RCS Capital's acquisition spree doesn't seem to be panning out as Wall Street had hoped.

Nicholas Schorsch's expanded financial advisory business reported adjusted net third-quarter income of $35.5 million on Thursday, or 40 cents per fully diluted share -- disappointing Wall Street analysts, who expected earnings of 43 cents a share for the quarter, according to a Thomson Reuters poll. Pro forma revenue for the third quarter was $725 million, up 10%, from the same period last year.

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