC.
The Company believes the Teachers complaint is without merit and intends to vigorously defend itself against the allegations contained in the complaint.
Massachusetts Securities Division Subpoenas
On November 7, 2014 and December 19, 2014, Realty Capital Securities received subpoenas from the Massachusetts Secretary of the Commonwealth, Securities Division (the “Division”), requiring the production of certain documents and other materials, dated from January 1, 2014 to the present, relating to sales by Realty Capital Securities of certain non-traded REITs and similar products sponsored, co-sponsored or advised by AR Capital, LLC and the organizational structure of Realty Capital Securities. Realty Capital Securities has complied with the subpoenas.
On December 19, 2014, the Company received a subpoena from the Massachusetts Secretary of the Commonwealth, Securities Division (the “Division”), requiring the production of certain documents and other materials, dated from January 1, 2014 to the present, relating the Company’s organizational structure. The Company has complied with the subpoena.

Net_Capital_Requirements

Net Capital Requirements	12 Months Ended
	Dec. 31, 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 the 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 December 31, 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 and percentages).



		December 31, 2014			December 31, 2013
	Realty Capital Securities:
	Net capital	$	18,770		$	25,627

	Required net capital	1,174			1,294

	Net capital in excess of required net capital	$	17,596		$	24,333

	Aggregate indebtedness to net capital ratio	0.94 to 1			0.76 to 1
	First Allied Securities, Inc. (alternative method):
	Net capital	$	3,431		$	4,777

	Required net capital	250			250

	Net capital in excess of required net capital	$	3,181		$	4,527

	Net capital as a percentage of aggregate debit items evaluation	in compliance(1)			in compliance(1)
	Legend Equities Corporation:
	Net capital	$	2,067		$	2,684

	Required net capital	187			224

	Net capital in excess of required net capital	$	1,880		$	2,460

	Aggregate indebtedness to net capital ratio	1.36 to 1			1.25 to 1
	Cetera Advisor Networks LLC (alternative method)(2):
	Net capital	$	13,785

	Required net capital	250

	Net capital in excess of required net capital	$	13,535

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Advisors LLC (alternative method)(2):
	Net capital	$	9,294

	Required net capital	250

	Net capital in excess of required net capital	$	9,044

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Financial Specialists LLC (alternative method)(2):
	Net capital	$	5,018

	Required net capital	250

	Net capital in excess of required net capital	$	4,768

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Investment Services LLC (alternative method)(2):
	Net capital	$	17,190

	Required net capital	250

	Net capital in excess of required net capital	$	16,940

	Net capital as a percentage of aggregate debit items	192%
	Hatteras Capital Distributors, LLC(2):
	Net capital	$	2,145

Required net capital	5

Net capital in excess of required net capital	$	2,140

Aggregate indebtedness to net capital ratio	0.02 to 1


	December 31, 2014			December 31, 2013
J.P. Turner & Company LLC(2):
Net capital	$	3,379

Required net capital	442

Net capital in excess of required net capital	$	2,937

Aggregate indebtedness to net capital ratio	1.96 to 1
Summit Brokerage Services, Inc.(2):
Net capital	$	5,878

Required net capital	506

Net capital in excess of required net capital	$	5,372

Aggregate indebtedness to net capital ratio	1.29 to 1
Investors Capital Corporation (alternative method)(2):
Net capital	$	3,817

Required net capital	250

Net capital in excess of required net capital	$	3,567

Net capital as a percentage of aggregate debit items	in compliance(1)
Advisor Direct, Inc.(2):
Net capital	$	12

Required net capital	5

Net capital in excess of required net capital	$	7

Aggregate indebtedness to net capital ratio	5.67 to 1
SC Distributors LLC (alternative method)(2):
Net capital	$	2,004

Required net capital	250

Net capital in excess of required net capital	$	1,754

Net capital as a percentage of aggregate debit items	in compliance(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	12 Months Ended
Related Party Transactions	Dec. 31, 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 as well as certain transactions that are co-sponsored by an affiliate or related party of ARC Capital LLC, 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. During the years ended December 31, 2014, 2013 and 2012, the Company earned revenues of $777.5 million, $713.4 million and $257.3 million, respectively, from related party transactions. As of December 31, 2014 and December 31, 2013, the receivables for such revenues were $31.6 million and $49.4 million, respectively.
	The Original Operating Subsidiaries were initially capitalized and funded by RCAP Holdings. During the year ended December 31, 2012, Realty Capital Securities received financial support from RCAP Holdings through capital contributions and expense allocation agreements. Through an agreement with an affiliate, Realty Capital Securities was allocated certain operating expenses including occupancy, professional services, communications and data processing, advertising and employee benefits. The total expense allocation for the year ended December 31, 2012 was approximately $0.8 million.
	Pursuant to a shared services agreement, beginning on January 1, 2013, AR Capital, LLC charges the Company for the services of information technology, human resources, accounting services and office services and facilities. For these services, the Company incurred expenses of $5.5 million and $3.5 million for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014 and December 31, 2013, the payables for such expenses were $0.5 million and $0.3 million, respectively.
	The Company incurs expenses directly for certain services. 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 on a reasonable basis, as determined by the Company its sole discretion. 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 the allocated expenses are eliminated in consolidation and are settled quarterly. During the year ended December 31, 2014, the Company’s operating subsidiaries incurred $14.7 million, respectively, related to such expenses. The Original Operating Subsidiaries and First Allied did not incur any such expenses for the year ended December 31, 2013. There were no expenses payable by RCAP Holdings as of December 31, 2014 and December 31, 2013.
	As of December 31, 2014, the members of RCAP Holdings owned 43.34% of Class A common stock outstanding primarily obtained as a result of the Exchange Transaction and the contribution of First Allied. As of December 31, 2013, RCAP Holdings owned 2.06% of Class A common stock outstanding and all 24,000,000 shares of Class B common stock outstanding. From time to time, RCAP Holdings, or the members of 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 a related party, ARC HTNEWRI001, LLC. 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 year ended December 31, 2014, the Company incurred $0.1 million in rent expense in connection with this lease. The Company did not earn any revenue from the Crestline agreement during the year ended December 31, 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 provides business strategy services, 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, 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. The Company received a waiver to exclude unrealized gains on derivatives from the calculation of the quarterly fee for the three months ended June 30, 2014.
	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 were 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 of 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 months 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 years ended December 31, 2014 and 2013 were $2.0 million and $6.0 million, respectively, which are the expenses recorded by the Company. The payable for such expense is included in accrued expenses and accounts payable - due to related parties within the accompanying consolidated statements of financial condition.
	The Company did not incur an incentive fee for the year ended December 31, 2014. The incentive fee earned by RCS Capital Management for the period June 10, 2013 (commencement date of the agreement) to December 31, 2013 was $0.3 million. As of December 31, 2013, the payable of $0.3 million for such expense is included in accrued expenses and accounts payable - due to related parties within the accompanying consolidated statements of financial condition.
	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 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 Original 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 RCS Holdings LTIP Units structured as profits interests in RCS Holdings. Subject to the OPP Cap, RCS Capital Management was 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 included 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 amended the OPP to provide that the first valuation date would be April 28, 2014 and that any RCS Holdings LTIP Units not earned as of such date were forfeited without payment of compensation. The board determined that as of such valuation date 310,947 RCS Holdings LTIP Units were earned (the “Earned LTIP Units”), and 1,014,053 RCS Holdings LTIP Units were forfeited. The amendment further provided that, subject to RCS Capital Management’s continued service through each vesting date, 1/3 of the Earned LTIP Units would become vested on each of the third, fourth and fifth anniversaries of the Commencement Date. No additional LTIP Units may be earned under the OPP. The Earned LTIP Units were distributed to the members of RCS Capital Management (the “Members”) immediately prior to the acquisition by Luxor of an interest in RCS Capital Management. The Earned LTIP Units were entitled to a catch-up distribution and the same distributions as the Class A Units of RCS Holdings. At the time RCS Capital Management’s capital account with respect to the Earned LTIP Units would become economically equivalent to the average capital account balance of the Class A Units and Class C Units of RCS Holdings and had been vested for 30 days, the Earned LTIP Units would have automatically converted into Class C Units of RCS Holdings on a one-to-one basis. A holder of Class C Units may elect to convert its Class C Units, on a one-for-one basis, into shares of the Class A common stock, or, at the option of the Company, a cash equivalent.
	On December 31, 2014, the Company, RCS Capital Management, and RCS Holdings, entered into Amendment No. 2 to the OPP. Amendment No. 2 provided for the early vesting of the Earned LTIP Units such that all the Earned LTIP Units became fully vested on December 31, 2014.
	Pursuant to a Redemption and Exchange Agreement entered into December 31, 2014 among the Company, RCS Holdings and the Members in connection with Amendment No. 2, each of the Members exchanged their Class C RCS Holdings Units (which were received upon the automatic conversion of their Earned LTIP Units into Class C Units in RCS Holdings due to the early vesting of the Earned LTIP Units) for shares of Class A common stock in accordance with the terms of the LLC Agreement and all applicable notice and delivery waiting period requirements were waived. Accordingly, 310,947 shares of Class A common stock were issued to the Members on December 31, 2014. As a result, no RCS Holdings LTIP Units were outstanding as of December 31, 2014, thus eliminating the non-controlling interest in RCS Holdings related to the existence of the RCS Holdings LTIP Units. See Note 1 for more information.
	For the year ended December 31, 2014 and 2013, the Company recognized $9.7 million and $0.5 million, respectively for the award under the OPP. Prior to December 31, 2014, the award under the OPP was 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, as amended, 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) all 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 a private placement exempt from registration under 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 “—Amended and Restated 2013 Manager Multi-Year Outperformance Agreement.” The Company, RCS Holdings and RCS Capital Management further amended 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 were 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. Because the LTIP Units of RCS Holdings are fully earned, they are entitled to a catch-up distribution and then the same distributions as Class A 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.” Class A Units confer substantially all the economic rights and all the voting rights in each Original Operating Subsidiary. No Class B Units are outstanding.
	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, also in a private placement exempt from registration under the Securities Act. 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, LLC 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, public securities offerings, the financing of the acquisition of Cetera and the completion of the recent and 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 Original 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 Original 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 Original 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.
	Mutual Funds. As of December 31, 2014 and December 31, 2013, the Company had investments in mutual funds of $19.0 million and $14.4 million, respectively, that are advised by related parties. During the years ended December 31, 2014 and 2013, the Company recognized gains of $2.2 million and $0.2 million, respectively, relating to these investments which are recorded in other income in the statement of income. The Company did not incur gains or losses from these mutual funds during the year ended December 31, 2012.
	Luxor Arrangements. On April 29, 2014, the Company issued to Luxor $120.0 million (face amount) of convertible notes, issued at a price of $666.67 per $1,000 of par value (for gross proceeds to the Company upon issuance of $80.0 million) and $270.0 million (aggregate liquidation preference) of Series A Preferred Stock, issued at a price of 88.89% of the liquidation preference per share (for gross proceeds to the Company upon issuance of $240.0 million). Pursuant to the Securities Exchange Agreement entered into on December 12, 2014, on December 19, 2014, the Company exchanged the $213.4 million of remaining aggregate liquidation preference of Series A Preferred Stock for $145.0 million (aggregate initial liquidation preference) of Series B Preferred Stock and $110.0 million (aggregate initial liquidation preference) of Series C Preferred Stock. See Note 11 for more information.
	Also on April 29, 2014, the Company entered into a put/call agreement with Luxor, which was amended December 19, 2014. Under this agreement, 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 Series C Preferred Stock).
	The put/call agreement also provides that the members of RCS Capital Management (who are also the members of RCAP Holdings, AR Capital, LLC, RCS Holdings and RCAP Equity, LLC) may elect to purchase all 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 that were acquired in April 2014 or June 2014 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. In connection with the issuance of the Series B Preferred Stock and the Series C Preferred Stock pursuant to the Securities Exchange Agreement, the Company agreed to file with the SEC a continuously effective resale registration statement by February 2, 2015. A Registration Statement on Form S-3 (File No. 333- 201763) in fulfillment of this obligation was filed with the SEC on January 30, 2015 and became effective on February 12, 2015.

Employee_Benefits

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 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 years ended December 31, 2014 and 2013, the Company recorded expenses of $12.8 million and $3.7 million, respectively, in the consolidated statements of income in internal commissions, payroll and benefits. During the year ended December 31, 2012, the Company did not incur expenses for the 401(k) or health and welfare defined contribution plans.
	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 year ended December 31, 2014 the Company recorded expenses of $2.3 million in the consolidated statements of income in internal commissions, payroll and benefits. For the year ended December 31, 2014, the Company recorded revenue of $2.2 million from the economic hedges in the consolidated statements of income in other revenue. For the years ended December 31, 2013 and December 31, 2012, the Company did not record any revenues or expenses related to this deferred compensation plan because the plan relates to one of the recent acquisitions and, therefore, those results are not included in the Company’s results prior to the acquisition date.
	Additionally, the Company offers a deferred compensation plan in connection with a Rabbi Trust Agreement to certain of its financial advisors. For this plan, the Company recorded expenses of $0.2 million for the year ended December 31, 2014 in the consolidated statements of income in internal commissions, payroll and benefits. For the years ended December 31, 2013 and December 31, 2012, the Company did not record any revenues or expenses related to this deferred compensation plan because the plan relates to one of the recent acquisitions and, therefore, those results are not included in the Company’s results prior to the acquisition date.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting
	The Company 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, 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 consisting of nine public, non-traded REITs, two public, non-traded BDCs and an oil and gas program. 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 Wholesale Distribution segment also includes StratCap, which through its broker-dealer subsidiary, distributes a platform of offerings consisting of two non-traded REITS, a non-traded BDC and two public, non-traded limited liability companies through a selling group comprised of FINRA member broker-dealers and RIAs.
	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. This segment also includes the results from the Company’s majority interest in Docupace, a provider of integrated, electronic processing technologies and systems for financial institutions and wealth management firms.
	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, certain acquisition-related expenses, certain public company expenses and the results of operations for the Company’s Crowdfunding platform and Trupoly.
	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 year ended December 31, 2014, 2013 and 2012 (in thousands):


		Year Ended
		December 31,
		2014				2013				2012
	Independent retail advice(1):
	Revenues	$	1,395,262			$	94,930			$	—

	Expenses	1,416,529				95,624				—

	Loss	$	(21,267	)		$	(694	)		$	—

	Wholesale distribution:
	Revenues	$	681,624			$	802,965			$	286,572

	Expenses	702,455				757,792				280,085

	Income (loss)	$	(20,831	)		$	45,173			$	6,487

	Investment banking, capital markets and transaction management services:
	Revenues	$	126,670			$	84,810			$	925

	Expenses	60,288				29,213				—

	Income	$	66,382			$	55,597			$	925

	Investment management:
	Revenues	$	31,829			$	—			$	—

	Expenses	27,652				—				—

	Income	$	4,177			$	—			$	—

	Investment research:
	Revenues	$	2,721			$	—			$	—

	Expenses	11,762				—				—

	Loss	$	(9,041	)		$	—			$	—

	Corporate and other:
	Revenues	$	(44,848	)		$	—			$	—

	Expenses	140,559				218				—

	Loss	$	(185,407	)		$	(218	)		$	—


	Revenue reconciliation
Total revenues for reportable segments	$	2,193,258			$	982,705			$	287,497

Less: intercompany revenues	91,063				7,638				—

Total revenues	$	2,102,195			$	975,067			$	287,497


Income reconciliation
Total income (loss) before taxes for reportable segments	$	(165,987	)		$	99,858			$	7,412

Reconciling items	(138		)		—				—

Income (loss) before income taxes	$	(166,125	)		$	99,858			$	7,412

_____________________
(1) Includes First Allied’s operating results from September 25, 2013, the date First Allied was acquired by RCAP Holdings.
The following table presents the Company’s total assets by segment as of December 31, 2014 and 2013 (in thousands):


	December 31, 2014				December 31, 2013
Segment assets:
Independent retail advice	$	1,980,614			$	225,623

Wholesale distribution	192,669				32,058

Investment banking, capital markets and transaction management services	116,980				75,358

Investment management	79,343				—

Investment research	12,291				—

Corporate and other (1)	112,423				3,585

Total assets for reportable segments	$	2,494,320			$	336,624


Assets reconciliation:
Total assets for reportable segments	$	2,494,320			$	336,624

Less: intercompany eliminations	27,692				99

Total consolidated assets	$	2,466,628			$	336,525

_____________________
(1) Excludes amounts related to investment in subsidiaries.

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data (unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (unaudited)	Selected Quarterly Financial Data (unaudited)
	Presented below is the unaudited financial data for the year ended December 31, 2014:


		2014
		(Dollars in thousands, except share and per share data)
		First Quarter	Second Quarter		Third Quarter		Fourth Quarter
	Revenues	273,368	645,019		678,578		505,230

	Net income (loss)	12,149	48,472		(32,269	)	(147,992	)

	Net (loss) income attributable to Class A common stockholders	3,285	(149,861	)	(36,994	)	(92,116	)

	Basic earnings per share	0.11	(3.49	)	(0.59	)	(1.40	)

	Diluted earnings per share	0.11	(3.59	)	(0.59	)	(1.68	)

	The results for the first quarter of 2014 presented in the table above do not reflect the results reported on the Form 10-Q filed on May 15, 2014. The table below presents a reconciliation of the difference:


		2014 First Quarter Reconciliation
		(Dollars in thousands, except share and per share data)
		As Reported on Form 10-Q	Inclusion of First Allied(1)		As Adjusted
	Revenues	187,205	86,163		273,368

	Net income (loss)	12,656	(507	)	12,149

	Net (loss) income attributable to Class A common stockholders	3,792	(507	)	3,285

	Basic earnings per share	0.22	(0.11	)	0.11

	Diluted earnings per share	0.22	(0.11	)	0.11

	_____________________
	(1) On June 30, 2014, RCAP Holdings contributed all its equity interests in First Allied to the Company. 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 immediately following the acquisition of First Allied by RCAP Holdings on September 25, 2013.
	The results for the second quarter of 2014 presented in the table above do not reflect the results reported on the Form 10-Q filed on August 14, 2014. The table below presents a reconciliation of the difference:


		2014 Second Quarter Reconciliation
		(Dollars in thousands, except share and per share data)
		As Reported on Form 10-Q	Inclusion of First Allied(1)		As Adjusted
	Revenues	638,425	6,594		645,019

	_____________________
	(1) The results reported for the three months ended June 30, 2014 erroneously included $6.6 million of intercompany eliminations derived from transactions with First Allied that pertained to the three months ended March 31, 2014. This did not impact pre-tax net income or net income for the three months ended June 30, 2014 as the same elimination was made to both total revenues and expenses. The Company has evaluated this item and determined that it was not material to the previously issued unaudited financial statements for the three months ended June 30, 2014. The income statement for the three months ended June 30, 2014 will be revised in the Company’s unaudited financial statements as of and for the six months ended June 30, 2015 to reflect the ‘as adjusted’ revenues presented above and the corresponding change in expenses. There was no impact on total revenue or total expenses reported for the six months ended June 30, 2014.
	Presented below is the unaudited financial data for the year ended December 31, 2013:


		2013
		(Dollars in thousands, except share and per share data)
		First Quarter	Second Quarter		Third Quarter		Fourth Quarter
	Revenues	218,631	230,016		229,527		296,893

