Kansas City Life Insurance Co. said Tuesday that it had completed the sale of part of its financial services subsidiary to Securities America.
Under the previously announced agreement, Sunset Financial Services will transfer its broker-dealer business, investment advisory accounts and other assets to Securities America, which is a subsidiary of Ladenburg Thalmann Financial Services Inc. The financial terms of the deal were not disclosed.
Sunset Financial said it has 268 independent registered representatives in 48 states and the District of Columbia, about $17 million in gross annual revenue and $2.5 billion in assets under management.
Sunset Financial will continue to distribute and market variable life insurance and annuity products for Kansas City Life.
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Securities America was founded in 1984 and is based in the Omaha, Neb., suburb of LaVista. It is one of the nation’s largest independent brokerage firms, with a network of more than 1,800 independent advisers who handle more than $50 billion in assets under management.
| The Star