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%.