	Net income	26,747	26,444		11,100		33,724

	Net (loss) income attributable to Class A common stockholders	—	202		559		1,505

	Basic earnings per share	—	0.08		0.17		0.11

	Diluted earnings per share	—	0.08		0.17		0.11

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
Subsequent Events	On March 4, 2015, the Company amended its agreement with J.P. Turner to settle the remaining contingent and deferred consideration for the J.P. Turner acquisition. As part of the amendment, the Company paid an aggregate consideration of $9.1 million, which consisted of $6.4 million in cash and 245,813 shares of Class A common stock, or an aggregate share value of $2.7 million.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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, Hatteras, ICH, StratCap, Trupoly and Docupace 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 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 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 recast 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 was 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 2014.
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.
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
	The Company has investments in mutual funds that are advised by related parties. The Company 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	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 and Customers Receivable	Fees and Commissions Receivable
	Fees and commissions receivable includes selling commission receivables and dealer manager receivables from the Company’s wholesale distribution business. Additionally, fees and commissions receivable includes commissions from mutual funds, variable annuities, insurance product purchases transacted directly with the product manufacturers, and mutual fund and annuity trailers from the Company’s retail business.
	Receivables from Customers
	Receivable from customers includes amounts due on cash and margin transactions. Certain of the Company’s broker-dealers extend credit to their customers to finance their purchases of securities on margin. Securities owned by customers are held as collateral for margin receivables. Additionally, receivable from customers includes advisory, service and incentive fee receivables from the investment management business.
Receivables from Broker Dealers and Clearing Organizations and Other	Receivables from Brokers, Dealers and Clearing Organizations and Other
	Receivables from brokers, dealers and clearing organizations and other include receivables that arise in the ordinary course of the Company’s brokerage activities.
Reimbursable Expenses and Investment Banking Fees	Receivables for 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.
Property and Equipment	Property and Equipment
	Property and equipment 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 Company has determined that the notes receivable acquired through the recent acquisitions and subsequent originations were 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 is reviewed annually for impairment as of October 31. Intangible assets that are definite-lived are amortized over their useful lives and reviewed for impairment annually. The Company performed a quantitative goodwill impairment test and determined that as of October 31, 2014, the goodwill was not impaired. The Company also determined that there was no impairment of its definite-lived intangible assets during any of the periods presented.
	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. The valuation results were reviewed by the Company. See Note 8 for more information.
Derivative Contracts	Derivative Contracts
	During the second quarter of 2014, the Company entered into a series of contemporaneous transactions 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 Series A Preferred Stock (“hybrid instruments”).
	The embedded derivative contracts’ features require separate accounting as derivative instruments; therefore, the issuance proceeds for the convertible note and Series A 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.
	On November 18, 2014 and December 12, 2014, a portion of the Series A Preferred Stock was submitted for conversion, and on December 10, 2014, December 19, 2014 and February 23, 2015, shares of Class A common stock were issued on account of such conversions. Accordingly, the bifurcated derivatives associated with the converted Series A Preferred Stock were adjusted to their fair value on the date of each submission for conversion, with the changes in fair value reflected in other revenues in the consolidated statement of income. The bifurcated derivatives associated with the converted Series A Preferred Stock were then written off against additional paid-in capital.
	On December 19, 2014, the remaining Series A Preferred Stock was exchanged for shares of its new series of 11% Series B Preferred Stock, $0.001 par value per share (“Series B Preferred Stock”), and shares of its new series of 7% Series C Convertible Preferred Stock, $0.001 par value per share (“Series C Preferred Stock”). Accordingly, the bifurcated derivatives associated with the remaining Series A Preferred Stock were adjusted to their fair value as measured on the date of the exchange, with the change in fair value reflected in other revenues in the consolidated statement of income. The remaining bifurcated derivatives associated with the Series A Preferred Stock, which were exchanged, were written off against additional paid-in capital.
	The Series B Preferred Stock and Series C Preferred Stock also have embedded derivative contract features that require separate accounting as derivative instruments. 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, 10 and 11 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 with the change in the fair value recorded in other expenses on the consolidated statement of income. The discount on the deferred consideration is accreted into earnings in other expenses on the consolidated statement of income.
Preferred Stock	Preferred Stock
	On April 29, 2014, the Company issued shares of Series A Preferred Stock in a private placement. Based on the Series A Preferred Stock’s redemption and conversion features, the Company classified the Series A Preferred Stock as mezzanine equity on the statement of financial condition. The Series A Preferred Stock was convertible, at the holder’s option, into shares of Class A common stock.
	On November 18, 2014 and December 12, 2014, a portion of the Series A Preferred Stock was submitted for conversion, and on December 10, 2014, December 19, 2014 and February 23, 2015, shares of Class A common stock were issued on account of such conversions. On December 12, 2014, the Company entered into the Securities Exchange Agreement (the “Securities Exchange Agreement”) to exchange the remaining shares of Series A Preferred Stock for shares of its new series of Series B Preferred Stock and shares of its new series of Series C Preferred Stock. On December 19, 2014, this exchange was completed. Based on the Series B Preferred Stock’s and Series C Preferred Stock’s redemption and conversion features, the Company has classified the Series B Preferred Stock and Series C Preferred Stock as mezzanine equity on the statement of financial condition. The Series B Preferred Stock is not convertible. The Series C 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 immediately following 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 recast 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 was 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
	The Company, through certain of its broker-dealer subsidiaries, 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. The Company generally receives commissions of up to 7.0% of gross offering proceeds for funds raised in connection with sales of publicly registered, non-traded securities, all of which are reallowed as commissions, and 4.0% in connection with sales of open-end and closed-end mutual funds through the participating independent broker-dealer channel in accordance with industry practices. Commission percentages are generally established in the issuers’ offering documents leaving the Company no discretion as to the payment of commissions. Commission revenues and related expenses are recorded on a trade date basis as securities transactions occur.
	The Company, serving as a dealer manager, receives fees and compensation in connection with the wholesale distribution of registered non-traded securities, such as non-traded REIT and non-traded BDC funds. The Company contracts directly with broker-dealers and RIAs to solicit share subscriptions. The non-traded securities are offered on a “best efforts” basis and the Company is not obligated to underwrite or purchase any shares for its own account. The Company 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 RIAs. The Company 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.
	For open and close-end mutual funds, the Company contracts directly with broker-dealers and RIAs to solicit shares of registered investment company funds. The funds are offered on a “best efforts” basis and the Company is not obligated to underwrite or purchase any shares of the funds for its own account. The Company generally receives up to 50 basis points of the gross proceeds from the shares of the fund and also may receive fees from the shares of the funds from broker-dealers and RIAs.
	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 the Company’s 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 agreed to with each participating broker-dealer, the Company concluded that the gross basis of accounting for its commission and fee revenues is appropriate.
	Retail 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.
	Investment Banking Fees
	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 receivable in the statement of financial condition. Investment banking agreements either have a fixed fee or a percentage of the total deal value which are typically contingent upon the consummation of the transaction; these agreements may also include a minimum fee that will be paid even in the event the transaction is not consummated provided that services have been rendered. Income from investment banking agreements is generally recognized upon consummation of the transaction. However, in certain cases, we recognize income from investment banking agreements prior to the consummation of the transaction if services have been rendered and there are no substantive remaining contingencies as of the reporting date. Income from certain investment banking agreements is recorded as deferred revenue in the statement of financial condition and is recognized over the remaining life of the offering. These fees are typically a fixed dollar amount.
	Advisory Fees and Asset-Based Fees
	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 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.
	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 services, conference management, investor relations and public relations services and strategic advice. Such fees are charged at hourly billing rates for the services provided, based on agreements entered into with related party and non-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.
	Investment Fee Revenue
	The Company earns management and servicing fees from the investment companies for which it serves as investment adviser. Management and servicing fees are recognized when earned and are calculated monthly or quarterly, as applicable, as a percentage of the aggregate net assets of the funds under management.
	Transaction Fees
	The Company charges transaction fees for executing transactions on client accounts. Transaction-related charges are recognized on a trade-date basis. Other fee revenue includes 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. Other fees are recognized as earned.
	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 awards of restricted shares of Class A common stock to certain employees under the RCS Capital Corporation Equity Plan (the “RCAP Equity Plan”) 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.
	An entity that was previously 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 such employees on behalf of such entity. The Company recognizes compensation expense 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 then outstanding common stock, approved the Company’s 2014 Stock Purchase Program (the “2014 Stock Purchase Program”). The 2014 Stock Purchase Program became effective on June 30, 2014. Subject to the terms and conditions of the 2014 Stock Purchase Program, select employees, financial advisors and executive officers of the Company and its affiliates and of certain subsidiaries of the Company were eligible to participate and had the opportunity to elect to purchase shares of Class A common stock. Such participants were also automatically granted one warrant to purchase one share of Class A common stock for each three shares purchased, at an exercise price equal to the purchase price per share purchased. The Company recognizes the expense in internal commissions, payroll and benefits expense in the consolidated statement of income on a straight line basis over the three-year vesting period based on the grant date fair value of warrants issued to employees. For warrants issued to non-employees, the Company remeasures the fair value at each reporting date and the amortization of the expense is adjusted accordingly and recognized over the remaining vesting period.
	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.
Marketing and Advertising	Marketing and Advertising
	The Company expenses the cost of marketing and advertising as incurred.
Interest Expense	Interest Expense
	Interest expense includes interest expense and amortization of debt issuance costs 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	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. Following the conversion of all outstanding LTIP Units pursuant to Amendment No. 2 to the OPP and related transactions that occurred on December 31, 2014, the Company now files a consolidated federal income tax return and allocates federal income taxes to certain of its subsidiaries pursuant to a tax sharing agreement.
	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
	The Company’s internal reporting is organized into six segments as follows:

	•	Independent Retail Advice, which is comprised of Cetera, Summit, J.P. Turner, First Allied and ICH (following the completion of the VSR and Girard acquisitions, this segment will also include VSR and Girard);

	•	Wholesale Distribution, which is comprised of Realty Capital Securities, excluding its investment banking division, and StratCap;

	•	Investment Banking, Capital Markets and Transaction Management Services, which is comprised of the investment banking division of Realty Capital Securities, RCS Advisory, ANST and Docupace;

	•	Investment Management, which is comprised of Hatteras;

	•	Investment Research, which is comprised of SK Research; and

	•	Corporate and Other.
	See Note 21 for more information on the Company’s segments.
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.
	In November 2014, the FASB issued Accounting Standards Update 2014-16, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (“ASU 2014-16”), which requires an entity to determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract, when evaluating whether the host contract is more akin to debt or equity. The amendments in ASU 2014-16 did not change the current criteria in US GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required but rather clarified how US GAAP should be interpreted in concluding on the nature of the host contract. The Company adopted ASU 2014-16 during the fourth quarter of 2014. The adoption of ASU 2014-16 did not have an impact on the Company’s previously reported financial condition or results of operations.
	In February 2015, the FASB issued Accounting Standards Update 2015-02, “Amendments to the Consolidation Analysis” (“ASU 2015-02”). The new guidance applies to entities in all industries and amends the current consolidation guidance. The amendments are effective for fiscal years beginning after December 15, 2016 and for interim periods within fiscal periods beginning after December 15, 2017. Early application is permitted. The Company is still evaluating the impact of ASU 2015-02.

Recent_and_Pending_Acquisition1

Recent and Pending Acquisitions (Table)	12 Months Ended
	Dec. 31, 2014
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The assignment of the total consideration for the StratCap acquisition as of the date of the acquisition was as follows (in thousands):


	Cash and cash equivalents	$	4,522

	Short term investments and securities owned	2,239

	Receivables	4,858

	Property and equipment	96

	Prepaid expenses and other assets	629

	Accounts payable	(706		)
	Accrued expenses	(201		)
	Other liabilities	(908		)
	Total fair value excluding goodwill and intangible assets	10,529

	Goodwill	22,871

	Intangible assets	121,380

	Total consideration	$	154,780

	The total ICH consideration consisted of the following (in thousands):


	Cash paid by the Company	$	8,412

	Stock issued by the Company	44,097

	Total consideration	$	52,509

	The estimated range of undiscounted outcomes of the contingent consideration as of December 31, 2014 was as follows (in thousands):


		Low Case				High Case
	Estimated contingent consideration amount	$	14,716			$	94,454

	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 estimated range of undiscounted outcomes of the contingent consideration as of December 31, 2014 was as follows (in thousands):


		Low Case(1)				High Case(1)
	Estimated contingent consideration amount	$	7,551			$	7,551

	________________________
	(1) The contingent consideration amount for J.P. Turner was to be based on the achievement of certain agreed-upon revenue or EBITDA performance targets for fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016, which were subject to an annual cap of $2.5 million. Based on the independent valuation company’s projections, which were reviewed by the Company, the earn-outs for the fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016 were expected to be subject to that cap in both the low and high case.
	The preliminary assignment of the total consideration for the Cetera acquisition as of the date of the acquisition was as follows (in thousands):


	Cash and cash equivalents	$	241,641

	Cash and segregated securities	7,999

	Trading securities	741

Receivables	49,883

Property and equipment	17,735

Prepaid expenses	15,083

Deferred compensation plan investments	76,010

Notes receivable	38,805

Other assets	37,096

Accounts payable	(94,074		)
Accrued expenses	(32,421		)
Other liabilities	(112,977		)
Deferred compensation plan accrued liabilities	(75,294		)
Total fair value excluding goodwill and intangible assets	170,227

Goodwill	290,262

Intangible assets	944,542

Deferred tax liability	(272,289		)
Total consideration	$	1,132,742

The total Hatteras consideration consisted of the following (in thousands):


Cash paid by the Company	$	30,000

Contingent consideration	24,880

Deferred consideration	9,430

Total consideration	$	64,310

The assignment of the total consideration for the J.P. Turner acquisition as of the date of the acquisition was as follows (in thousands):


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	13,579

Intangible assets	14,200

Total consideration	$	32,708

The assignment of the total consideration for the ICH acquisition as of the date of the acquisition was as follows (in thousands):


Cash and cash equivalents	$	6,881

Short term investments and securities owned	499

Receivables	7,500

Property and equipment	275

Notes receivable	1,875

Deferred compensation	2,250

Deferred tax asset	2,613

Other assets	1,055

Accounts payable and accrued expenses	(1,945		)
Other liabilities	(7,593		)
Notes payable and long-term debt	(2,918		)
Non-qualified deferred compensation	(2,611		)
Total fair value excluding goodwill, intangible assets, and deferred tax liability	7,881

Goodwill	26,680

Intangible assets	30,100

Deferred tax liability	(12,152		)
Total consideration	$	52,509

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 consideration	4,500

Deferred consideration	10,562

Total consideration	$	32,708

The total Cetera consideration consisted of the following (in thousands):


Contractual purchase price	$	1,150,000

Purchase price adjustments	17,258

Total consideration	$	1,132,742

The assignment of the total consideration for the Summit acquisition as of the date of the acquisition was as follows (in thousands):


Cash and cash equivalents	$	13,353

Receivables	3,147

Property and equipment	362

Prepaid expenses	1,531

Notes receivable	1,092

Other assets	2,366

Accounts payable	(9,973		)
Accrued expenses	(3,100		)
Total fair value excluding goodwill and intangible assets	8,778

Goodwill	23,891

Intangible assets	31,240

Deferred tax liability	(6,751		)
Total consideration	$	57,158

The total StratCap consideration consisted of the following (in thousands):


Cash paid by the Company	$	67,510

Stock issued by the Company	10,000

Contingent consideration	67,300

Deferred consideration	9,970

Total consideration	$	154,780

The estimated range of undiscounted outcomes for the contingent consideration are as follows (in thousands):


	Low Case				High Case
Estimated contingent consideration amount	$	70,840			$	125,920

The assignment of the total consideration for the Hatteras acquisition as of the date of the acquisition was as follows (in thousands):


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 year ended December 31, 2014 and 2013 are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	62.3			$	47.6

	Income before taxes	7.2				1.2

	The Company’s supplemental pro forma results of operations for StratCap for the year ended December 31, 2014 and 2013 are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	143.3			$	66.2

	Loss before taxes	(5.2		)		(15.3		)
	The Company’s supplemental pro forma results of operations, which include the Original Operating Subsidiaries, Cetera, Summit, J.P. Turner, Hatteras, First Allied, ICH and StratCap for the year ended December 31, 2014 and 2013, are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	2,729.50			$	2,682.50

	Loss before taxes	(196.1		)		(78.3		)
	Benefit from income taxes(1)	(78.5		)		(31.3		)
	Net loss	(117.6		)		(47.0		)
	Less: income attributable to non-controlling interest	8.9				—

	Less: preferred dividends and deemed dividend	153.3				18.9

	Net loss attributable to Class A common stockholders	$	(279.8	)		$	(65.9	)

	Per share data
	Pro forma basic and diluted loss per share(2)	$	(5.18	)		$	(1.61	)

	Pro forma weighted average basic and diluted shares	54,155,046				40,995,457

	________________________
	(1) Reflects pro forma adjustment to record the income tax provision based on the assumed 40% tax rate.
	(2) For the year ended December 31, 2014, the numerator for the pro forma basic and diluted earnings per share calculation was reduced by $0.7 million for allocation of earnings to nonvested restricted stock units holders.
	The Company’s supplemental pro forma results of operations for Summit for the year ended December 31, 2014 and 2013 are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	100.5			$	82.8

	Income (loss) before taxes	(5.5		)		(0.2		)
	The Company’s supplemental pro forma results of operations with J.P. Turner for the year ended December 31, 2014 and 2013 are as follows (in millions):


		Unaudited
		Year Ended December 31,
		2014				2013
	Total revenues	$	52.8			$	57.8

	Income (loss) before taxes	1.5				(4.8		)

	The Company’s supplemental pro forma results of operations for Cetera for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	1,214.10			$	1,123.90

Loss before taxes	(36.9		)		(73.3		)
The Company’s supplemental pro forma results of operations for ICH for the year ended December 31, 2014 and 2013 are as follows (in millions):


	Unaudited
	Year Ended December 31,
	2014				2013
Total revenues	$	94.8			$	87.8

Loss before taxes	(3.7		)		(5.0		)

Fair_Value_Disclosures_Fair_Va

Fair Value Disclosures Fair Value Disclosures (Tables)	12 Months Ended
Fair Value Disclosures Fair Value Disclosures (Tables)	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis by product category as of December 31, 2014 are as follows (in thousands):


		Level 1				Level 2				Level 3			Total
	Assets:
	Cash equivalents - money market funds	$	82,973			$	—			$	—		$	82,973
	Cash equivalents - money market funds	$	82,973			$	—			$	—		$	82,973
	Available-for-sale securities:
	Mutual funds	11,473				—				—			11,473
	Mutual funds	11,473				—				—			11,473
	Total available-for-sale	11,473				—				—			11,473
	Total available-for-sale	11,473				—				—			11,473
	Trading securities:
	Equity securities	262				—				—			262
	Equity securities	262				—				—			262
	Mutual funds	9,457				—				—			9,457
	Mutual funds	9,457				—				—			9,457
	U.S. government bonds	2				10				—			12
	U.S. government bonds	2				10				—			12
	Other	41				—				470			511
	Other	41				—				470			511
	Total trading securities	9,762				10				470			10,242
	Total trading securities	9,762				10				470			10,242
	Deferred compensation plan investments:
	Money market fund	6,246				—				—			6,246
	Money market fund	6,246				—				—			6,246
	International global funds	17,722				—				—			17,722
	International global funds	17,722				—				—			17,722
	U.S. equity funds	46,999				—				—			46,999
	U.S. equity funds	46,999				—				—			46,999
	U.S. fixed-income funds	9,787				—				—			9,787
	U.S. fixed-income funds	9,787				—				—			9,787
	Mutual funds	—				2,702				—			2,702
	Mutual funds	—				2,702				—			2,702
	Total deferred compensation plan investments	80,754				2,702				—			83,456
	Total deferred compensation plan investments	80,754				2,702				—			83,456
	Prepaid expenses and other assets - oil and gas interests	—				—				151			151
	Prepaid expenses and other assets - oil and gas interests	—				—				151			151
	Total	$	184,962			$	2,712			$	621		$	188,295
	Total	$	184,962			$	2,712			$	621		$	188,295

	Liabilities:
	Derivative contracts	$	—			$	—			$	102,908	(1)	$	102,908
	Derivative contracts	$	—			$	—			$	102,908	(1)	$	102,908
	Other liabilities:
	Equity securities	161				—				—			161
	Equity securities	161				—				—			161
	Mutual funds and unit investment trusts	4				—				—			4
	Mutual funds and unit investment trusts	4				—				—			4
	State and municipal government obligations	222				—				—			222
	State and municipal government obligations	222				—				—			222
	Contingent consideration	—				—				107,278		(2)	107,278
	Contingent consideration	—				—				107,278		(2)	107,278
	Total	$	387			$	—			$	210,186		$	210,573
	Total	$	387			$	—			$	210,186		$	210,573
	_____________________
	(1) Includes $21.9 million of derivatives classified in long-term debt.
	(2) Excludes deferred payments, which are measured on non-recurring basis.
	The Company’s fair value hierarchy for those assets and liabilities 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
Mutual funds	$	8,528			$	—			$	—		$	8,528
Total available-for-sale	8,528				—				—			8,528
Total available-for-sale	8,528				—				—			8,528
Trading securities:
Mutual funds	7,708				—				—			7,708
Mutual funds	7,708				—				—			7,708
Total trading securities	7,708				—				—			7,708
Total trading securities	7,708				—				—			7,708
Total	$	16,236			$	—			$	—		$	16,236
Total	$	16,236			$	—			$	—		$	16,236

Liabilities:
Other liabilities:
Equity securities	$	238			$	—			$	—		$	238
Equity securities	$	238			$	—			$	—		$	238
State and municipal government obligations	51				—				—			51
State and municipal government obligations	51				—				—			51
Certificates of deposit	20				—				—			20
Certificates of deposit	20				—				—			20
Contingent consideration	—				—				2,180			2,180
Contingent consideration	—				—				2,180			2,180
Total	$	309			$	—			$	2,180		$	2,489
Total	$	309			$	—			$	2,180		$	2,489
Fair Value, Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents changes during the year ended December 31, 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 statement of financial condition as of December 31, 2014 (in thousands):


