Securities America announced Monday a definitive agreement to acquire certain assets of Sunset Financial Services Inc., a full-service broker-dealer, from Kansas City Life Insurance Co. (KCLI).
The deal is expected to add 268 registered representatives in 48 states plus the District of Columbia, approximately $18 million in annual gross revenue and $2.4 billion in client assets to Securities America. It is expected to close by year end.
"This agreement caps a two-year broker-dealer search to find the best match for our customers and representatives," Walter E. Bixby, Kansas City Life executive vice president and vice chairman of the board, said in astatement. "Securities America is well equipped to provide more robust technology, more diverse products and enhanced practice management."
KCL Service Co. will operate as a branch of Securities America for these representatives. After the deal, Sunset Financial Services will continue to assist Kansas City Life in issuing and promoting its variable insurance products.
Securities America has stated that it "has partnered with several smaller broker-dealers in recent years to help them become super branches with the company."
