Schorsch gobbles up another midsize IBD blog update courtesy of extracts from and Bruce Kelly


Nicholas Schorsch continues to add midsized independent broker-dealers to the Cetera Financial Group Network, and on Wednesday night Cetera parent RCS Capital Corp. said it intends to buy Girard Securities Inc.

The San Diego-based firm has more than $10 billion of assets under administration and 250 producing financial advisers with an average annual production of approximately $210,000 per adviser.

It is the second such announced deal in as many weeks for RCS Capital Corp., which is known by its ticker symbol, RCAP. Last week, RCAP said it had agreed to purchase VSR Financial, with 264 registered reps and advisers. Continue reading