Securities Service Network is pleased to now be a part of the Ladenburg Thalmann Financial Services Inc. family of companies (NYSE ticker LTS). I am incredibly excited about all that the future holds as we begin this new era. SSN Advisors will soon gain access to the Ladenburg Thalmann Wealth Management Advantage consisting of a comprehensive and differentiated suite of programs designed to help advisors serve their clients. These programs include:
• Advisor-friendly trust services from Premier Trust
• Asset management programs and support via Ladenburg Thalmann Asset Management
• Capital markets and investment banking services through Ladenburg Thalmann & Co.
• Insurance services courtesy of Highland Capital Brokerage
As a direct result of the purchasing power of the Ladenburg enterprise, I am happy to report that SSN upgraded its E&O solution effective January 1, 2015. Coverage is underwritten by Catlin, an ‘A’ rated insurer and well-known player in the professional liability market. We now have $2 Million in coverage per event and an aggregate policy limit of $5 Million. The cost of the coverage remains unchanged at $200 per month per producing advisor.
Did you know that SSN maintains extended hours Monday-Thursday until 7:00pm EST? We now have members from the Operations Department available late to answer questions about new accounts, account maintenance, money movement and cashiering. We recently added members of the Trade Review Team to answer questions about transactions and documentary requirements. For SSN Advisors on the West Coast, there is no need to wait until tomorrow to answer today’s questions.
SSN reached gross revenue of $113.3 million in 2014 compared to $114.2 million in 2013. We currently have 387 producing registered representatives – 450 total – and we successfully on-boarded 35 producing reps in 2014. More importantly, though, our existing advisors enjoyed another gain in productivity from $258,000 per producing advisor in 2013 to $267,000 this past year.