		Fair value as of				Net realized and unrealized gains/(losses)				Purchases			Issuances		Sales			Settlements			Fair value as of
		31-Dec-13				Net realized and unrealized gains/(losses)				Purchases			Issuances		Sales			Settlements			31-Dec-14
	Assets:
	Trading securities- other	$	—			$	4			$	477		$	—	$	(11	)	$	—		$	470
	Trading securities- other	$	—			$	4			$	477		$	—	$	(11	)	$	—		$	470
	Prepaid expenses and other assets - oil and gas interests	—				(166		)		372			—		—			(55		)	151
	Prepaid expenses and other assets - oil and gas interests	—				(166		)		372			—		—			(55		)	151
	Total	$	—			$	(162	)		$	849		$	—	$	(11	)	$	(55	)	$	621
	Total	$	—			$	(162	)		$	849		$	—	$	(11	)	$	(55	)	$	621


		Fair value as of				Net realized and unrealized (gains)/losses				Purchases			Issuances		Sales			Settlements			Fair value as of
		31-Dec-13				Net realized and unrealized (gains)/losses				Purchases			Issuances		Sales			Settlements			31-Dec-14
	Liabilities:
	Derivative contracts	$	—			$	45,213			$	—		$	233,189	$	—		$	(175,494	)	$	102,908
	Derivative contracts	$	—			$	45,213			$	—		$	233,189	$	—		$	(175,494	)	$	102,908
	Contingent consideration	2,180				8,808				12,868			96,680		—			(13,258		)	107,278
	Contingent consideration	2,180				8,808				12,868			96,680		—			(13,258		)	107,278
	Total	$	2,180			$	54,021			$	12,868		$	329,869	$	—		$	(188,752	)	$	210,186
	Total	$	2,180			$	54,021			$	12,868		$	329,869	$	—		$	(188,752	)	$	210,186
	The following table presents changes during the year ended December 31, 2013 in Level 3 liabilities measured at fair value on a recurring basis, and the realized and unrealized gains and losses related to the Level 3 liabilities in the statement of financial condition as of December 31, 2013 (in thousands):


		Fair value as of				Net realized and unrealized (gains)/losses				Purchases			Issuances		Settlements			Fair value as of
		31-Dec-12				Net realized and unrealized (gains)/losses				Purchases			Issuances		Settlements			31-Dec-13
	Liabilities:
	Contingent consideration	$	—			$	9			$	2,181		$	—	$	(10	)	$	2,180
	Contingent consideration	$	—			$	9			$	2,181		$	—	$	(10	)	$	2,180
	Total	$	—			$	9			$	2,181		$	—	$	(10	)	$	2,180
	Total	$	—			$	9			$	2,181		$	—	$	(10	)	$	2,180
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 December 31, 2014 (dollars in thousands):


		Fair value				Valuation technique		Unobservable inputs
	Assets:
	Trading securities- other- private equity fund	$	113			Net asset value (NAV)		Net asset value (NAV)
	Trading securities- other- private equity fund	$	113			Net asset value (NAV)		Net asset value (NAV)
	Trading securities- other- REIT	$	357			Net asset value (NAV)		Net asset value (NAV)
	Trading securities- other- REIT	$	357			Net asset value (NAV)		Net asset value (NAV)
	Prepaid expenses and other assets - oil and gas interests	$	151			Discounted cash flows		10% discount rate
	Prepaid expenses and other assets - oil and gas interests	$	151			Discounted cash flows		10% discount rate

	Liabilities:
	Derivative contracts	$	102,908			Monte Carlo & binomial lattice (Series C)		Inputs for convertible notes, Series B and Series C preferred stock respectively:
								- Duration: 6.8 years, 8.0 years, 8.0 years
								- Volatility: 30%, N/A, 30.0%
								- Risk free rate of interest: 1.95%, 2.1%, 2.1%
								- Discount rate: 12.95%, 15.1%, 15.1%
								- Dividend assumptions: N/A, 12.5% (first 18 months only; subsequently reverts to 11%), 8.0% (first 18 months only; subsequently reverts to 7%)

								Inputs for the put option:
								- Volatility: 30%
								- Exercise date: June 10, 2033
								- Risk free rate: 2.43%
	Contingent consideration - J.P. Turner	$	6,200			Discounted cash flow		J.P. Turner:
								- Probability exceeding percentage threshold: 99.7% to 100%
								- Present value factor: 0.71 to 0.95
								- Time until payments: 0.4 years to 2.4 years
	Contingent consideration - Hatteras	$	28,310			Discounted cash flow		Hatteras:
								- Projected earnings: $11.0 million to $17.3 million, December 31, 2016 and 2018, respectively
								- Discounted rates based on the estimated weighted average cost of capital (WACC): 0.50 to 0.70
	Contingent consideration - StratCap	$	68,200			Discounted cash flow		StratCap:
								- Projected earn-out payments: EBITDA multiples for 2015 and 2016.
								- Present value factor: 0.65 to 0.787
								- Probability adjustment: 25.0%, 50%, 25.0% for Low Case, Base Case, and High Case, respectively.
	Contingent consideration - First Allied and Cetera	$	4,568			Discounted cash flow		- Revenue achievement
	Contingent consideration - First Allied and Cetera	$	4,568			Discounted cash flow		- WACC 0.20
	The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments as of December 31, 2013 (dollars in thousands):


		Fair value				Valuation technique		Unobservable inputs
	Liabilities:
	Contingent consideration	$	2,180			Discounted cash flow		2.5% discount rate
	Contingent consideration	$	2,180			Discounted cash flow		2.5% discount rate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share	The following table presents information related to the Company’s investments that calculate NAV per share as of December 31, 2014. For these investments, which are measured at fair value on a recurring basis, the Company used the NAV 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
	Trading securities- other- private equity fund	Investments in private equity funds		$	113			$	9
	Trading securities- other- private equity fund	Investments in private equity funds		$	113			$	9
	Trading securities- other- REIT	Investment in a REIT		357				—
	Trading securities- other- REIT	Investment in a REIT		357				—
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table presents information about the carrying values and fair values by fair value hierarchy for convertible notes, Series B Preferred Stock and Series C Preferred Stock, first and second lien term loan facility, promissory note and subordinated borrowings where the ending balance was carried at amortized cost as of December 31, 2014. There were no such instruments as of December 31, 2013.


						Fair Value
		Carrying value				Level 1				Level 2			Level 3
	Convertible notes	$	61,632			$	—			$	—		$	78,005
	Convertible notes	$	61,632			$	—			$	—		$	78,005
	Series B Preferred Stock	146,700				—				—			117,367
	Series B Preferred Stock	146,700				—				—			117,367
	Series C Preferred Stock	111,288				—				—			136,242
	Series C Preferred Stock	111,288				—				—			136,242
	First lien term facility	555,700				—				—			530,491
	First lien term facility	555,700				—				—			530,491
	Second lien term facility	147,903				—				—			142,500
	Second lien term facility	147,903				—				—			142,500
	Promissory note (legal settlement)	15,300				—				15,300			—
	Promissory note (legal settlement)	15,300				—				15,300			—
	Subordinated borrowings	2,000				—				—			2,000
	Subordinated borrowings	2,000				—				—			2,000
	Total	$	1,040,523			$	—			$	15,300		$	1,006,605
	Total	$	1,040,523			$	—			$	15,300		$	1,006,605

AvailableforSale_Securities_Ta

Available-for-Sale Securities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014 and December 31, 2013 (in thousands):


				For the year ended December 31, 2014
		Fair value at December 31, 2013		Purchases(1)		Sales			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair value at December 31, 2014		Cost
	Mutual funds	$	8,528	$	11,484	$	(9,013	)	$	171		$	303		$	11,473	$	11,684

	_____________________
	(1) Includes $0.3 million of purchases under dividend reinvestment programs.
	The following table presents information about the Company’s available-for-sale securities as of December 31, 2013 and December 31, 2012 (amounts in thousands):


				For the year ended December 31, 2013
		Fair value at December 31, 2012		Purchases		Sales			Realized Gains/ (Losses)			Unrealized Gains/ (Losses)			Fair value at December 31, 2013		Cost
	Mutual funds	$	—	$	10,097	$	(1,000	)	$	(59	)	$	(510	)	$	8,528	$	9,038

Note_Receivable_Tables

Note Receivable (Tables)	12 Months Ended
	Dec. 31, 2014
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The Company’s notes receivable for the year ended December 31, 2014 and the year ended December 31, 2013, were as follows (in thousands):


		31-Dec-14									31-Dec-13
		Forgivable loans			Payback loans			Total			Forgivable loans			Payback loans			Total
	Beginning balance	$	11,104		$	2,166		$	13,270		$	6,633		$	1,914		$	8,547

	Originated and acquired loans	16,747			52,200			68,947			5,286			350			5,636

	Collections	(1,672		)	(8,805		)	(10,477		)	(157		)	(206		)	(363		)
	Forgiveness	(8,329		)	298			(8,031		)	(661		)	88			(573		)

	Accretion	5,368			402			5,770			3			3			6

	Allowance	(143		)	(347		)	(490		)	—			17			17

	Ending balance	$	23,075		$	45,914		$	68,989		$	11,104		$	2,166		$	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 year ended December 31, 2014 and the year ended December 31, 2013 (in thousands):


		31-Dec-14									31-Dec-13
		Forgivable loans			Payback loans			Total			Forgivable loans			Payback loans			Total
	Beginning balance	$	368		$	56		$	424		$	368		$	73		$	441

	Provision for bad debt	327			735			1,062			—			—			—

	Charge off - net of recoveries	(184		)	(388		)	(572		)	—			(17		)	(17		)

	Total change	143			347			490			—			(17		)	(17		)

	Ending balance	$	511		$	403		$	914		$	368		$	56		$	424

Property_and_Equipment_Tables

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	The Company’s property and equipment as of December 31, 2014 and December 31, 2013 consisted of the following (in thousands):


		31-Dec-14		31-Dec-13
	Office furniture and equipment	$	3,650	$	1,007

	Computer software and hardware	22,971		854

	Leasehold improvements	3,613		372

	Total property and equipment	30,234		2,233

	Less: Accumulated depreciation and amortization	5,488		350

	Property and equipment - net	$	24,746	$	1,883

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table presents the goodwill by segment (in thousands):


		31-Dec-14				31-Dec-13
	Independent Retail Advice	$	434,398			$	79,986

	Wholesale Distribution	22,871				—

	Investment Management	15,348				—

	Investment Banking and Capital Markets	45,989				—

	Corporate and Other	755				—

	Total goodwill	$	519,361			$	79,986

Schedule of Goodwill	The following table presents the carrying amount of goodwill as of December 31, 2014 and December 31, 2013 by acquisition (in thousands):


		31-Dec-14				31-Dec-13
	First Allied acquisition	$	79,986			$	79,986

	Cetera acquisition	290,262				—

	Summit acquisition	23,891				—

	J.P. Turner acquisition	13,579				—

	Hatteras acquisition	15,348				—

	ICH acquisition	26,680				—

	StratCap acquisition	22,871				—

	Trupoly acquisition	755				—

	Docupace acquisition (preliminary)	45,989				—

	Total goodwill	$	519,361			$	79,986

Schedule of Finite-Lived Intangible Assets	The components of intangible assets as of December 31, 2014 are as follows (dollars in thousands):


		Weighted-Average Life Remaining		Gross Carrying Value				Accumulated Amortization		Net Carrying Value
		(in years)
	Finite-lived intangible assets:
	Financial advisor relationships	13		$	1,019,353			$	52,070	$	967,283

	Sponsor relationships	9		113,000				4,186		108,814

	Trade names	29		65,192				1,638		63,554

	Investment management agreements	12		47,390				1,966		45,424

	Customer relationships	11		20,686				1,473		19,213

	Internally developed software and technologies	7		22,510				779		21,731

	Intellectual property	9		10,642				849		9,793

	Non-competition agreements	2		9,648				5,136		4,512

	Distribution networks(1)	40		3,210				9		3,201

	Total finite-lived intangible assets			$	1,311,631			$	68,106	$	1,243,525

	________________
	(1) The Company previously classified its distribution networks as indefinite-lived intangible assets. The Company finalized its assessment of the useful life of the distribution networks and concluded that they were finite-lived rather than indefinite-lived intangible assets.
	The Company’s intangible assets as of December 31, 2013 relate to First Allied. The components of intangible assets as of December 31, 2013 are as follows (dollars 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	Total amortization expense for finite-lived intangible assets was $66.2 million for the year ended December 31, 2014. Total amortization expense for finite-lived intangible assets was $1.9 million for the year ended December 31, 2013. The Company did not have any amortization expense for the year ended December 31, 2012. Future amortization expense is estimated as follows (in thousands):


		Year Ended December 31,
	2014	$	102,820

	2015	100,090

	2016	99,937

	2017	99,858

	2018	98,529

	Thereafter	742,291

	Total	$	1,243,525

LongTerm_Debt_Tables

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table presents the Company’s long-term borrowings as of December 31, 2014 and December 31, 2013 and their contractual interest rates (dollars in thousands):


		December 31, 2014				December 31, 2013
		Balance			Interest Rate	Balance			Interest Rate
	First lien term facility	$	555,700		6.50%	$	—

	Second lien term facility	147,903			10.50%	—

	Convertible notes	83,508		(1)	5.00%	—

	Promissory note	15,300			8.00%	—

	Subordinated borrowings	2,000			8.25%	—

	Other	—				33,302		(2)	2.42%

	Total borrowings	804,411				33,302

	Less: Current portion of borrowings	43,891				3,200

	Total long-term debt, net of current portion	$	760,520			$	30,102

	_____________________
	(1) The Company’s convertible notes balance includes the fair value of the compound derivative of $21.9 million.
	(2) 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 $21.9 million, as of December 31, 2014 (in thousands):


		Year Ended December 31,
	2016	$	63,627

	2017	74,466

	2018	76,597

	2019	277,217

	Thereafter(1)	268,613

	Total long-term debt, net of current portion	$	760,520

	_____________________
	(1) Includes the fair value of the compound derivative of $21.9 million.
Schedule of Short-term Debt	The following table presents the scheduled contractual maturities of the current portion of long-term debt as of December 31, 2014 (in thousands):


	31-Mar-15	$	5,668

	30-Jun-15	12,797

	30-Sep-15	12,740

	31-Dec-15	12,686

	Total current portion of long-term debt	$	43,891

Preferred_Stock_Tables

Preferred Stock - (Tables)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Schedule of Conversions of Stock	The following table presents the details of the conversions (in thousands, except share and per share data):


	Date of Submission For Conversion	Preferred Shares Converted	Liquidation Preference Converted(1)		Conversion Price Per Share(2)		Class A Common Stock Issued	Close Price Per Share on the Date of Conversion		Aggregate Market Value of Class A Common Issued
	18-Nov-14	902,000	$	16,770	$	11.1	1,511,004	$	12.96	$	19,583

	December 12, 2014(3)	2,171,553	40,560		10.41		3,894,597	11.81		45,995

	Total(4)	3,073,553	$	57,330	$	10.61	5,405,601	$	12.13	$	65,578

	_____________________
	(1) The liquidation preference is determined by multiplying the number of shares being converted by $18.42 then adding the unpaid dividends on such shares.
	(2) Both conversions were calculated using 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.
	(3) To comply with ownership limitations applicable to Luxor under the terms of the Series A Preferred Stock, 1,852,575 shares of Class A common stock were issued on December 19, 2014 and 2,042,022 shares of Class A common stock were issued on February 23, 2015. See Note 15 for more information.
	(4) Per share totals are expressed as weighted averages.

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested Restricted Stock Shares Activity	The following table details the restricted shares activity related to restricted stock awards of an entity that was previously a related party granted to RCAP employees during the year ended December 31, 2014:


		Shares of Restricted Common Stock of a Related Party		Weighted-Average Fair Value Per Share		Aggregate Value (in thousands)		Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—		$	—	$	—	—

	Granted	512,430		10.39		5,324		4.05

	Less: vested	143,805		13.83		1,989		N/A

	Less: forfeited	—		—		—		N/A

	Nonvested, December 31, 2014	368,625		$	9.05	$	3,335	2.83

	The following table details the restricted shares activity during the year ended December 31, 2014:


		Shares of Restricted Common Stock		Weighted-Average Issue Price		Aggregate Value (in thousands)		Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—		$	—	$	—	—

	Granted(1)	2,368,203		34.71		82,200		3.82

	Less: vested(2)	59,812		27.73		1,659		N/A

	Less: forfeited	26,086		38.1		994		N/A

	Less: retired	5,592		30.73		172		N/A

	Nonvested, December 31, 2014	2,276,713		$	34.86	$	79,375	3.09

	_____________________
	(1) Does not include 287,502 shares of Class A common stock issued to individual members of RCS Capital Management that were issued as awards under the RCAP Equity Plan on December 31, 2014 following conversion and exchange of Earned LTIP units.
	(2) The shares that vested during the year ended December 31, 2014 had an aggregate fair market value of $1.6 million on the vesting dates.
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The following table presents the details for the inputs and valuations of the warrants using a Black-Scholes option pricing model:


	Date of Issuance		Valuation Date	Exercise Price		Fair Value		Volatility(1)		Risk-Free Rate of Interest		Dividend Yield		Time to Expiration (years)(2)
	September 30, 2014		September 30, 2014	$	22.52	$	7.88	30	%	2.23	%	—	%	6.5

	September 30, 2014		December 31, 2014	$	22.52	$	1.75	30	%	1.95	%	—	%	6.25

	December 31, 2014		December 31, 2014	$	12.24	$	4.2	30	%	1.95	%	—	%	6.5

	_____________________
	(1) Volatility was based on the historical and implied volatility of a peer group of companies.
	(2) Time to expiration was calculated using the simplified method to estimate the expected term assumption for “plain vanilla” options.
Schedule of Nonvested Share Activity	The following table details the warrant activity during the year ended December 31, 2014:


		Warrants		Weighted-Average Fair Value		Aggregate Value (in thousands)		Weighted-Average Vesting Period Remaining (years)
	Nonvested, December 31, 2013	—		$	—	$	—	—

	Issued	397,332		3.44		1,367		3

	Less: vested	—		—		—		N/A

	Less: forfeited	1,915		7.88		15		N/A

	Nonvested, December 31, 2014	395,417		$	3.42	$	1,352	2.85

Income_Taxes_Income_Taxes_Tabl

Income Taxes Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense/(benefit) included in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands):


		Year Ended December 31,
		2014				2013				2012
	Current income tax expense
	U.S. federal	$	(1,630	)		$	1,630			$	—

	State and local	(196		)		677				—

	Total current income tax expense	(1,826		)		2,307				—


	Deferred income tax benefit
	U.S. federal	(33,351		)		(390		)		—

	State and local	(11,308		)		(74		)		—

	Total deferred income tax benefit	(44,659		)		(464		)		—

	Total income tax expense	$	(46,485	)		$	1,843			$	—

Schedule of Effective Income Tax Rate Reconciliation	The reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for the years ended December 31, 2014, 2013 and 2012 were as follows:


		Year Ended December 31,
		2014			2013			2012
	U.S. federal statutory income tax rate	35	%		35	%		—	%
	Increase (decrease) in tax rate resulting from:
	State and local income taxes net of federal benefit	4.82	%		0.39	%		—	%
	Fair value adjustments on derivatives	(10.10	)%		—	%
	Transaction costs	(1.92	)%		—	%		—	%
	Non-controlling interests	1.81	%		(33.63	)%		—	%
	Other	(1.63	)%		0.09	%		—	%
	Effective income tax rate	27.98	%		1.85	%		—	%
Schedule of Deferred Tax Assets and Liabilities	The components of the deferred income taxes as of December 31, 2014 and 2013 were as follows (dollars in thousands):


		Year Ended December 31,
		2014				2013
	Deferred tax assets
	Net operating loss carryforward	46,551				$	1

	Deferred compensation	26,916				21

	Accrued liabilities and reserves	15,971				104

	Stock-based compensation	9,763				6,717

	Amortization	5,011				—

	Deferred revenue	3,443				1,815

	Other	1,268				840

	Gross deferred tax assets	$	108,923			$	9,498

	Valuation allowance	(256		)		—

	Deferred tax assets, net of valuation allowance	108,667				9,498


	Deferred tax liabilities
	Intangible assets	372,947				$	33,013

	Convertible notes basis	1,922				—

	Fixed assets	—				52

	Total deferred tax liabilities	$	374,869			$	33,065


	Net deferred tax liability	$	266,202			$	23,567

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2014 and 2013 (in thousands, except share and per share data):


		Year Ended December 31, 2014
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net loss attributable to Class A common stockholders (1)	$	(275,686	)	49,765,160	$	(5.540	)

	Allocation of earnings to participating securities:
	Allocation of earnings to nonvested RSU holders	(467		)	—	(0.009		)

	Basic and diluted earnings:
	Net loss attributable to Class A common stockholders	$	(276,153	)	49,765,160	$	(5.549	)

	_____________________
	(1) Included in net loss attributable to common stock is a net deemed dividend of $68.5 million and dividends of $8.0 million declared to Series A Preferred Stock shareholders, a deemed dividend of $26.7 million and dividends of $0.8 million declared to Series B Preferred Stock shareholders and a deemed dividend of $42.8 million and dividends of $0.4 million declared to Series C Preferred Stock shareholders. See Note 11 for more information.
	(2) 2,042,022 shares of Class A common stock issued on February 23, 2015 pursuant to the submission for conversion of Series A preferred stock on December 12, 2014 are included in the weighted average shares outstanding assuming issuance on the date of submission for conversion. See Note 11 for more information.


