Nicholas Schorsch's big buying spree isn't over yet.

RCS Capital has announced the addition of another independent broker-dealer, saying it has agreed to acquire VSR Group and its wholly owned subsidiary VSR Financial Services. 

VSR has $12.3 billion in assets under administration, with 264 producing independent advisors, according to the RCS press release announcing the deal.

The Overland Park, Kan.-based firm, which was ranked 46th in this year's FP50 rankings of the biggest independent broker-dealers, has average production of $380,000 per advisor, with a 98% retention rate over the past three years, according to the release.

It registered revenue of $107.3 million last year, according to its FP50 data, but its average advisor payout was $334,000 -- fifth-highest among the FP50 companies -- and ranked 10th on a separate list of firms with the most high-end reps.

RCS Capital is already the nation's second-largest independent B-D by advisor count, after a 14-month shopping spree that has included deals for giant IBD network Cetera Financial Group, First Allied and the Legend Group, Summit Brokerage Services, Investors Capital and J.P. Turner.

The announcement of the VSR acquisition coincided with RCS's second-quarter earnings report, which showed 12% growth in net income, to $42.6 million, over the previous three-month period.

"The acquisition of VSR will be another important addition to the RCAP retail advice platform," RCS president Michael Weil said in a statement. "We believe the acquisition is an excellent example of RCAP's ability to identify and execute strategic acquisitions of independent retail broker-dealers that should leverage the size and scale of the existing RCAP infrastructure in order to generate and further enhance earnings."

RCS Executive Chairman Schorsch had previously said that he intended to buy more advisory firms, as well as perhaps an RIA and family office.

VSR CEO J. Michael Stanfield said in a statement that joining RCS's family of broker-dealers will give them the opportunity to "leverage additional resources" while providing enhanced opportunities for its advisor and clients.

"We anticipate that the combined capabilities of RCAP and VSR will significantly strengthen our position in the industry and allow us to provide a higher level of service, support and broader suite of products to our retail customers," said Stanfield.

The transaction is expected to close late this year or in early 2015 after going through the regulatory approval process. 

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