Securities America said Thursday that six financial institutions with $3.75 billion in assets and 15 financial advisors recently became affiliated with the independent broker-dealer, which is owned by Ladenburg Thalmann Financial Services (LTS).
The financial institutions are Centris Federal Credit Union of Omaha; BNC National Bank of Bismarck, N.D.; Clear Lake Bank and Trust of Clear Lake, Iowa; First National Bank of Muscatine in Muscatine, Iowa; Southwest Colorado Credit Union of Durango, Colo.; and CNB Bank of Clearfield, Pa.
The news comes two days after the La Vista, Neb.-based Securities America announced the expansion of its advisor recruiting team.
“Many financial institutions are looking for noninterest income and adding financial advisors in their client/member offering,” said CEO and President Jim Nagengast (left), in a press release. “After reviewing their options throughout the industry, these financial institutions from across the country selected Securities America as their partner to grow their consumer investment program.”
Securities America says it now has more than 100 business relationships with financial institutions. According to a recent report by Cerulli, the number of advisors in the bank channel is growing at a five-year compound annual rate of 1.5%.
The IBD says it made significant investments in its service offering for banks and credit unions last year. That’s when it added Mike Anderson to lead the division as first vice president of financial institutions and mergers & acquisitions, and brought on William “J” Lavender as regional director for the southern half of the country.
Also in 2012, Securities America notes that it made technology investments to improve reporting and provide secure system access to non-licensed bank executives and program managers.
“We are pleased with the early progress we have made this year in adding financial institutions,” said Anderson, in a statement. “Securities America’s investments in technology and personnel over the past several years are capturing the attention of banks and credit unions that want to expand their brand into untapped markets and drive dollars into both depository and investment products.”