		Year Ended December 31, 2013
		Income (Numerator)			Weighted Average Shares (Denominator)	Per Share Amount
	Net income attributable to the Company	2,266			7,885,186	0.287

	Allocation of earnings to participating securities:
	Allocation of earnings to FA RSU holders	(19		)	—	(0.002		)

	Basic earnings:
	Net income attributable to Class A common stockholders	$	2,247		7,885,186	$	0.285

	Effect of dilutive securities:
	Shares issuable to FA RSU holders	19			140,022	(0.003		)

	Diluted earnings:
	Net income attributable to Class A common stockholders	$	2,266		8,025,208	$	0.282

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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):


		Year Ended December 31,
	2015	$	10,900

	2016	10,186

	2017	9,181

	2018	7,917

	2019	6,651

	Thereafter	24,353

	Total	$	69,188

Contractual Obligation, Fiscal Year Maturity Schedule	The following table shows the future annual minimum payments due (in thousands):


		Year Ended December 31,
	2015	$	9,897

	2016	9,253

	2017	7,242

	2018	6,567

	2019	6,567

	Thereafter	3,978

	Total	$	43,504

Schedule of Future Annual Acquisition Commitments	The following table shows the future annual acquisition commitments (in thousands):


		Year Ended December 31,
		Cash		Class A Common Stock
	2015	$	46,050	$	38,910

	2016	—		2,440

	2017	5,000		5,000

	Total	$	51,050	$	46,350

Net_Capital_Requirements_Table

Net Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 and percentages).



		December 31, 2014			December 31, 2013
	Realty Capital Securities:
	Net capital	$	18,770		$	25,627

	Required net capital	1,174			1,294

	Net capital in excess of required net capital	$	17,596		$	24,333

	Aggregate indebtedness to net capital ratio	0.94 to 1			0.76 to 1
	First Allied Securities, Inc. (alternative method):
	Net capital	$	3,431		$	4,777

	Required net capital	250			250

	Net capital in excess of required net capital	$	3,181		$	4,527

	Net capital as a percentage of aggregate debit items evaluation	in compliance(1)			in compliance(1)
	Legend Equities Corporation:
	Net capital	$	2,067		$	2,684

	Required net capital	187			224

	Net capital in excess of required net capital	$	1,880		$	2,460

	Aggregate indebtedness to net capital ratio	1.36 to 1			1.25 to 1
	Cetera Advisor Networks LLC (alternative method)(2):
	Net capital	$	13,785

	Required net capital	250

	Net capital in excess of required net capital	$	13,535

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Advisors LLC (alternative method)(2):
	Net capital	$	9,294

	Required net capital	250

	Net capital in excess of required net capital	$	9,044

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Financial Specialists LLC (alternative method)(2):
	Net capital	$	5,018

	Required net capital	250

	Net capital in excess of required net capital	$	4,768

	Net capital as a percentage of aggregate debit items	in compliance(1)
	Cetera Investment Services LLC (alternative method)(2):
	Net capital	$	17,190

	Required net capital	250

	Net capital in excess of required net capital	$	16,940

	Net capital as a percentage of aggregate debit items	192%
	Hatteras Capital Distributors, LLC(2):
	Net capital	$	2,145

Required net capital	5

Net capital in excess of required net capital	$	2,140

Aggregate indebtedness to net capital ratio	0.02 to 1


	December 31, 2014			December 31, 2013
J.P. Turner & Company LLC(2):
Net capital	$	3,379

Required net capital	442

Net capital in excess of required net capital	$	2,937

Aggregate indebtedness to net capital ratio	1.96 to 1
Summit Brokerage Services, Inc.(2):
Net capital	$	5,878

Required net capital	506

Net capital in excess of required net capital	$	5,372

Aggregate indebtedness to net capital ratio	1.29 to 1
Investors Capital Corporation (alternative method)(2):
Net capital	$	3,817

Required net capital	250

Net capital in excess of required net capital	$	3,567

Net capital as a percentage of aggregate debit items	in compliance(1)
Advisor Direct, Inc.(2):
Net capital	$	12

Required net capital	5

Net capital in excess of required net capital	$	7

Aggregate indebtedness to net capital ratio	5.67 to 1
SC Distributors LLC (alternative method)(2):
Net capital	$	2,004

Required net capital	250

Net capital in excess of required net capital	$	1,754

Net capital as a percentage of aggregate debit items	in compliance(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)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2014, 2013 and 2012 (in thousands):


		Year Ended
		December 31,
		2014			2013			2012
	Independent retail advice(1):
	Revenues	$	1,395,262		$	94,930		$	—

	Expenses	1,416,529			95,624			—

	Loss	$	(21,267	)	$	(694	)	$	—

	Wholesale distribution:
	Revenues	$	681,624		$	802,965		$	286,572

	Expenses	702,455			757,792			280,085

	Income (loss)	$	(20,831	)	$	45,173		$	6,487

	Investment banking, capital markets and transaction management services:
	Revenues	$	126,670		$	84,810		$	925

	Expenses	60,288			29,213			—

	Income	$	66,382		$	55,597		$	925

	Investment management:
	Revenues	$	31,829		$	—		$	—

	Expenses	27,652			—			—

	Income	$	4,177		$	—		$	—

	Investment research:
	Revenues	$	2,721		$	—		$	—

	Expenses	11,762			—			—

	Loss	$	(9,041	)	$	—		$	—

	Corporate and other:
	Revenues	$	(44,848	)	$	—		$	—

	Expenses	140,559			218			—

	Loss	$	(185,407	)	$	(218	)	$	—


	Revenue reconciliation
	Total revenues for reportable segments	$	2,193,258		$	982,705		$	287,497

	Less: intercompany revenues	91,063			7,638			—

	Total revenues	$	2,102,195		$	975,067		$	287,497


	Income reconciliation
	Total income (loss) before taxes for reportable segments	$	(165,987	)	$	99,858		$	7,412

	Reconciling items	(138		)	—			—

	Income (loss) before income taxes	$	(166,125	)	$	99,858		$	7,412

_____________________
(1) Includes First Allied’s operating results from September 25, 2013, the date First Allied was acquired by RCAP Holdings.
Reconciliation of Assets from Segment to Consolidated	The following table presents the Company’s total assets by segment as of December 31, 2014 and 2013 (in thousands):


		December 31, 2014			December 31, 2013
	Segment assets:
	Independent retail advice	$	1,980,614		$	225,623

	Wholesale distribution	192,669			32,058

	Investment banking, capital markets and transaction management services	116,980			75,358

	Investment management	79,343			—

	Investment research	12,291			—

	Corporate and other (1)	112,423			3,585

	Total assets for reportable segments	$	2,494,320		$	336,624


	Assets reconciliation:
	Total assets for reportable segments	$	2,494,320		$	336,624

	Less: intercompany eliminations	27,692			99

	Total consolidated assets	$	2,466,628		$	336,525

	_____________________
	(1) Excludes amounts related to investment in subsidiaries.

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Presented below is the unaudited financial data for the year ended December 31, 2014:


		2014
		(Dollars in thousands, except share and per share data)
		First Quarter	Second Quarter		Third Quarter		Fourth Quarter
	Revenues	273,368	645,019		678,578		505,230

	Net income (loss)	12,149	48,472		(32,269	)	(147,992	)

	Net (loss) income attributable to Class A common stockholders	3,285	(149,861	)	(36,994	)	(92,116	)

	Basic earnings per share	0.11	(3.49	)	(0.59	)	(1.40	)

	Diluted earnings per share	0.11	(3.59	)	(0.59	)	(1.68	)

	Presented below is the unaudited financial data for the year ended December 31, 2013:


		2013
		(Dollars in thousands, except share and per share data)
		First Quarter	Second Quarter		Third Quarter		Fourth Quarter
	Revenues	218,631	230,016		229,527		296,893

	Net income	26,747	26,444		11,100		33,724

	Net (loss) income attributable to Class A common stockholders	—	202		559		1,505

	Basic earnings per share	—	0.08		0.17		0.11

	Diluted earnings per share	—	0.08		0.17		0.11

Schedule of Error Corrections and Prior Period Adjustments	The results for the second quarter of 2014 presented in the table above do not reflect the results reported on the Form 10-Q filed on August 14, 2014. The table below presents a reconciliation of the difference:


		2014 Second Quarter Reconciliation
		(Dollars in thousands, except share and per share data)
		As Reported on Form 10-Q	Inclusion of First Allied(1)		As Adjusted
	Revenues	638,425	6,594		645,019

	_____________________
	(1) The results reported for the three months ended June 30, 2014 erroneously included $6.6 million of intercompany eliminations derived from transactions with First Allied that pertained to the three months ended March 31, 2014. This did not impact pre-tax net income or net income for the three months ended June 30, 2014 as the same elimination was made to both total revenues and expenses. The Company has evaluated this item and determined that it was not material to the previously issued unaudited financial statements for the three months ended June 30, 2014. The income statement for the three months ended June 30, 2014 will be revised in the Company’s unaudited financial statements as of and for the six months ended June 30, 2015 to reflect the ‘as adjusted’ revenues presented above and the corresponding change in expenses. There was no impact on total revenue or total expenses reported for the six months ended June 30, 2014.
	The results for the first quarter of 2014 presented in the table above do not reflect the results reported on the Form 10-Q filed on May 15, 2014. The table below presents a reconciliation of the difference:


		2014 First Quarter Reconciliation
		(Dollars in thousands, except share and per share data)
		As Reported on Form 10-Q	Inclusion of First Allied(1)		As Adjusted
	Revenues	187,205	86,163		273,368

	Net income (loss)	12,656	(507	)	12,149

	Net (loss) income attributable to Class A common stockholders	3,792	(507	)	3,285

	Basic earnings per share	0.22	(0.11	)	0.11

	Diluted earnings per share	0.22	(0.11	)	0.11

	_____________________
	(1) On June 30, 2014, RCAP Holdings contributed all its equity interests in First Allied to the Company. 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 immediately following the acquisition of First Allied by RCAP Holdings on September 25, 2013.

Organization_and_Description_o1

Organization and Description of the Company (Details) (USD $)	0 Months Ended					11 Months Ended	4 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 10, 2014	Dec. 31, 2014	Sep. 30, 2014	Feb. 11, 2014	Jun. 10, 2013	Dec. 31, 2014	Sep. 30, 2013	Dec. 31, 2013	Apr. 28, 2014	Jun. 18, 2014
	Jun. 10, 2014	Dec. 31, 2014	Sep. 30, 2014	program	Jun. 10, 2013	Dec. 31, 2014	Sep. 30, 2013	Dec. 31, 2013	Apr. 28, 2014	Jun. 18, 2014
Subsidiary, Sale of Stock [Line Items]
Minority ownership percent in operating subsidiaries	9.40%
Ownership interest by Parent of subsidiaries					90.60%
Class A RCS holdings units received				100.00%
RCS Holdings LTIP Units issued to RCS Capital Management		100.00%		100.00%		100.00%
Class A operating subsidiary units contributed to RCS holdings (in shares)				26,499,999
Class A RCS Holdings Units received by the company (in shares)				26,499,999
Operating subsidiary LTIP units contributed to RCS Holdings from RCS capital management (in shares)				3,975,000				3,975,000
Units contributed to subsidiary (in units)				1,325,000
Period in force	30 days
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	20.25	$0.00				0.001		0.001
Issuance of common stock, shares	19,000,000	468,762	723,234
Common stock, shares issued (in shares)		70,571,540				70,571,540		13,764,929
LTIP Units
Subsidiary, Sale of Stock [Line Items]
LTIP Units earned (in shares)		310,947				310,947			310,947
LTIP Units forfeited (in shares)									1,014,053
LTIP Units distributed to members (in shares)									310,947
Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)		$0.00				0.001		0.001
Common stock, shares issued (in shares)		1				1		24,000,000
RCAP Holdings, LLC
Subsidiary, Sale of Stock [Line Items]
Ownership interest by Parent of subsidiaries					100.00%
Operating subsidiary units exchanged under the exchange agreement (in shares)				23,999,999
Class A shares received under the exchange agreement (in shares)				23,999,999
Class A Common stock held by related party (in shares)				24,051,499
Authorized classes of equity				3
RCAP Holdings, LLC \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Shares held by a related party (in shares)				24,051,499
RCAP Holdings, LLC \| Common Class B
Subsidiary, Sale of Stock [Line Items]
Shares held by a related party (in shares)				1
IPO \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, shares					2,500,000
Share price per share issued (in dollars per share)					$20
Proceeds from initial public offering					$43.60
Over-Allotment Option \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Option to purchase additional shares (in shares)	3,600,000
Common stock, shares issued (in shares)										870,248
Private Placement \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Share Price (in dollars per share)	20.25									20.25
Majority Shareholder \| Common Class B
Subsidiary, Sale of Stock [Line Items]
Shares received in reorganization (in shares)					24,000,000
Majority Shareholder \| Unclassified Stock
Subsidiary, Sale of Stock [Line Items]
Unclassified shares received (in shares)					100
Economic rights \| RCAP Holdings, LLC \| RCAP Holdings, LLC \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Economic rights held by related party				90.76%
Voting power \| RCAP Holdings, LLC \| RCAP Holdings, LLC \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Voting rights held by related party				95.38%
IPO \| IPO \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	0.001
IPO \| IPO \| Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share)	0.001
Common Stock \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, shares						23,999,999
Common Stock \| Common Class B
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, shares						-23,999,999
Common Stock \| IPO \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, shares						19,870,248	2,500,000
Common Stock \| Private Placement \| Common Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock, shares	2,469,136					2,469,136

Recent_and_Pending_Acquisition2

Recent and Pending Acquisitions - Cetera (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	8 Months Ended
Recent and Pending Acquisitions - Cetera (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 29, 2014	Dec. 31, 2014	Jan. 02, 2013
Business Acquisition [Line Items]
Net proceeds from issuance of Series A convertible preferred stock (including embedded derivative)									$197,504,000	$0	$0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and segregated securities	19,030,000				0				19,030,000	0			19,030,000
Goodwill	519,361,000				79,986,000				519,361,000	79,986,000			519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000	678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000	975,067,000	287,497,000
Income before taxes									-166,125,000	99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									2,729,500,000	2,682,500,000
Acquisition-related costs									19,740,000	4,587,000	0
Cetera Financial Group
Business Acquisition [Line Items]
Net proceeds from issuance of Series A convertible preferred stock (including embedded derivative)												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												7,999,000
Trading securities												741,000
Receivables												49,883,000
Property and equipment												17,735,000
Prepaid expenses												15,083,000
Deferred compensation plan investments												76,010,000
Notes receivable												38,805,000
Other assets												37,096,000
Accounts payable												-94,074,000
Accrued expenses												-32,421,000
Other liabilities												-112,977,000
Deferred compensation plan accrued liabilities												-75,294,000
Total fair value excluding goodwill and intangible assets												170,227,000
Goodwill	290,262,000				0				290,262,000	0		290,262,000	290,262,000
Intangible assets												944,542,000
Deferred tax liability												-272,289,000
Total consideration												1,132,742,000
Expected tax deductible amount	8,300,000								8,300,000				8,300,000
Business Combination, Consideration Transferred [Abstract]
Contractual purchase price												1,150,000,000
Purchase price adjustments												17,258,000
Total consideration												1,132,742,000
Revenues													829,100,000
Income before taxes													-10,500,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									1,214,100,000	1,123,900,000
Loss before taxes									-36,900,000	-73,300,000
Acquisition-related costs									25,000,000
Convertible Debt \| Cetera Financial Group
Business Acquisition [Line Items]
Convertible notes, face value												120,000,000
Senior Secured Second Lien Term Loan
Business Acquisition [Line Items]
Interest rate	10.50%								10.50%				10.50%
Senior Secured Second Lien Term Loan \| Secured Debt \| Barclays Bank PLC and Bank of America \| Cetera Financial Group
Business Acquisition [Line Items]
Convertible notes, face value												150,000,000		32,000,000
Senior Secured First Lien Term Loan
Business Acquisition [Line Items]
Interest rate	6.50%								6.50%				6.50%
Senior Secured First Lien Term Loan \| Secured Debt \| Barclays Bank PLC and Bank of America \| Cetera Financial Group
Business Acquisition [Line Items]
Convertible notes, face value												575,000,000
Senior Secured First Lien Revolving Credit Facility
Business Acquisition [Line Items]
Secured debt, commitment												$25,000,000
Series C Preferred Stock
Business Acquisition [Line Items]
Convertible preferred, par value (in dollars per share)	$0.00				$0				$0.00	$0		$0.00	$0.00
Series C Preferred Stock \| Convertible Debt
Business Acquisition [Line Items]
Interest rate	7.00%								7.00%			7.00%	7.00%

Recent_and_Pending_Acquisition3

Recent and Pending Acquisitions - Summit (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	7 Months Ended
Recent and Pending Acquisitions - Summit (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 11, 2014	Dec. 31, 2014
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$519,361,000				$79,986,000				$519,361,000	$79,986,000			$519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000	678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000	975,067,000	287,497,000
Income before taxes									-166,125,000	99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									2,729,500,000	2,682,500,000
Acquisition-related costs									19,740,000	4,587,000	0
Summit Financial Services Group
Business Acquisition [Line Items]
Pro rata share of tax refunds												2,500,000
Excluding cash distributed in shareholders												38,600,000
Contractual purchase price												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												1,092,000
Other assets												2,366,000
Accounts payable												-9,973,000
Accrued expenses												-3,100,000
Total fair value excluding goodwill and intangible assets												8,778,000
Goodwill	23,891,000				0				23,891,000	0		23,891,000	23,891,000
Intangible assets												31,240,000
Deferred tax liability												-6,751,000
Total consideration												57,158,000
Expected tax deductible amount	300,000								300,000				300,000
Business Combination, Consideration Transferred [Abstract]
Contractual purchase price												46,727,000
Stock issued by the Company												10,431,000
Total consideration												57,158,000
Revenues													58,300,000
Income before taxes													-1,900,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									100,500,000	82,800,000
Income (loss) before taxes									-5,500,000	-200,000
Acquisition-related costs									800,000
Summit Financial Services Group \| Common Class A
Business Acquisition [Line Items]
Right to receive merger consideration rights												$1.59
Business acquisition, equity interest issued, number of shares									498,884			498,884
Summit Financial Services Group \| Common Stock
Business Acquisition [Line Items]
Acquisition share price (in dollars per share)												$0.06

Recent_and_Pending_Acquisition4

Recent and Pending Acquisitions - J.P. Turner (Details) (USD $)	3 Months Ended									12 Months Ended				0 Months Ended	7 Months Ended		0 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Jun. 12, 2014	Dec. 31, 2014		Mar. 04, 2015
Business Acquisition [Line Items]
Contingent and deferred consideration	$145,430,000					$2,180,000				$145,430,000		$2,180,000			$145,430,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	519,361,000					79,986,000				519,361,000		79,986,000			519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000		678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000		975,067,000	287,497,000
Income before taxes										-166,125,000		99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues										2,729,500,000		2,682,500,000
JP Turner & Company, LLC
Business Acquisition [Line Items]
Contingent and deferred consideration														7,600,000
Minimum performance hurdle														8.00%
Performance Annual Dollar Cap														2,500,000
Earn-out contingency based on acquiree's future revenues														50.00%
Increase in contingent consideration										6,200,000
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	13,579,000					0				13,579,000		0		13,579,000	13,579,000
Intangible assets														14,200,000
Total consideration														32,708,000
Expected tax deductible amount	3,500,000									3,500,000					3,500,000
Business Combination, Consideration Transferred [Abstract]
Cash paid by the Company														12,786,000
Stock issued by the Company														4,860,000
Contingent consideration														4,500,000
Deferred consideration														10,562,000
Total consideration														32,708,000
Revenues															30,900,000
Income before taxes															-100,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues										52,800,000		57,800,000
Loss before taxes										1,500,000		-4,800,000
JP Turner & Company, LLC \| Common Class A
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares										239,362				239,362
Contingent and deferred consideration														3,200,000
Earn-out contingency based on acquiree's future revenues														50.00%
Minimum
Business Acquisition [Line Items]
Contingent and deferred consideration	14,716,000									14,716,000					14,716,000
Minimum \| JP Turner & Company, LLC
Business Acquisition [Line Items]
Contingent and deferred consideration	7,551,000	[1]								7,551,000	[1]				7,551,000	[1]
Maximum
Business Acquisition [Line Items]
Contingent and deferred consideration	94,454,000									94,454,000					94,454,000
Maximum \| JP Turner & Company, LLC
Business Acquisition [Line Items]
Contingent and deferred consideration	7,551,000	[1]								7,551,000	[1]				7,551,000	[1]
Subsequent Event \| JP Turner & Company, LLC
Business Combination, Consideration Transferred [Abstract]
Cash paid by the Company																	6,400,000
Total consideration																	9,100,000
Business Acquisition, Pro Forma Information [Abstract]
Equity interests value assigned																	$2,700,000
Subsequent Event \| JP Turner & Company, LLC \| Common Class A
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares																	245,813

[1]	The contingent consideration amount for J.P. Turner was to be based on the achievement of certain agreed-upon revenue or EBITDA performance targets for fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016, which were subject to an annual cap of $2.5 million. Based on the independent valuation companyâ€™s projections, which were reviewed by the Company, the earn-outs for the fiscal years ending December 31, 2014, December 31, 2015 and December 31, 2016 were expected to be subject to that cap in both the low and high case.

