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IBD Adds 268 Advisors

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Independent broker-dealer, Securities America, announced today that it has entered into a definitive agreement to acquire the assets of Sunset Financial Inc.

“This business has become increasingly challenging for smaller broker-dealers,” said Jim Nagengast, Securities America’s president and CEO. “We welcome the advisors from Sunset Financial Services and look forward to helping them grow through our expertise in advisory business, retirement income distribution, practice management solutions and technology,” he added.

A full-service broker-dealer of Kansas City Life (KCL) Insurance Company, Sunset Financial has approximately 268 registered representatives in 48 states as well as the District of Columbia. The company has approximately $18 million in annual gross revenue and $2.4 billion in client assets.

Once the transaction is complete, Sunset Financial Services will still promote and issue KCL’s insurance products while KCL Service Company will operate as a branch of Securities America for these representatives.

“The primary objective of this agreement is to improve the services Kansas City Life provides to our customers and representatives,” stated Walter E. Bixby, executive vice president and vice chairman of the board of Kansas City Life Insurance Company. He continued, “This agreement caps a two-year broker-dealer search to find the best match for our customers and representatives. Securities America is well equipped to provide more robust technology, more diverse products and enhanced practice management.”

The transaction is expected to close by the end of 2014 and does not require shareholder approval.

Securities America has been steadily adding advisors to its stable over the past few years. Just recently it added 60 advisors from Dalton Strategic Investment Services of Knightstown, Indiana, an independent broker-dealer with $950 million in client assets.

Securities America has over 1,800 independent advisors, responsible for $50 billion in client assets, making the company one of the country’s largest independent broker-dealers.