Recent_and_Pending_Acquisition5

Recent and Pending Acquisitions - Hatteras (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	6 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Estimated contingent consideration amount	$145,430,000				$2,180,000				$145,430,000	$2,180,000			$145,430,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	519,361,000				79,986,000				519,361,000	79,986,000			519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000	678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000	975,067,000	287,497,000
Income before taxes									-166,125,000	99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									2,729,500,000	2,682,500,000
Acquisition-related costs									19,740,000	4,587,000	0
Hatteras Funds Group
Business Acquisition [Line Items]
Initial accounting incomplete adjustment												40,000,000
Estimated contingent consideration amount	28,300,000								28,300,000				28,300,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents			805,000									805,000
Receivables			7,747,000									7,747,000
Property and equipment			192,000									192,000
Prepaid expenses			326,000									326,000
Other assets			120,000									120,000
Accounts payable			-3,721,000									-3,721,000
Accrued expenses			-5,277,000									-5,277,000
Total fair value excluding goodwill and intangible assets			192,000									192,000
Goodwill	15,348,000		15,348,000		0				15,348,000	0		15,348,000	15,348,000
Intangible assets			48,770,000									48,770,000
Total consideration			64,310,000									64,310,000
Business Combination, Consideration Transferred [Abstract]
Cash paid by the Company												30,000,000
Contingent consideration												24,880,000
Deferred consideration												9,430,000
Total consideration												64,310,000
Revenues													31,800,000
Income before taxes													4,200,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									62,300,000	47,600,000
Income (loss) before taxes									7,200,000	1,200,000
Acquisition-related costs									600,000
Closing Date \| Hatteras Funds Group
Business Acquisition [Line Items]
Payments to acquire business												75.00%
First Anniversary of the Closing Date \| Hatteras Funds Group
Business Acquisition [Line Items]
Payments to acquire business												7.50%
Second Anniversary of the Closing Date \| Hatteras Funds Group
Business Acquisition [Line Items]
Payments to acquire business												7.50%
Third Anniversary of the Closing Date \| Hatteras Funds Group
Business Acquisition [Line Items]
Payments to acquire business												10.00%
Minimum
Business Acquisition [Line Items]
Estimated contingent consideration amount	14,716,000								14,716,000				14,716,000
Maximum
Business Acquisition [Line Items]
Estimated contingent consideration amount	$94,454,000								$94,454,000				$94,454,000

Recent_and_Pending_Acquisition6

Recent and Pending Acquisitions - First Allied (Details) (USD $)	11 Months Ended	0 Months Ended			12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Jan. 15, 2014	Sep. 25, 2013	Dec. 31, 2014	Nov. 01, 2011
Business Acquisition [Line Items]
Issuance of common stock	$1,727,000
First Allied acquisition
Business Acquisition [Line Items]
Issuance of common stock		239,200,000
Expected tax deductible amount	8,000,000				8,000,000
First Allied acquisition \| Common Class A
Business Acquisition [Line Items]
Acquisition share price (in dollars per share)		$21.23
RCAP Holdings, LLC \| First Allied acquisition
Business Acquisition [Line Items]
Cost of acquired entities throughout period			177,000,000	177,000,000
Total consideration		271,200,000	145,000,000	145,000,000
Convertible notes, face value	94,200,000				94,200,000
Debt acquired				7,000,000
Debt carrying amount acquired				37,500,000
Equity interests value assigned			207,500,000
Total fair value excluding goodwill and intangible assets				137,200,000
RCAP Holdings, LLC \| First Allied acquisition \| Common Class A
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares		11,264,929			11,264,929
Secured Debt \| RCAP Holdings, LLC \| First Allied acquisition
Business Acquisition [Line Items]
Convertible notes, face value				26,000,000
First Allied notes \| Secured Debt \| RCAP Holdings, LLC \| First Allied acquisition
Business Acquisition [Line Items]
Convertible notes, face value				$32,000,000		$32,000,000

Recent_and_Pending_Acquisition7

Recent and Pending Acquisitions - ICH (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	6 Months Ended
Recent and Pending Acquisitions - ICH (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jul. 11, 2014	Dec. 31, 2014
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Goodwill	$519,361,000				$79,986,000				$519,361,000	$79,986,000			$519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000	678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000	975,067,000	287,497,000
Income before taxes									-166,125,000	99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									2,729,500,000	2,682,500,000
Investors Capital Holdings
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Cash and cash equivalents												6,881,000
Short term investments and securities owned												499,000
Receivables												7,500,000
Property and equipment												275,000
Notes receivable												1,875,000
Deferred compensation plan investments												2,250,000
Deferred tax asset												2,613,000
Other assets												1,055,000
Accounts payable												-1,945,000
Other liabilities												-7,593,000
Notes payable and long-term debt												-2,918,000
Non-qualified deferred compensation												-2,611,000
Total fair value excluding goodwill and intangible assets												7,881,000
Goodwill												26,680,000
Intangible assets												30,100,000
Deferred tax liability												-12,152,000
Total consideration												52,509,000
Business Combination, Consideration Transferred [Abstract]
Cash paid by the Company												8,412,000
Contingent consideration												44,097,000
Total consideration												52,509,000
Revenues													45,700,000
Income before taxes													-1,300,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									94,800,000	87,800,000
Loss before taxes									($3,700,000)	($5,000,000)
Investors Capital Holdings \| Common Class A
Business Acquisition [Line Items]
Shares issued (in share)												2,027,966
Business acquisition, equity interest issued, number of shares												2,029,261
Equity interests canceled (in shares)												1,295

Recent_and_Pending_Acquisition8

Recent and Pending Acquisitions - Validus/Strategic Capital Partners (Details) (USD $)	3 Months Ended								12 Months Ended			0 Months Ended	4 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 29, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Contingent and deferred consideration	$145,430,000				$2,180,000				$145,430,000	$2,180,000			$145,430,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	519,361,000				79,986,000				519,361,000	79,986,000			519,361,000
Business Combination, Consideration Transferred [Abstract]
Revenues	505,230,000	678,578,000	645,019,000	273,368,000	296,893,000	229,527,000	230,016,000	218,631,000	2,102,195,000	975,067,000	287,497,000
Income before taxes									-166,125,000	99,858,000	7,412,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									2,729,500,000	2,682,500,000
Acquisition-related costs									19,740,000	4,587,000	0
StratCap
Business Acquisition [Line Items]
Considered transferred, less contingent consideration												76,400,000
Business acquisition, equity interest issued, number of shares												464,317
Contingent and deferred consideration	68,200,000								68,200,000				68,200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash and cash equivalents												4,522,000
Short term investments and securities owned												2,239,000
Receivables												4,858,000
Property and equipment												96,000
Other assets												629,000
Accounts payable												-706,000
Accrued expenses												-201,000
Other liabilities												-908,000
Total fair value excluding goodwill and intangible assets												10,529,000
Goodwill	22,871,000				0				22,871,000	0		22,871,000	22,871,000
Intangible assets												121,380,000
Total consideration												154,780,000
Business Combination, Consideration Transferred [Abstract]
Cash paid by the Company												67,510,000
Stock issued by the Company												10,000,000
Contingent consideration												67,300,000
Deferred consideration												9,970,000
Total consideration												154,780,000
Revenues													19,900,000
Income before taxes													-3,900,000
Business Acquisition, Pro Forma Information [Abstract]
Total revenues									143,300,000	66,200,000
Loss before taxes									-5,200,000	-15,300,000
Acquisition-related costs									200,000
Minimum
Business Acquisition [Line Items]
Contingent and deferred consideration	14,716,000								14,716,000				14,716,000
Minimum \| StratCap
Business Acquisition [Line Items]
Contingent and deferred consideration	70,840,000								70,840,000				70,840,000
Maximum
Business Acquisition [Line Items]
Contingent and deferred consideration	94,454,000								94,454,000				94,454,000
Maximum \| StratCap
Business Acquisition [Line Items]
Contingent and deferred consideration	$125,920,000								$125,920,000				$125,920,000

Recent_and_Pending_Acquisition9

Recent and Pending Acquisitions - Trupoly (Details) (Trupoly acquisition, USD $)	0 Months Ended
In Millions, unless otherwise specified	Jul. 21, 2014	Dec. 31, 2014
Trupoly acquisition
Business Acquisition [Line Items]
Percentage of deferred consideration	50.00%
Expected tax deductible amount		$0.70

Recovered_Sheet1

Recent and Pending Acquisitions - Docupace (Details) (Docupace [Member], USD $)	0 Months Ended
	Dec. 31, 2014	Nov. 21, 2014	Mar. 01, 2015
Business Acquisition [Line Items]
Total consideration		$35,400,000
Accrued expenses		300,000
Cash paid by the Company		18,800,000
Voting interests acquired	53.53%	51.00%
Required additional capital contributions in year one	28,000,000
Required additional capital contributions in year two	20,000,000
Post-closing consideration	4,000,000
Fair value of assets acquired		73,600,000
Fair value of non-controlling interest		34,200,000
Expected tax deductible amount	22,800,000
Subsequent Event
Business Acquisition [Line Items]
Post-closing consideration			$16,600,000

Recovered_Sheet2

Recent and Pending Acquisitions - Consolidated pro forma results (Details) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Business Acquisition [Line Items]
Total revenues	$2,729.50		$2,682.50
Loss before taxes	-196.1		-78.3
Provision for income taxes (40%)	-78.5	[1]	-31.3	[1]
Net loss	-117.6		-47
Less: income attributable to non-controlling interest	8.9		0
Less: preferred dividends and deemed dividend	153.3		18.9
Net loss attributable to Class A common stockholders	-279.8		-65.9
Pro forma earnings per share (in dollars per share)	($5.18)	[2]	($1.61)	[2]
Pro forma weighted average basic shares (in shares)	54,155,046		40,995,457
Pro forma statutory tax rate	40.00%
Proforma acquisition related costs	44.5
First Allied acquisition
Business Acquisition [Line Items]
Allocation of Earnings to Unvested Shares	$0.70

[1]	Reflects pro forma adjustment to record the income tax provision based on the assumed 40% tax rate.
[2]	For the year ended DecemberÂ 31, 2014, the numerator for the pro forma basic and diluted earnings per share calculation was reduced by $0.7 million for allocation of earnings to nonvested restricted stock units holders.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Jun. 10, 2014	Dec. 31, 2013	Apr. 29, 2014
	segment	Jun. 10, 2014	Dec. 31, 2013	Apr. 29, 2014
Class of Stock [Line Items]
Cash definition	90 days
Cash, uninsured amount	$148.80		$66.40
Minority ownership percent in operating subsidiaries		9.40%
Number of operating segments	6
Realty Capital
Class of Stock [Line Items]
Gross proceeds from the shares of funds percentage	0.50%
Minimum
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years 0 months 0 days
Maximum
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years 0 months 0 days
Maximum \| Realty Capital
Class of Stock [Line Items]
Sales commissions earned by related percentage of benchmark	7.00%
Gross proceeds from the sales of common stock, before allowances, percentage of benchmark	3.00%
Related party's share based compensation plan \| Minimum
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years 0 months 0 days
Related party's share based compensation plan \| Maximum
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years 0 months 0 days
Share-based goods and nonemployee services compensation
Class of Stock [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 years 0 months 0 days
Series B Preferred Stock
Class of Stock [Line Items]
Convertible preferred, par value (in dollars per share)	$0.00		$0
Series C Preferred Stock
Class of Stock [Line Items]
Convertible preferred, par value (in dollars per share)	$0.00		$0	$0.00
Voting power \| RCAP Equity, LLC \| Common Class A \| RCAP Holdings, LLC
Class of Stock [Line Items]
Voting rights held by related party		68.97%
Closed End Mutual Funds \| Maximum \| Realty Capital
Class of Stock [Line Items]
Sales commissions earned by related percentage of benchmark	4.00%
Convertible Debt \| Series B Preferred Stock
Class of Stock [Line Items]
Interest rate	11.00%
Convertible Debt \| Series C Preferred Stock
Class of Stock [Line Items]
Interest rate	7.00%			7.00%

Fair_Value_Disclosures_Narrati

Fair Value Disclosures - Narrative (Details) (USD $)	12 Months Ended
Fair Value Disclosures - Narrative (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Contingent and deferred consideration	$145,430,000	$2,180,000
First Allied acquisition
Business Acquisition [Line Items]
Contingent and deferred consideration	107,300,000
Level 3
Business Acquisition [Line Items]
Unrealized gain derivatives	$9,900,000

Recovered_Sheet3

Fair Value Disclosures - Fair value Hierarchy (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$11,473		$8,528
Trading securities	10,242		7,708
Derivative contracts	81,032		0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,473		8,528
Trading securities	10,242		7,708
Deferred compensation plan investments:	83,456
Total	188,295		16,236
Contingent consideration	107,278		2,180
Total	210,573		2,489
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,473		8,528
Trading securities	9,762		7,708
Deferred compensation plan investments:	80,754
Total	184,962		16,236
Contingent consideration	0		0
Total	387		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	10		0
Deferred compensation plan investments:	2,702
Total	2,712		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	470		0
Deferred compensation plan investments:	0
Total	621		0
Contingent consideration	107,278	[1]	2,180
Total	210,186		2,180
Money market fund \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market funds	82,973
Deferred compensation plan investments:	6,246
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	82,973
Deferred compensation plan investments:	6,246
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
Mutual funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,473		8,528
Trading securities	9,457		7,708
Deferred compensation plan investments:	2,702
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	11,473		8,528
Trading securities	9,457		7,708
Deferred compensation plan investments:	0
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
Deferred compensation plan investments:	2,702
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
Deferred compensation plan investments:	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	11,473		8,528	0
Equity securities \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	262
Other liabilities:	161		238
Equity securities \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	262
Other liabilities:	161		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	0
Other liabilities:	0		0
U.S. government bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	12
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	2
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	10
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
State and municipal bonds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:	222		51
State and municipal bonds \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:	222		51
State and municipal bonds \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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]
Other liabilities:	0		0
Other \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	511
Other \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	41
Other \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0
Other \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	470
International global funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments:	17,722
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:	17,722
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
U.S. equity funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments:	46,999
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:	46,999
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. fixed-income funds \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan investments:	9,787
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:	9,787
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
Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid expenses and other assets - oil and gas interests	151
Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid expenses and other assets - oil and gas interests	0
Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid expenses and other assets - oil and gas interests	0
Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid expenses and other assets - oil and gas interests	151
Derivative contracts \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts	102,908
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 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contracts	102,908	[2]
Mutual funds and unit investment trusts \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:	4
Mutual funds and unit investment trusts \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:	4
Mutual funds and unit investment trusts \| 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 unit investment trusts \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:	0
Certificates of Deposit \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:			20
Certificates of Deposit \| Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:			20
Certificates of Deposit \| Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:			0
Certificates of Deposit \| Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other liabilities:			0
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	$21,900

[1]	Excludes deferred payments, which are measured on non-recurring basis.
[2]	Includes $21.9 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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$2,180	$0
Net realized and unrealized (gains)/losses	54,021	9
Purchases	12,868	2,181
Issuances	329,869	0
Sales	0
Settlements	-188,752	-10
Ending balance	210,186	2,180
Trading securities- other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Net realized and unrealized (gains)/losses	4
Purchases	477
Issuances	0
Sales	-11
Settlements	0
Ending balance	470
Prepaid expenses and other assets - oil and gas interests
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Net realized and unrealized (gains)/losses	-166
Purchases	372
Issuances	0
Sales	0
Settlements	-55
Ending balance	151
Other Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Net realized and unrealized (gains)/losses	-162
Purchases	849
Issuances	0
Sales	-11
Settlements	-55
Ending balance	621
Derivative contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Net realized and unrealized (gains)/losses	45,213
Purchases	0
Issuances	233,189
Sales	0
Settlements	-175,494
Ending balance	102,908
Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	2,180	0
Net realized and unrealized (gains)/losses	8,808	9
Purchases	12,868	2,181
Issuances	96,680	0
Sales	0
Settlements	-13,258	-10
Ending balance	$107,278	$2,180

Fair_Value_Disclosures_Level_3

Fair Value Disclosures - Level 3 Valuation (Details) (USD $)	0 Months Ended	12 Months Ended
	Apr. 29, 2014	Dec. 31, 2014		Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		$81,032,000		$0
Debt term	2 years
Derivative contracts \| Fair Value, Measurements, Recurring
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		102,908,000
Derivative contracts \| Fair Value, Measurements, Recurring \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		102,908,000	[1]
Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		102,908,000
Volatility		30.00%
Risk free rate of interest		2.10%
Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts				2,180,000
Discount Rate				2.50%
JP Turner & Company, LLC \| Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		6,200,000
Hatteras Funds Group \| Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		28,310,000
StratCap \| Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		68,200,000
First Allied acquisition \| Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Derivative contracts		4,568,000
First Allied And Centaras \| Derivative contracts \| Fair Value, Measurements, Recurring \| Discounted Cash Flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discounted rates based on estimated average cost of capital		0.20%
Trading Securities \| Fair Value, Measurements, Recurring \| Net asset value (NAV) \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepaid expenses and other assets - oil and gas interests		113,000
Real Estate Funds \| Fair Value, Measurements, Recurring \| Net asset value (NAV) \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepaid expenses and other assets - oil and gas interests		357,000
Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring \| Net asset value (NAV) \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Prepaid expenses and other assets - oil and gas interests		151,000
Discount rate		10.00%
Low Case \| StratCap \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Present value factor		0.65%
Probability Adjustment		25.00%
Case Base \| StratCap \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Present value factor		0.79%
Probability Adjustment		50.00%
High Case \| StratCap \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Probability Adjustment		25.00%
Convertible Notes Payable \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt term		6 years 9 months 18 days
Volatility		30.00%
Risk free rate of interest		1.95%
Discount rate		12.95%
Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk free rate of interest		2.10%
Put Option \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Volatility		30.00%
Risk free rate of interest		2.43%
Minimum \| JP Turner & Company, LLC \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Probability exceeding percentage threshold		99.70%
Present value factor		0.71%
Time until payments		4 months 24 days
Minimum \| Hatteras Funds Group \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected earnings		11,000,000
Discounted rates based on estimated average cost of capital		5.00%
Maximum \| JP Turner & Company, LLC \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Probability exceeding percentage threshold		100.00%
Present value factor		0.95%
Time until payments		2 years 4 months 24 days
Maximum \| Hatteras Funds Group \| Fair Value, Measurements, Recurring \| Income Approach Valuation Technique \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected earnings		$17,300,000
Discounted rates based on estimated average cost of capital		7.00%
Series B Preferred Stock \| Convertible Notes Payable \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt term		8 years
Series B Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		15.10%
Series C Preferred Stock \| Convertible Notes Payable \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt term		8 years
Series C Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		15.10%
Period One \| Series B Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Dividend Assumptions		11.00%
Period One \| Series C Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Dividend Assumptions		8.00%
Period Two \| Series B Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Dividend Assumptions		8.00%
Period Two \| Series C Preferred Stock \| Convertible Preferred Stock \| Derivative contracts \| Fair Value, Measurements, Recurring \| Monte Carlo \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Dividend Assumptions		7.00%

[1]	Includes $21.9 million of derivatives classified in long-term debt.

Fair_Value_Disclosures_Net_Ass

Fair Value Disclosures - Net Asset Value Per Share(Details) (Fair Value, Measurements, Recurring, Level 3, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Prepaid expenses and other assets - oil and gas interests
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Prepaid expenses and other assets - oil and gas interests	$113
Unfunded Commitments	9
Real Estate Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Prepaid expenses and other assets - oil and gas interests	357
Unfunded Commitments	$0

Fair_Value_Disclosures_Debt_in

Fair Value Disclosures - Debt instruments (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$1,040,523
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	15,300
Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	1,006,605
Convertible Debt \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	61,632
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	78,005
First lien term facility \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	555,700
First lien term facility \| 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 \| 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 \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	530,491
Second lien term facility \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	147,903
Second lien term facility \| 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 \| 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 \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	142,500
Promissory note (legal settlement) \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	15,300
Promissory note (legal settlement) \| Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Promissory note (legal settlement) \| Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	15,300
Promissory note (legal settlement) \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Subordinated borrowings \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	2,000
Subordinated borrowings \| Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Subordinated borrowings \| Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Subordinated borrowings \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	2,000
Series B Preferred Stock \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	146,700
Series B Preferred Stock \| Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Series B Preferred Stock \| Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Series B Preferred Stock \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	117,367
Series C Preferred Stock \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	111,288
Series C Preferred Stock \| Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Series C Preferred Stock \| Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0
Series C Preferred Stock \| Fair Value \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$136,242

AvailableforSale_Securities_De

Available-for-Sale Securities (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Available-for-Sale Securities [Roll Forward]
Ending balance	$11,473		$8,528
Equity securities
Available-for-Sale Securities [Roll Forward]
Beginning balance	8,528		0
Purchases	11,484	[1]	10,097
Sales	-9,013		-1,000
Realized Gains/ (Losses)	171		-59
Unrealized Gains/ (Losses)	303		-510
Ending balance	11,473		8,528
Cost	11,684		9,038
Dividend Reinvestment Plan
Available-for-Sale Securities [Roll Forward]
Purchases	$300

[1]	Includes $0.3 million of purchases under dividend reinvestment programs.

Note_Receivable_Details

Note Receivable (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable [Roll Forward]
Beginning balance	$13,270	$8,547
Originated and acquired loans	68,947	5,636
Collections	-10,477	-363
Forgiveness	-8,031	-573
Accretion	5,770	6
Allowance	-490	17
Ending balance	68,989	13,270
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	424	441
Provision for bad debt	1,062	0
Charge off - net of recoveries	-572	-17
Total change	490	-17
Ending balance	914	424
Forgivable loans
Financing Receivable [Roll Forward]
Beginning balance	11,104	6,633
Originated and acquired loans	16,747	5,286
Collections	-1,672	-157
Forgiveness	-8,329	-661
Accretion	5,368	3
Allowance	-143	0
Ending balance	23,075	11,104
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	368	368
Provision for bad debt	327	0
Charge off - net of recoveries	-184	0
Total change	143	0
Ending balance	511	368
Payback loans
Financing Receivable [Roll Forward]
Beginning balance	2,166	1,914
Originated and acquired loans	52,200	350
Collections	-8,805	-206
Forgiveness	298	88
Accretion	402	3
Allowance	-347	17
Ending balance	45,914	2,166
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	56	73
Provision for bad debt	735	0
Charge off - net of recoveries	-388	-17
Total change	347	-17
Ending balance	$403	$56

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Total fixed assets	$30,234	$2,233
Less: Accumulated depreciation and amortization	5,488	350
Fixed assets - net	24,746	1,883
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total fixed assets	3,650	1,007
Computer software and hardware
Property, Plant and Equipment [Line Items]
Total fixed assets	22,971	854
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total fixed assets	$3,613	$372

Property_and_Equipment_Depreci

Property and Equipment- Depreciation and Amortization (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$5.20	$0.30	$0.03

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets Goodwill by segment (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Goodwill	$519,361	$79,986
Independent Retail Advice
Goodwill [Line Items]
Goodwill	434,398	79,986
Wholesale distribution:
Goodwill [Line Items]
Goodwill	22,871	0
Investment Management
Goodwill [Line Items]
Goodwill	15,348	0
Investment Banking and Capital Markets
Goodwill [Line Items]
Goodwill	45,989	0
Corporate and other:
Goodwill [Line Items]
Goodwill	$755	$0

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets Goodwill by Carrying Amount (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Apr. 29, 2014	Jun. 11, 2014	Jun. 12, 2014	Jun. 30, 2014	Aug. 29, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Apr. 29, 2014	Jun. 11, 2014	Jun. 12, 2014	Jun. 30, 2014	Aug. 29, 2014
Goodwill [Line Items]
Goodwill	$519,361	$79,986
First Allied acquisition
Goodwill [Line Items]
Goodwill	79,986	79,986
Cetera acquisition
Goodwill [Line Items]
Goodwill	290,262	0	290,262
Summit acquisition
Goodwill [Line Items]
Goodwill	23,891	0		23,891
J.P. Turner acquisition
Goodwill [Line Items]
Goodwill	13,579	0			13,579
Hatteras acquisition
Goodwill [Line Items]
Goodwill	15,348	0				15,348
ICH acquisition
Goodwill [Line Items]
Goodwill	26,680	0
Trupoly acquisition
Goodwill [Line Items]
Goodwill	755	0
Total goodwill
Goodwill [Line Items]
Goodwill	22,871	0					22,871
Docupace [Member]
Goodwill [Line Items]
Goodwill	$45,989	$0

Goodwill_and_Intangible_Assets4

Goodwill and Intangible Assets Finite-lived Intangible Assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$1,311,631,000		$84,897,000
Accumulated Amortization	68,106,000		1,892,000
Finite-lived intangible assets, net	1,243,525,000		83,005,000
Amortization of intangible assets	66,200,000		1,900,000
Financial advisor relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	13 years		13 years
Gross Carrying Value	1,019,353,000		71,185,000
Accumulated Amortization	52,070,000		1,487,000
Finite-lived intangible assets, net	967,283,000		69,698,000
Sponsor relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	9 years
Gross Carrying Value	113,000,000
Accumulated Amortization	4,186,000
Finite-lived intangible assets, net	108,814,000
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	29 years
Gross Carrying Value	65,192,000
Accumulated Amortization	1,638,000
Finite-lived intangible assets, net	63,554,000
Investment management agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	12 years
Gross Carrying Value	47,390,000
Accumulated Amortization	1,966,000
Finite-lived intangible assets, net	45,424,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	11 years		13 years
Gross Carrying Value	20,686,000		12,686,000
Accumulated Amortization	1,473,000		277,000
Finite-lived intangible assets, net	19,213,000		12,409,000
Intellectual property and internally developed software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	7 years
Gross Carrying Value	22,510,000
Accumulated Amortization	779,000
Finite-lived intangible assets, net	21,731,000
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	9 years
Gross Carrying Value	10,642,000
Accumulated Amortization	849,000
Finite-lived intangible assets, net	9,793,000
Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	2 years		2 years
Gross Carrying Value	9,648,000		1,026,000
Accumulated Amortization	5,136,000		128,000
Finite-lived intangible assets, net	4,512,000		898,000
Distribution Networks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Life Remaining (in years)	40 years	[1]
Gross Carrying Value	3,210,000	[1]
Accumulated Amortization	9,000	[1]
Finite-lived intangible assets, net	$3,201,000	[1]

[1]	The Company previously classified its distribution networks as indefinite-lived intangible assets. The Company finalized its assessment of the useful life of the distribution networks and concluded that they were finite-lived rather than indefinite-lived intangible assets.

Goodwill_and_Intangible_Assets5

Goodwill and Intangible Assets Future Amortization (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
2014	$102,820
2015	100,090
2016	99,937
2017	99,858
2018	98,529
Thereafter	742,291
Finite-lived intangible assets, net	$1,243,525	$83,005

Longterm_Debt_Narrative_Detail

Long-term Debt - Narrative (Details) (USD $)	0 Months Ended	12 Months Ended	0 Months Ended
Long-term Debt - Narrative (Details) (USD $)	Apr. 29, 2014	Dec. 31, 2014	Jan. 02, 2013	Jul. 28, 2014	Dec. 04, 2014	Nov. 01, 2011	Jul. 21, 2014	Sep. 25, 2013	Jul. 11, 2014	Jan. 09, 2015
Line of Credit Facility [Line Items]
Convertible notes payable	$1,000
Payment in year two		63,627,000
Payment in year three		74,466,000
Debt term	2 years
Variable rate		1.25 to 1.00
Senior Secured First Lien Revolving Credit Facility
Line of Credit Facility [Line Items]
Secured debt, commitment	25,000,000
Repayments of Senior Debt		14,400,000
FA Term Loan
Line of Credit Facility [Line Items]
Debt increase			20,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt term		3 years
Barclays Bank PLC and Bank of America
Line of Credit Facility [Line Items]
Leverage ratio		1.00%
Leverage ratio, related party		1.25%
Retained earnings ratio		11,200,000
Fifth Third Bank
Line of Credit Facility [Line Items]
Long-term line of credit						18,000,000
Fifth Third Bank \| FA Term Loan
Line of Credit Facility [Line Items]
Long-term line of credit						12,000,000
Fifth Third Bank \| FA Revolver
Line of Credit Facility [Line Items]
Long-term line of credit						6,000,000
Common Class A
Line of Credit Facility [Line Items]
Conversion price (in dollars per share)	$21.18
Maximum
Line of Credit Facility [Line Items]
Payments for deposits applied		10,000,000
Senior Secured Second Lien Term Loan
Line of Credit Facility [Line Items]
Interest rate		10.50%
Senior Secured First Lien Term Loan
Line of Credit Facility [Line Items]
Interest rate		6.50%
Senior Secured First Lien Term Loan \| Maximum
Line of Credit Facility [Line Items]
Interest rate		5.50%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Minimum interest rate		1.00%
London Interbank Offered Rate (LIBOR) \| Senior Secured First Lien Term Loan \| Minimum
Line of Credit Facility [Line Items]
Interest rate		5.25%
London Interbank Offered Rate (LIBOR) \| Senior Secured First Lien Term Loan \| Maximum
Line of Credit Facility [Line Items]
Interest rate		1.25%
Letter of Credit \| Backstop Letter of Credit
Line of Credit Facility [Line Items]
Long-term line of credit							1,100,000
Cetera Financial Group \| Secured Debt \| Senior Secured Second Lien Term Loan \| Barclays Bank PLC and Bank of America
Line of Credit Facility [Line Items]
Convertible notes, face value	150,000,000		32,000,000
Cetera Financial Group \| Secured Debt \| Senior Secured First Lien Term Loan \| Barclays Bank PLC and Bank of America
Line of Credit Facility [Line Items]
Convertible notes, face value	575,000,000
Cetera Financial Group \| Convertible Debt
Line of Credit Facility [Line Items]
Convertible notes, face value	120,000,000
First Allied acquisition \| RCAP Holdings, LLC
Line of Credit Facility [Line Items]
Convertible notes, face value		94,200,000
Repayments of debt				32,000,000
Debt acquired								7,000,000
First Allied acquisition \| Secured Debt \| RCAP Holdings, LLC
Line of Credit Facility [Line Items]
Convertible notes, face value								26,000,000
First Allied acquisition \| Secured Debt \| First Allied notes \| RCAP Holdings, LLC
Line of Credit Facility [Line Items]
Convertible notes, face value						32,000,000		32,000,000
Investors Capital Holdings
Line of Credit Facility [Line Items]
Debt acquired									2,918,000
Investors Capital Holdings \| Subordinated Debt
Line of Credit Facility [Line Items]
Debt acquired		2,000,000
Convertible Notes Payable \| Call Option \| Convertible Preferred Stock
Line of Credit Facility [Line Items]
Fair value of embedded derivative		21,900,000
Subsequent Event \| Letter of Credit
Line of Credit Facility [Line Items]
Long-term Line of Credit										100,000
ARCP \| Promissory note (legal settlement)
Line of Credit Facility [Line Items]
Convertible notes, face value					15,300,000
Interest rate					8.00%
Payment in year one		7,700,000
Payment in year two		3,800,000
Payment in year three		$3,800,000
Debt term					2 years

Longterm_Debt_Longterm_Borrowi

Long-term Debt - Long-term Borrowings and Contractual Interest Rates (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
Total borrowings	$804,411,000		$33,302,000
Less: Current portion of borrowings	43,891,000		3,200,000
Total long-term debt, net of current portion	760,520,000		30,102,000
Senior Secured First Lien Term Loan
Debt Instrument [Line Items]
Interest rate	6.50%
Total borrowings	555,700,000		0
Senior Secured Second Lien Term Loan
Debt Instrument [Line Items]
Interest rate	10.50%
Total borrowings	147,903,000		0
Convertible Debt
Debt Instrument [Line Items]
Interest rate	5.00%
Total borrowings	83,508,000	[1]	0
Promissory note (legal settlement)
Debt Instrument [Line Items]
Interest rate	8.00%
Total borrowings	15,300,000		0
Subordinated Debt
Debt Instrument [Line Items]
Interest rate	8.25%
Total borrowings	2,000,000		0
Other
Debt Instrument [Line Items]
Interest rate			2.42%
Total borrowings	0		33,302,000	[2]
Convertible Notes Payable \| Convertible Preferred Stock \| Call Option
Debt Instrument [Line Items]
Fair value of embedded derivative	21,900,000
First Allied acquisition \| RCAP Holdings, LLC \| FA Term Loan
Debt Instrument [Line Items]
Total borrowings			28,800,000
First Allied acquisition \| RCAP Holdings, LLC \| FA Revolver
Debt Instrument [Line Items]
Total borrowings			$4,500,000

[1]	The Companyâ€™s convertible notes balance includes the fair value of the compound derivative of $21.9 million.
[2]	The Companyâ€™s long-term borrowings as of DecemberÂ 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 $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]
2016	$63,627
2017	74,466
2018	76,597
2019	277,217
Long-term Debt, Maturities, Repayments of Principal after Year Five	268,613	[1]
Total long-term debt, net of current portion	$760,520		$30,102

[1]	Includes the fair value of the compound derivative of $21.9 million.

LongTerm_Debt_Contractual_Matu

Long-Term Debt - Contractual Maturities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total current portion of long-term debt	$43,891	$3,200
31-Mar-15
Debt Instrument [Line Items]
Total current portion of long-term debt	5,668
30-Jun-15
Debt Instrument [Line Items]
Total current portion of long-term debt	12,797
30-Sep-15
Debt Instrument [Line Items]
Total current portion of long-term debt	12,740
31-Dec-15
Debt Instrument [Line Items]
Total current portion of long-term debt	$12,686

Derivative_Contracts_Details

Derivative Contracts (Details) (USD $)	8 Months Ended	0 Months Ended				12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 19, 2014	Dec. 12, 2014		Nov. 18, 2014	Dec. 31, 2014		Apr. 29, 2014
Derivative [Line Items]
Interest rate								15.00%
Put Option
Derivative [Line Items]
Gross liability	$11.60					11.6
Derivative, gain on derivative	9.6
Series A Preferred Stock
Derivative [Line Items]
Loss on embedded derivative			8.7		3.5
Shares converted (in shares)		11,584,427	2,171,553	[1]	902,000	3,073,553	[2]
Loss on embedded derivative exchanged			46.5
Bifurcated derivatives, fair value					138.8
Fair value of embedded derivative			26		10.7
Series C Preferred Stock
Derivative [Line Items]
Embedded derivative, gain (loss) on embedded derivative						1.2
Luxor Capital Group, LP
Derivative [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners								19.46%
Convertible Notes Payable \| Convertible Preferred Stock \| Call Option
Derivative [Line Items]
Fair value of embedded derivative	21.9					21.9
Embedded derivative, gain (loss) on embedded derivative						2.7
Derivative Contracts \| Series C Preferred Stock
Derivative [Line Items]
Compound derivative, fair value	$69.40					69.4

[1]	To comply with ownership limitations applicable to Luxor under the terms of the Series A Preferred Stock, 1,852,575 shares of Class A common stock were issued on December 19, 2014 and 2,042,022 shares of Class A common stock were issued on February 23, 2015. See Note 15 for more information.
[2]	Per share totals are expressed as weighted averages.

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	0 Months Ended	12 Months Ended		0 Months Ended												11 Months Ended		0 Months Ended	3 Months Ended
Preferred Stock (Details) (USD $)	Apr. 29, 2014	Dec. 31, 2014		Oct. 09, 2014	Jul. 10, 2014	Dec. 31, 2014		Sep. 30, 2014	Jun. 10, 2014	Dec. 19, 2014	Dec. 12, 2014		Dec. 10, 2014	Nov. 18, 2014		Dec. 31, 2014		Feb. 23, 2015	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Shares issued upon conversion (in shares)	14,657,980
Threshold consecutive trading days	30 days
Conversion price ratio	2.5
Debt term	2 years
Maximum percent of convertible preferred stock as a percent of shares outstanding		24.90%				24.90%										24.90%
Maximum percent of convertible preferred stock as a percent of shares outstanding preceding a trading day		9.90%				9.90%										9.90%
Written notice period for ownership limitation requirement		65 days
Dividends declared but not yet paid		$1,183,000				1,183,000										1,183,000				$450,000	$0
Conversion Price One
Class of Stock [Line Items]
Conversion price (in dollars per share)	20.26
Conversion Price Two
Class of Stock [Line Items]
Conversion price (in dollars per share)	50.65
Threshold shares traded		10,000,000				10,000,000										10,000,000
Stock trigger price (in dollars per share)		$50.66
Convertible Preferred Stock
Class of Stock [Line Items]
Dividend rate cash	7.00%
Dividend rate	8.00%									8.00%
Par value (in dollars per share)		$18.42				18.42										18.42
Dividends declared				4,700,000	3,300,000
Common Class A
Class of Stock [Line Items]
Discount on shares	2.00%	2.00%				2.00%										2.00%
Conversion price (in dollars per share)	21.18
Threshold consecutive trading days	10 days
Issuance of common stock, shares						468,762		723,234	19,000,000
Minimum percent of convertible preferred stock as a percent of shares outstanding preceding a trading day		4.90%				4.90%										4.90%
Preferred stock ownership percentage minimum to be allowed to accept common shares		24.90%				24.90%										24.90%
Series A Preferred Stock
Class of Stock [Line Items]
Shares issued upon conversion (in shares)		5,405,601	[1]			5,405,601	[1]				3,894,597.09	[2]		1,511,004.32		5,405,601	[1]
Conversion price (in dollars per share)		$10.61	[1],[3]			10.60566623	[1],[3]				$10.41	[2],[3]		$11.10	[3]	10.60566623	[1],[3]
Issuance of common stock, shares										1,852,575			1,511,004
Dividends declared		8,000,000
Deemed dividend		68,500,000
Shares converted (in shares)		3,073,553	[1]							11,584,427	2,171,553	[2]		902,000
Dividends declared but not yet paid										3,000,000
Accrued interest and unpaid dividends as a percent of deemed dividends		43.10%				43.10%										43.10%
Series B Preferred Stock
Class of Stock [Line Items]
Dividend rate cash	11.00%
Dividend rate		12.50%				12.50%										12.50%
Issuance of common stock, shares										5,800,000
Dividends declared		800,000
Deemed dividend		26,700,000
Dividends declared but not yet paid		800,000				800,000										800,000
Liquidation price (in dollars per share)	25
Future aggregate liquidation minimum amount, required to not redeem all		35,000,000				35,000,000										35,000,000
Accrued interest and unpaid dividends as a percent of deemed dividends		56.90%				56.90%										56.90%
Series C Preferred Stock
Class of Stock [Line Items]
Dividend rate cash	7.00%
Conversion price (in dollars per share)		$13				13										13
Dividends declared		400,000
Deemed dividend		42,800,000
Shares issued in conversation (in shares)										4,400,000
Dividends declared but not yet paid		400,000				400,000										400,000
Liquidation price (in dollars per share)		$25				25										25
Future aggregate liquidation minimum amount, required to not redeem all		35,000,000				35,000,000										35,000,000
Common Stock \| Common Class A
Class of Stock [Line Items]
Issuance of common stock, shares																23,999,999
Private Placement \| Common Stock \| Common Class A
Class of Stock [Line Items]
Issuance of common stock, shares									2,469,136							2,469,136
Subsequent Event \| Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common stock, shares																		2,042,022
Scenario, Forecast \| Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, increase in liquidation preference																			2,800,000
Scenario, Forecast \| Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, increase in liquidation preference																			$1,900,000

[1]	Per share totals are expressed as weighted averages.
[2]	To comply with ownership limitations applicable to Luxor under the terms of the Series A Preferred Stock, 1,852,575 shares of Class A common stock were issued on December 19, 2014 and 2,042,022 shares of Class A common stock were issued on February 23, 2015. See Note 15 for more information.
[3]	Both conversions were calculated using a 2% discount to VWAP of Class A common stock for the ten trading days prior to the date of the holderâ€™s election to convert.

Preferred_Stock_Convertible_St

Preferred Stock - Convertible Stock (Details) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2014

Sep. 30, 2014

Jun. 10, 2014

Dec. 31, 2014

Dec. 19, 2014

Dec. 12, 2014

Dec. 10, 2014

Nov. 18, 2014

Feb. 23, 2015

Apr. 29, 2014

Class of Stock [Line Items]

Class A Common Stock Issued (in shares)

14,657,980

Common Class A

Class of Stock [Line Items]

Conversion price (in dollars per share)

21.18

Discount on shares

2.00%

Trading days to election of convert

10 days

Issuance of common stock, shares

468,762

723,234

19,000,000

Convertible Preferred Stock

Class of Stock [Line Items]

Par value (in dollars per share)

18.42

Series A Preferred Stock

Class of Stock [Line Items]

Shares converted (in shares)

3,073,553

[1]

11,584,427

2,171,553

[2]

902,000

Liquidation Preference Converted

57,330

[1],[3]

57,330

[1],[3]

$40,560

[2],[3]

$16,770

[3]

Conversion price (in dollars per share)

10.60566623

[1],[4]

10.60566623

[1],[4]

$10.41

[2],[4]

$11.10

[4]

Class A Common Stock Issued (in shares)

5,405,601

[1]

5,405,601

[1]

3,894,597

[2]

1,511,004

Share Price (in dollars per share)

12.13149102

[1]

12.13149102

[1]

$11.81

[2]

$12.96

Aggregate Market Value of Class A Common Issued

65,578

[1]

65,578

[1]

$45,995

[2]

$19,583

Issuance of common stock, shares

1,852,575

1,511,004

Subsequent Event | Series A Preferred Stock

Class of Stock [Line Items]

Issuance of common stock, shares

2,042,022

[1]

Per share totals are expressed as weighted averages.

[2]

To comply with ownership limitations applicable to Luxor under the terms of the Series A Preferred Stock, 1,852,575 shares of Class A common stock were issued on December 19, 2014 and 2,042,022 shares of Class A common stock were issued on February 23, 2015. See Note 15 for more information.

[3]

The liquidation preference is determined by multiplying the number of shares being converted by $18.42 then adding the unpaid dividends on such shares.

[4]

Both conversions were calculated using a 2% discount to VWAP of Class A common stock for the ten trading days prior to the date of the holderâ€™s election to convert.

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

12 Months Ended

0 Months Ended

11 Months Ended

4 Months Ended

0 Months Ended

In Millions, except Share data, unless otherwise specified

Jun. 10, 2014

Dec. 31, 2014

Dec. 31, 2013

Aug. 29, 2014

Dec. 31, 2014

Sep. 30, 2014

Jun. 17, 2014

Mar. 20, 2014

Jun. 11, 2014

Jun. 12, 2014

Jun. 30, 2014

Jul. 11, 2014

Jun. 10, 2013

Dec. 19, 2014

Dec. 10, 2014

Dec. 31, 2014

Sep. 30, 2013

Mar. 06, 2015

Mar. 04, 2015

Feb. 23, 2015

Feb. 11, 2014

Jun. 18, 2014

Dec. 12, 2014

Nov. 18, 2014

Apr. 28, 2014

Class of Stock [Line Items]

Period in force

30 days

Cash dividends paid to parent company

$102.50

$4.90

Restricted Stock

Class of Stock [Line Items]

Restricted shares, grants in period

2,368,203

[1]

StratCap

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

464,317

RCAP Holdings, LLC

Class of Stock [Line Items]

Operating subsidiary units exchanged under the exchange agreement (in shares)

23,999,999

Class A shares common stock

23,999,999

RCAP Holdings, LLC | Restricted Stock

Class of Stock [Line Items]

Restricted shares, grants in period

512,430

Common Class A

Class of Stock [Line Items]

Issuance of common stock, shares

19,000,000

468,762

723,234

Common stock, par value (in dollars per share)

20.25

$0.00

0.001

Common stock, shares issued (in shares)

70,571,540

13,764,929

70,571,540

Cash dividend declared per common share (in dollars per share)

$0.18

Common Class A | Restricted Stock

Class of Stock [Line Items]

Restricted shares, grants in period

23,445

Common Class A | RCAP Equity Plan | Restricted Stock

Class of Stock [Line Items]

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

2,624,027

Common Class A | Stock Purchase Program

Class of Stock [Line Items]

Shares acquired (in shares)

468,762

723,234

Common Class A | Summit Financial Services Group

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

498,884

Common Class A | JP Turner & Company, LLC

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

239,362

Common Class A | First Allied acquisition

Class of Stock [Line Items]

Issuance of common stock, shares

11,264,929

Common Class A | Investors Capital Holdings

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

2,029,261

Equity interests canceled (in shares)

1,295

Shares issued (in share)

2,027,966

Common Class A | Trupoly acquisition

Class of Stock [Line Items]

Shares issued (in share)

33,652

Common Class A | StratCap

Class of Stock [Line Items]

Shares issued (in share)

464,317

Common Class A | IPO

Class of Stock [Line Items]

Issuance of common stock, shares

2,500,000

Common Class A | Over-Allotment Option

Class of Stock [Line Items]

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

3,600,000

Common stock, shares issued (in shares)

870,248

Common Class A | Private Placement

Class of Stock [Line Items]

Share Price (in dollars per share)

20.25

Common Class A | RCAP Holdings, LLC

Class of Stock [Line Items]

Shares held by a related party (in shares)

24,051,499

Common Class A | RCAP Holdings, LLC | Restricted Stock

Class of Stock [Line Items]

Restricted shares, grants in period

287,502

Common Class A | RCAP Holdings, LLC | First Allied acquisition

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

11,264,929

Common Class A | IPO | IPO

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

0.001

Series A Preferred Stock

Class of Stock [Line Items]

Issuance of common stock, shares

1,852,575

1,511,004

Share Price (in dollars per share)

$12.13

[2]

$12.13

[2]

12.13149102

[2]

$11.81

[3]

$12.96

Common Class B

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$0.00

0.001

Common stock, shares issued (in shares)

24,000,000

Common Class B | Majority Shareholder

Class of Stock [Line Items]

Number of Votes Per Share

Economic rights held by affiliated entity

0.00%

Common Class B | RCAP Holdings, LLC

Class of Stock [Line Items]

Shares held by a related party (in shares)

Common Class B | IPO | IPO

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

0.001

LTIP Units

Class of Stock [Line Items]

LTIP Units earned (in shares)

310,947

LTIP Units forfeited (in shares)

1,014,053

LTIP Units distributed to members (in shares)

310,947

Common Stock | Common Class A

Class of Stock [Line Items]

Issuance of common stock, shares

23,999,999

Common Stock | Common Class A | IPO

Class of Stock [Line Items]

Issuance of common stock, shares

19,870,248

2,500,000

Common Stock | Common Class A | Private Placement

Class of Stock [Line Items]

Issuance of common stock, shares

2,469,136

Common Stock | Common Class B

Class of Stock [Line Items]

Issuance of common stock, shares

-23,999,999

Warrant | Common Class A | Stock Purchase Program

Class of Stock [Line Items]

Shares acquired (in shares)

156,254

241,078

Subsequent Event | Common Class A | RCAP Equity Plan | Restricted Stock

Class of Stock [Line Items]

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

3,421,815

Subsequent Event | Common Class A | JP Turner & Company, LLC

Class of Stock [Line Items]

Business acquisition, equity interest issued, number of shares

245,813

Subsequent Event | Series A Preferred Stock

Class of Stock [Line Items]

Issuance of common stock, shares

2,042,022

[1]

Does not include 287,502 shares of Class A common stock issued to individual members of RCS Capital Management that were issued as awards under the RCAP Equity Plan on December 31, 2014 following conversion and exchange of Earned LTIP units.

[2]

Per share totals are expressed as weighted averages.

[3]

EquityBased_Compensation_Narra

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

4 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

11 Months Ended

3 Months Ended

0 Months Ended

Sep. 30, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Oct. 31, 2014

Dec. 31, 2014

Sep. 30, 2014

Jun. 10, 2014

Dec. 31, 2014

Dec. 31, 2013

Mar. 06, 2015

Sep. 25, 2013

Mar. 05, 2015

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

Restricted shares, vested in period (in shares)

3,038

Dividends

$1,350,000

Warrant

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

Tax benefit from compensation expense

20,000

Restricted shares, vested in period (in shares)

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

3 years

Nonvested shares (in shares)

395,417

Restricted shares weighted average vesting period

2 years 10 months 6 days

0 years

Restricted Stock

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

Share-based compensation

3,100,000

Tax benefit from compensation expense

900,000

Restricted shares, vested in period (in shares)

59,812

[1]

Share-based compensation, recognition

6,400,000

Nonvested shares (in shares)

2,276,713

Restricted shares weighted average vesting period

3 years 1 month 2 days

0 years

Restricted Stock | RCAP Holdings, LLC

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

Share-based compensation

16,400,000

Tax benefit from compensation expense

4,600,000

Restricted shares, vested in period (in shares)

143,805

Nonvested shares (in shares)

368,625

Restricted shares weighted average vesting period

2 years 9 months 29 days

0 years

RCAP Equity Plan | Restricted Stock

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

Options, grants in period, net of forfeitures (in shares)

171,567

Grants in period, weighted average grant date fair value (in dollars per share)

36.72

FA RSU Plan | Restricted Stock Units (RSUs) | RCAP Holdings, LLC

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

Share-based compensation

2,800,000

Issuance of common stock, shares

439,356

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

3 years

Common stock, par value (in dollars per share)

$20

Nonvested shares (in shares)

211,498

Common Class A

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

Number of shares outstanding to determine awards (in shares)

250,000

Shares outstanding to determine awards

10.00%

Issuance of common stock, shares

468,762

723,234

19,000,000

Dividends

15,728,000

Common stock, par value (in dollars per share)

0.001

$0.00

$20.25

$0.00

Common Class A | RCAP Equity Plan

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

Number of shares available for grant (in shares)

6,980,124

Common Class A | RCAP Equity Plan | Restricted Stock

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

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

2,624,027

Common Class A | Stock Purchase Program

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

Shares acquired (in shares)

468,762

723,234

Share price acquired (in dollars per share)

$12.24

22.52

Restricted Stock Units (RSUs)

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

Dividends

100,000

467,000

Maximum

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

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

5 years 0 months 0 days

Maximum | Common Class A

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

Number of shares available for grant (in shares)

250,000

Internal Commissions, Payroll and Benefits | FA RSU Plan

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

Share-based compensation

3,900,000

700,000

Tax benefit from compensation expense

1,100,000

10,000

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

3 years

Restricted shares weighted average vesting period

21 months

Warrant | Common Class A | Stock Purchase Program

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

Shares acquired (in shares)

156,254

241,078

Subsequent Event | Common Class A | RCAP Equity Plan

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

Additional shares available for issuance (in shares)

2,289,058

Subsequent Event | Common Class A | RCAP Equity Plan | Restricted Stock

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

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

3,421,815

[1]

The shares that vested during the year ended DecemberÂ 31, 2014 had an aggregate fair market value of $1.6 million on the vesting dates.

Equitybased_Compensation_Restr

Equity-based Compensation - Restricted Share Activity (Details) (USD $)	12 Months Ended
	Dec. 31, 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	3,038
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	$3.44
Restricted shares, vested in period, weighted-average issue price	$0
Restricted shares, forfeited in period, weighted-average issue price	$7.88
Ending balance, restricted shares, nonvested, weighted-average issue price	$3.42
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	1,367,000
Restricted shares, aggregate intrinsic value, vested	0
Restricted shares, aggregate intrinsic value, forfeited	15,000
Ending balance, restricted shares, aggregate intrinsic value, nonvested	1,352,000
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	[1]
Restricted shares, vested in period	59,812	[2]
Restricted shares, forfeited in period	26,086
Restricted shares, retired in period	5,592
Ending balance, restricted shares, nonvested, number	2,276,713		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	$34.71	[1]
Restricted shares, vested in period, weighted-average issue price	$27.73	[2]
Restricted shares, forfeited in period, weighted-average issue price	$38.10
Restricted shares, aggregate intrinsic value, retired	$30.73
Ending balance, restricted shares, nonvested, weighted-average issue price	$34.86		$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	82,200,000	[1]
Restricted shares, aggregate intrinsic value, vested	1,659,000	[2]
Restricted shares, aggregate intrinsic value, forfeited	994,000
Restricted shares, aggregate intrinsic value, retired	172,000
Ending balance, restricted shares, aggregate intrinsic value, nonvested	79,375,000		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Beginning Balance, Restricted shares weighted average vesting period	3 years 1 month 2 days		0 years
Restricted shares, grants in period, weighted average vesting period	3 years 9 months 26 days	[1]
Restricted shares, forfeits in period, weighted average vesting period	4 years
Ending balance, restricted shares, nonvested, weighted average vesting period	3 years 1 month 2 days		0 years
Aggregate fair market value	1,600,000
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	$10.39
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	$9.05		$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	5,324,000
Restricted shares, aggregate intrinsic value, vested	1,989,000
Restricted shares, aggregate intrinsic value, forfeited	0
Ending balance, restricted shares, aggregate intrinsic value, nonvested	$3,335,000		$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Beginning Balance, Restricted shares weighted average vesting period	2 years 9 months 29 days		0 years
Restricted shares, grants in period, weighted average vesting period	4 years 0 months 18 days
Restricted shares, forfeits in period, weighted average vesting period	0 years
Ending balance, restricted shares, nonvested, weighted average vesting period	2 years 9 months 29 days		0 years

[1]	Does not include 287,502 shares of Class A common stock issued to individual members of RCS Capital Management that were issued as awards under the RCAP Equity Plan on December 31, 2014 following conversion and exchange of Earned LTIP units.
[2]	The shares that vested during the year ended DecemberÂ 31, 2014 had an aggregate fair market value of $1.6 million on the vesting dates.

Equitybased_Compensation_Restr1

Equity-based Compensation - Restricted Shares Activity Granted to RCAP (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 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	3,038
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	$3.44
Restricted shares, vested in period, weighted-average issue price	$0
Restricted shares, forfeited in period, weighted-average issue price	$7.88
Ending balance, restricted shares, nonvested, weighted-average issue price	$3.42
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	1,367
Restricted shares, aggregate intrinsic value, vested	0
Restricted shares, aggregate intrinsic value, forfeited	15
Ending balance, restricted shares, aggregate intrinsic value, nonvested	1,352
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	[1]
Restricted shares, vested in period	59,812	[2]
Restricted shares, forfeited in period	26,086
Ending balance, restricted shares, nonvested, number	2,276,713		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	$34.71	[1]
Restricted shares, vested in period, weighted-average issue price	$27.73	[2]
Restricted shares, forfeited in period, weighted-average issue price	$38.10
Ending balance, restricted shares, nonvested, weighted-average issue price	$34.86		$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	82,200	[1]
Restricted shares, aggregate intrinsic value, vested	1,659	[2]
Restricted shares, aggregate intrinsic value, forfeited	994
Ending balance, restricted shares, aggregate intrinsic value, nonvested	79,375		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Beginning Balance, Restricted shares weighted average vesting period	3 years 1 month 2 days		0 years
Restricted shares, grants in period, weighted average vesting period	3 years 9 months 26 days	[1]
Restricted shares, forfeits in period, weighted average vesting period	4 years
Ending balance, restricted shares, nonvested, weighted average vesting period	3 years 1 month 2 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	$10.39
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	$9.05		$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	5,324
Restricted shares, aggregate intrinsic value, vested	1,989
Restricted shares, aggregate intrinsic value, forfeited	0
Ending balance, restricted shares, aggregate intrinsic value, nonvested	$3,335		$0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Beginning Balance, Restricted shares weighted average vesting period	2 years 9 months 29 days		0 years
Restricted shares, grants in period, weighted average vesting period	4 years 0 months 18 days
Restricted shares, forfeits in period, weighted average vesting period	0 years
Ending balance, restricted shares, nonvested, weighted average vesting period	2 years 9 months 29 days		0 years

[1]	Does not include 287,502 shares of Class A common stock issued to individual members of RCS Capital Management that were issued as awards under the RCAP Equity Plan on December 31, 2014 following conversion and exchange of Earned LTIP units.
[2]	The shares that vested during the year ended DecemberÂ 31, 2014 had an aggregate fair market value of $1.6 million on the vesting dates.

EquityBased_Compensation_Input

Equity-Based Compensation - Inputs and Valuations (Details) (Warrant, Stock Purchase Program, USD $)	0 Months Ended		12 Months Ended
	Sep. 30, 2014		Dec. 31, 2014
Valuation Period One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant exercise price (in dollars per share)	$22.52
Exercise price assumption (in dollars per share)	$7.88
Volatility rate	30.00%	[1]
Risk-Free Rate of Interest	2.23%
Dividend Yield	$0
Time to Expiration (years)	6 years 6 months	[2]
Valuation Period Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant exercise price (in dollars per share)			$22.52
Exercise price assumption (in dollars per share)			$1.75
Volatility rate			30.00%	[1]
Risk-Free Rate of Interest			1.95%
Dividend Yield			0
Time to Expiration (years)			6 years 3 months	[2]
Valuation Period Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant exercise price (in dollars per share)			$12.24
Exercise price assumption (in dollars per share)			$4.20
Volatility rate			30.00%	[1]
Risk-Free Rate of Interest			1.95%
Dividend Yield			$0
Time to Expiration (years)			6 years 6 months	[2]

[1]	Volatility was based on the historical and implied volatility of a peer group of companies.
[2]	Time to expiration was calculated using the simplified method to estimate the expected term assumption for â€œplain vanillaâ€ options.

EquityBased_Compensation_Warra

Equity-Based Compensation - Warrant Activity (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 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 (in shares)	3,038
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	3.44
Restricted shares, vested in period, weighted-average issue price	0
Restricted shares, forfeited in period, weighted-average issue price	7.88
Ending balance, restricted shares, nonvested, weighted-average issue price	3.42
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	1,367
Restricted shares, aggregate intrinsic value, vested	0
Restricted shares, aggregate intrinsic value, forfeited	15
Ending balance, restricted shares, aggregate intrinsic value, nonvested	1,352
Warrant
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	397,332
Restricted shares, vested in period (in shares)	0
Restricted shares, forfeited in period	1,915
Ending balance, restricted shares, nonvested, number	395,417	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Beginning Balance, Restricted shares weighted average vesting period	2 years 10 months 6 days	0 years
Restricted shares, grants in period, weighted average vesting period	3 years
Ending balance, restricted shares, nonvested, weighted average vesting period	2 years 10 months 6 days	0 years

Income_Taxes_Income_Tax_Expens

Income Taxes - Income Tax Expense (Benefit) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current income tax expense
U.S. federal	($1,630)	$1,630	$0
State and local	-196	677	0
Total current income tax expense	-1,826	2,307	0
Deferred income tax benefit
U.S. federal	-33,351	-390	0
State and local	-11,308	-74	0
Total deferred income tax benefit	-44,659	-464	0
Total income tax expense	($46,485)	$1,843	$0

Income_Taxes_Tax_Rate_Reconcil

Income Taxes - Tax Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Tax Rate Reconciliation (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	0.00%
State and local income taxes net of federal benefit	4.82%	0.39%	0.00%
Fair value adjustments on derivatives	-10.10%	0.00%
Transaction costs	-1.92%	0.00%	0.00%
Non-controlling interests	1.81%	-33.63%	0.00%
Other	-1.63%	0.09%	0.00%
Effective income tax rate	27.98%	1.85%	0.00%

Income_Taxes_Deferred_Tax_Asse

Income Taxes - Deferred Tax Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets
Net operating loss carryforward	$46,551	$1
Deferred compensation	26,916	21
Accrued liabilities and reserves	15,971	104
Stock-based compensation	9,763	6,717
Amortization	5,011	0
Deferred revenue	3,443	1,815
Other	1,268	840
Gross deferred tax assets	108,923	9,498
Valuation allowance	-256	0
Deferred tax assets, net of valuation allowance	108,667	9,498
Deferred tax liabilities
Intangible assets	372,947	33,013
Convertible notes basis	1,922	0
Deferred Tax Liabilities, Other	0	52
Total deferred tax liabilities	374,869	33,065
Net deferred tax liability	$266,202	$23,567

Income_Taxes_Details

Income Taxes (Details) (Domestic Tax Authority [Member], USD $)	Dec. 31, 2014
In Millions, unless otherwise specified	Dec. 31, 2014
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$111.90
Income taxes receivable	$40.40

Earnings_Per_Share_Narrative_D

Earnings Per Share - Narrative (Details)	Feb. 11, 2014	Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Operating subsidiary LTIP units contributed to RCS Holdings from RCS capital management (in shares)	3,975,000	3,975,000

Earnings_Per_Share_Basic_and_D

Earnings Per Share - Basic and Diluted Calculation (Details) (USD $)	3 Months Ended								12 Months Ended				0 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Sep. 30, 2014	Jun. 10, 2014	Dec. 19, 2014	Dec. 10, 2014	Feb. 23, 2015
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) attributable to common stock	($92,116,000)	($36,994,000)	($149,861,000)	$3,285,000	$1,505,000	$559,000	$202,000	$0	($275,686,000)		$2,266,000	$7,412,000
Weighted average number of shares outstanding, basic (in shares)									49,765,160		7,885,186
Basic earnings per share (in dollars per share)	($1.40)	($0.59)	($3.49)	$0.11	$0.11	$0.17	$0.08	$0	($5.55)		$0.29
Net income attributable to Class A common stockholders											2,266,000
Weighted average number of shares outstanding, diluted (in shares)									49,765,160		8,025,208
Diluted earnings per share (in dollars per share)	($1.68)	($0.59)	($3.59)	$0.11	$0.11	$0.17	$0.08	$0	($5.55)		$0.28
Restricted Stock Units (RSUs)
Earnings Per Share, Basic and Diluted [Abstract]
Dividend equivalents on restricted stock									-467,000		-19,000
Weighted average number of shares outstanding, basic (in shares)									0		0
Basic earnings per share (in dollars per share)									($0.01)		($0.00)
Common Class A
Earnings Per Share, Basic and Diluted [Abstract]
Net income (loss) attributable to common stock									-275,686,000	[1],[2]	2,266,000
Weighted average number of shares outstanding, basic and diluted (in shares)									49,765,160	[1],[2]	7,885,186
Earnings per share, basic and diluted (in dollars per shares)									($5.54)	[1],[2]	$0.29
Dividend equivalents on restricted stock											2,247,000
Weighted average number of shares outstanding, basic (in shares)											7,885,186
Net income (loss) available to common stockholders, basic									-276,153,000
Basic earnings per share (in dollars per share)									($5.55)		$0.28
Issuance of common stock, shares													468,762	723,234	19,000,000
Series A Preferred Stock
Earnings Per Share, Basic and Diluted [Abstract]
Dividends declared									8,000,000
Deemed dividend									68,500,000
Issuance of common stock, shares																1,852,575	1,511,004
Series B Preferred Stock
Earnings Per Share, Basic and Diluted [Abstract]
Dividends declared									800,000
Deemed dividend									26,700,000
Issuance of common stock, shares																5,800,000
Series C Preferred Stock
Earnings Per Share, Basic and Diluted [Abstract]
Dividends declared									400,000
Deemed dividend									42,800,000
FA RSU Plan \| Restricted Stock Units (RSUs)
Earnings Per Share, Basic and Diluted [Abstract]
Dividend equivalents on restricted stock											19,000
Restricted units produced in hypothetical buy back of FA RSUs (in shares)											$140,022
Earnings per share, diluted (in dollars per share)											($0.00)
Subsequent Event \| Series A Preferred Stock
Earnings Per Share, Basic and Diluted [Abstract]
Issuance of common stock, shares																		2,042,022

[1]	Included in net loss attributable to common stock is a net deemed dividend of $68.5 million and dividends of $8.0 million declared to Series A Preferred Stock shareholders, a deemed dividend of $26.7 million and dividends of $0.8 million declared to Series B Preferred Stock shareholders and a deemed dividend of $42.8 million and dividends of $0.4 million declared to Series C Preferred Stock shareholders.
[2]	2,042,022 shares of Class A common stock issued on February 23, 2015 pursuant to the submission for conversion of Series A preferred stock on December 12, 2014 are included in the weighted average shares outstanding assuming issuance on the date of submission for conversion. See Note 11 for more information.

OffBalance_Sheet_Risk_and_Conc1

Off-Balance Sheet Risk and Concentrations (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	investor	program	program
	program
Risks and Uncertainties [Abstract]
Percentage of reimbursable and investment fees concentrated in affiliated investment programs	34.00%	34.00%	63.00%
Number of affiliate investment programs	1	2	3
Number of direct investment programs			1
Percentage of receivables from affiliated direct investment programs	51.00%	51.00%	93.00%

Commitment_and_Contingencies_N

Commitment and Contingencies - Narrative (Details) (USD $)	0 Months Ended	12 Months Ended			0 Months Ended
	Apr. 29, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Dec. 04, 2014
	Apr. 29, 2014	line	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Dec. 04, 2014
Line of Credit Facility [Line Items]
Rental expense		$8,800,000	$1,300,000	$300,000
Number of business lines		3
Accrued litigation		4,600,000
Debt term	2 years
Payment in year two		63,627,000
Payment in year three		74,466,000
First Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit		25,000,000
Second Line of Credit
Line of Credit Facility [Line Items]
Long-term line of credit		50,000,000
ICH acquisition
Line of Credit Facility [Line Items]
Long-term line of credit		1,000,000
Cole Capital
Line of Credit Facility [Line Items]
Total consideration					700,000,000
Partial payment					10,000,000
Level 3 \| Prepaid expenses and other assets - oil and gas interests \| Fair Value, Measurements, Recurring
Line of Credit Facility [Line Items]
Unfunded Commitments		9,000
ARCP
Line of Credit Facility [Line Items]
Settlement amount						32,700,000
Closing costs retained from legal settlement						10,000,000
Amount released from contract						2,000,000
Promissory note (legal settlement) \| ARCP
Line of Credit Facility [Line Items]
Convertible notes, face value						15,300,000
Debt term						2 years
Interest rate						8.00%
Payment in year one		7,700,000
Payment in year two		3,800,000
Payment in year three		$3,800,000

Commitments_and_Contingencies_1

Commitments and Contingencies - Leases (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$10,900
2016	10,186
2017	9,181
2018	7,917
2019	6,651
Thereafter	24,353
Total	$69,188

Commitments_and_Contingencies_2

Commitments and Contingencies - Service Contract (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$9,897
2016	9,253
2017	7,242
2018	6,567
2019	6,567
Thereafter	3,978
Total	$43,504

Commitments_and_Contingencies_3

Commitments and Contingencies - Future Annual Acquisition Comments (Details) (VSR and Girard, USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Business Acquisition [Line Items]
Cash payments in year one	$46,050
Cash payments in years two	0
Cash payments in years three	5,000
Total cash payments	$51,050
Common Class A
Business Acquisition [Line Items]
Share payments in year one	38,910
Share payments in year two	2,440
Share payments in year three	5,000
Share payments	46,350

Net_Capital_Requirements_Narra

Net Capital Requirements - Narrative (Details) (USD $)	Dec. 31, 2014
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum ratio of aggregate indebtedness to net capital	15
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 required	250,000
Minimum net capital as a percent of aggregate indebtedness	0.07%

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Dec. 31, 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	18,770,000		25,627,000
Required net capital	1,174,000		1,294,000
Net capital in excess of required net capital	17,596,000		24,333,000
Ratio of indebtedness to net capital	0.94		0.76
First Allied Securities, Inc.
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	3,431,000		4,777,000
Computation of Net Capital Requirement, Alternative Standard [Abstract]
Required net capital	250,000		250,000
Alternative Excess Net Capital	3,181,000	[1]	4,527,000	[1]
Legend Equities Corporation:
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	2,067,000		2,684,000
Required net capital	187,000		224,000
Ratio of indebtedness to net capital	1.36		1.25
Computation of Net Capital Requirement, Alternative Standard [Abstract]
Alternative Excess Net Capital	1,880,000		2,460,000
Cetera Advisor Networks LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	13,785,000	[2]
Computation of Net Capital Requirement, Alternative Standard [Abstract]
Required net capital	250,000	[2]
Alternative Excess Net Capital	13,535,000	[1],[2]
Cetera Advisors LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	9,294,000	[2]
Computation of Net Capital Requirement, Alternative Standard [Abstract]
Required net capital	250,000	[2]
Alternative Excess Net Capital	9,044,000	[2]
Cetera Financial Specialists LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	5,018,000	[2]
Computation of Net Capital Requirement, Alternative Standard [Abstract]
Required net capital	250,000	[2]
Alternative Excess Net Capital	4,768,000	[2]
Cetera Investment Services LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	17,190,000	[2]
Required net capital	250,000	[2]
Net capital in excess of required net capital	16,940,000	[2]
Net capital as a percentage of aggregate debit items	192.00%	[2]
Hatteras Capital Distributors, LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	2,145,000	[2]
Required net capital	5,000	[2]
Net capital in excess of required net capital	2,140,000	[2]
Ratio of indebtedness to net capital	0.02
JP Turner & Company, LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	3,379,000	[2]
Required net capital	442,000	[2]
Net capital in excess of required net capital	2,937,000	[2]
Ratio of indebtedness to net capital	1.96
Summit Brokerage Services, Inc.
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	5,878,000	[2]
Required net capital	506,000	[2]
Net capital in excess of required net capital	5,372,000	[2]
Ratio of indebtedness to net capital	1.29
Investors Capital Corporation
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	3,817,000	[2]
Required net capital	250,000	[2]
Net capital in excess of required net capital	3,567,000	[2]
Advisor Direct, Inc
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	12,000	[2]
Required net capital	5,000	[2]
Net capital in excess of required net capital	7,000	[2]
Ratio of indebtedness to net capital	5.67
SC Distributors LLC
Computation of Net Capital Requirement, Aggregate Indebtedness Standard [Abstract]
Net capital	2,004,000	[2]
Required net capital	250,000	[2]
Net capital in excess of required net capital	$1,754,000	[1],[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 DecemberÂ 31, 2013.

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

7 Months Ended

12 Months Ended

0 Months Ended

11 Months Ended

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 29, 2014

Dec. 31, 2014

Sep. 30, 2014

Jun. 10, 2014

Jun. 10, 2013

Dec. 19, 2014

Dec. 10, 2014

Feb. 10, 2014

Feb. 11, 2014

Dec. 31, 2014

Apr. 28, 2014

Dec. 12, 2014

Nov. 18, 2014

Jun. 18, 2014

program

Related Party Transaction [Line Items]

Allocation to operating subsidiaries

100.00%

Expenses allocated to the operating subsidiaries from the company

$14,700,000

Management fee

10.00%

Quarterly fee (related party)

2,030,000

5,996,000

Incentive fee

300,000

Maximum award opportunity, percentage of equity market capitalization

5.00%

Units contributed to subsidiary (in units)

1,325,000

Outperformance bonus

9,709,000

492,000

LTIP vested period conversion threshold

30 days

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

83,551,000

43,627,000

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

197,504,000

Interest rate

15.00%

Crestline Hotels and Resorts, LLC

Related Party Transaction [Line Items]

Rent expense

100,000

American Realty Capital

Related Party Transaction [Line Items]

Revenue from related parties

777,500,000

713,400,000

257,300,000

Total consolidated assets

49,400,000

31,600,000

49,400,000

31,600,000

Parent

Related Party Transaction [Line Items]

Allocated operating expenses

3,500,000

800,000

Tax liability share agreement percent

85.00%

ARC Advisory Services, LLC

Related Party Transaction [Line Items]

Allocated operating expenses

5,500,000

Allocated operating expenses payable

300,000

500,000

300,000

500,000

American National Stock Transfer

Related Party Transaction [Line Items]

Transfer agency services agreement term

10 years

Luxor Capital Group, LP

Related Party Transaction [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

19.46%

Conversion price (in dollars per share)

$666.67

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

80,000,000

Convertible Preferred Stock, face value

270,000,000

Convertible preferred stock, percentage of liquidation preference per share

88.89%

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

240,000,000

Interest rate

15.00%

Affiliated Entity

Related Party Transaction [Line Items]

Money Market Funds, at Carrying Value

14,400,000

19,000,000

14,400,000

19,000,000

Realized Investment Gains (Losses)

2,200,000

200,000

OPP Award

Related Party Transaction [Line Items]

Annual vesting percentage

33.30%

Incentive Fee Benchmark One | Manager

Related Party Transaction [Line Items]

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

20.00%

Incentive Fee Benchmark Two | Manager

Related Party Transaction [Line Items]

Percentage fee for incentive calculation

8.00%

Common Class A

Related Party Transaction [Line Items]

Issuance of common stock, shares

468,762

723,234

19,000,000

LTIP Units

Related Party Transaction [Line Items]

LTIP Units earned (in shares)

310,947

LTIP Units forfeited (in shares)

1,014,053

Common Class B | Majority Shareholder

Related Party Transaction [Line Items]

Shares received in reorganization (in shares)

24,000,000

Series A Preferred Stock

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

213,400,000

Issuance of common stock, shares

1,852,575

1,511,004

Common stock, par value (in dollars per share)

$12.13

[1]

12.13149102

[1]

12.13149102

[1]

$11.81

[2]

$12.96

Series B Preferred Stock

Related Party Transaction [Line Items]

Conversion of Stock, Amount Issued

145,000,000

Issuance of common stock, shares

5,800,000

Series C Preferred Stock

Related Party Transaction [Line Items]

Conversion of Stock, Amount Issued

110,000,000

RCS Holdings, LLC

Related Party Transaction [Line Items]

Authorized classes of equity

RCAP Holdings, LLC

Related Party Transaction [Line Items]

Class A shares received under the exchange agreement (in shares)

23,999,999

Operating subsidiary units exchanged under the exchange agreement (in shares)

23,999,999

Authorized classes of equity

RCAP Holdings, LLC | Common Class A

Related Party Transaction [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

2.06%

Shares held by a related party (in shares)

24,051,499

RCAP Holdings, LLC | Common Class B

Related Party Transaction [Line Items]

Shares held by a related party (in shares)

RCAP Holdings, LLC | Class B Operating Subsidiary Units

Related Party Transaction [Line Items]

Shares held by a related party (in shares)

Luxor Capital Group, LP

Related Party Transaction [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

19.46%

Economic rights | RCAP Holdings, LLC | Common Class A | RCAP Holdings, LLC

Related Party Transaction [Line Items]

Noncontrolling interest, ownership percentage by noncontrolling owners

43.34%

Subsidiary of common parent

Related Party Transaction [Line Items]

Authorized classes of equity

Private Placement | Common Class A

Related Party Transaction [Line Items]

Common stock, par value (in dollars per share)

20.25

$20.25

Convertible Debt | Luxor Capital Group, LP

Related Party Transaction [Line Items]

Convertible notes, face value

120,000,000

Common Stock | Common Class A

Related Party Transaction [Line Items]

Issuance of common stock, shares

23,999,999

Common Stock | Common Class B

Related Party Transaction [Line Items]

Issuance of common stock, shares

-23,999,999

Common Stock | Private Placement | Common Class A

Related Party Transaction [Line Items]

Issuance of common stock, shares

2,469,136

Accounts Payable and Accrued Liabilities

Related Party Transaction [Line Items]

Due to Affiliate

$300,000

[1]

Per share totals are expressed as weighted averages.

[2]

Employee_Benefits_Details

Employee Benefits (Details) (Other Postretirement Benefit Plan, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 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	$12.80	$3.70
Internal Commissions, Payroll and Benefits \| Deferred Compensation Plans for Financial Advisors
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation costs	2.3
Internal Commissions, Payroll and Benefits \| Rabbi Trust Agreement
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation costs	0.2
Other Revenue \| Deferred Compensation Plans for Financial Advisors
Defined Contribution Plan Disclosure [Line Items]
Gain on hedge	$2.20

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended										12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	segment		Dec. 31, 2013		Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of operating segments											6
Revenues	$505,230		$678,578	$645,019	$273,368	$296,893		$229,527	$230,016	$218,631	$2,102,195		$975,067		$287,497
Expenses											2,268,320		875,209		280,085
Income (loss) before taxes											-166,125		99,858		7,412
Assets	2,466,628					336,525					2,466,628		336,525
Independent retail advice:
Segment Reporting Information [Line Items]
Revenues											1,395,262	[1]	94,930	[1]	0	[1]
Expenses											1,416,529	[1]	95,624	[1]	0	[1]
Income (loss) before taxes											-21,267	[1]	-694	[1]	0	[1]
Wholesale distribution:
Segment Reporting Information [Line Items]
Revenues											681,624		802,965		286,572
Expenses											702,455		757,792		280,085
Income (loss) before taxes											-20,831		45,173		6,487
Investment banking, capital markets and transaction management services:
Segment Reporting Information [Line Items]
Revenues											126,670		84,810		925
Expenses											60,288		29,213		0
Income (loss) before taxes											66,382		55,597		925
Investment management:
Segment Reporting Information [Line Items]
Revenues											31,829		0		0
Expenses											27,652		0		0
Income (loss) before taxes											4,177		0		0
Investment research:
Segment Reporting Information [Line Items]
Revenues											2,721		0		0
Expenses											11,762		0		0
Income (loss) before taxes											-9,041		0		0
Corporate and other:
Segment Reporting Information [Line Items]
Revenues											-44,848		0		0
Expenses											140,559		218		0
Income (loss) before taxes											-185,407		-218		0
Total revenues for reportable segments
Segment Reporting Information [Line Items]
Revenues											2,193,258		982,705		287,497
Income (loss) before taxes											-165,987		99,858		7,412
Assets	2,494,320					336,624					2,494,320		336,624
Total revenues for reportable segments \| Independent retail advice:
Segment Reporting Information [Line Items]
Assets	1,980,614					225,623					1,980,614		225,623
Total revenues for reportable segments \| Wholesale distribution:
Segment Reporting Information [Line Items]
Assets	192,669					32,058					192,669		32,058
Total revenues for reportable segments \| Investment research:
Segment Reporting Information [Line Items]
Assets	12,291					0					12,291		0
Total revenues for reportable segments \| Corporate and other:
Segment Reporting Information [Line Items]
Assets	112,423	[2]				3,585	[2]				112,423	[2]	3,585	[2]
Total revenues for reportable segments \| Investment banking, capital markets and transaction management services:
Segment Reporting Information [Line Items]
Assets	116,980					75,358					116,980		75,358
Total revenues for reportable segments \| Investment management:
Segment Reporting Information [Line Items]
Assets	79,343					0					79,343		0
Intercompany revenues
Segment Reporting Information [Line Items]
Revenues											91,063		7,638		0
Total consolidated assets	2,466,628					336,525					2,466,628		336,525
Less: intercompany eliminations
Segment Reporting Information [Line Items]
Income (loss) before taxes											-138		0		0
Other assets and intercompany investments and receivables	$27,692					$99					$27,692		$99

[1]	Includes First Alliedâ€™s operating results from SeptemberÂ 25, 2013, the date First Allied was acquired by RCAP Holdings.
[2]	Excludes amounts related to investment in subsidiaries.

Selected_Quarterly_Financial_D2

Selected Quarterly Financial Data (unaudited) (Details) (USD $)	1 Months Ended	3 Months Ended										4 Months Ended	5 Months Ended	11 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 10, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Sep. 30, 2013	Jun. 09, 2013	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues		$505,230	$678,578	$645,019		$273,368		$296,893	$229,527	$230,016	$218,631				$2,102,195	$975,067	$287,497
Net income (loss)	9,757	-147,992	-32,269	48,472		12,149		33,724	11,100	26,444	26,747	50,561	47,454	-276,518	-119,640	98,015	7,412
Net income (loss) attributable to common stock		-92,116	-36,994	-149,861		3,285		1,505	559	202	0				-275,686	2,266	7,412
Basic earnings per share (in dollars per share)		($1.40)	($0.59)	($3.49)		$0.11		$0.11	$0.17	$0.08	$0				($5.55)	$0.29
Diluted earnings per share (in dollars per share)		($1.68)	($0.59)	($3.59)		$0.11		$0.11	$0.17	$0.08	$0				($5.55)	$0.28
Scenario, Previously Reported
Revenues				638,425		187,205
Net income (loss)						12,656
Net income (loss) attributable to common stock						3,792
Basic earnings per share (in dollars per share)						$0.22
Diluted earnings per share (in dollars per share)						$0.22
Restatement Adjustment
Revenues				6,594	[1]	86,163	[2]
Net income (loss)						-507	[2]
Net income (loss) attributable to common stock						($507)	[2]
Basic earnings per share (in dollars per share)						($0.11)	[2]
Diluted earnings per share (in dollars per share)						($0.11)	[2]

[1]	The results reported for the three months ended June 30, 2014 erroneously included $6.6 million of intercompany eliminations derived from transactions with First Allied that pertained to the three months ended March 31, 2014. This did not impact pre-tax net income or net income for the three months ended June 30, 2014 as the same elimination was made to both total revenues and expenses. The Company has evaluated this item and determined that it was not material to the previously issued unaudited financial statements for the three months ended June 30, 2014. The income statement for the three months ended June 30, 2014 will be revised in the Companyâ€™s unaudited financial statements as of and for the six months ended June 30, 2015 to reflect the â€˜as adjustedâ€™ revenues presented above and the corresponding change in expenses. There was no impact on total revenue or total expenses reported for the six months ended June 30, 2014.
[2]	On June 30, 2014, RCAP Holdings contributed all its equity interests in First Allied to the Company. The Companyâ€™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 immediately following the acquisition of First Allied by RCAP Holdings on September 25, 2013.

Subsequent_Events_Details

Subsequent Events - (Details) (JP Turner & Company, LLC, USD $)	0 Months Ended		12 Months Ended
	Jun. 12, 2014	Mar. 04, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Total consideration	$32,708,000
Contractual purchase price	12,786,000
Subsequent Event
Subsequent Event [Line Items]
Total consideration		9,100,000
Contractual purchase price		6,400,000
Equity interests value assigned		$2,700,000
Common Class A
Subsequent Event [Line Items]
Business acquisition, equity interest issued, number of shares	239,362		239,362
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Business acquisition, equity interest issued, number of shares		245,813