Quarterly report pursuant to sections 13 or 15(d)

Notes Payable

Notes Payable

3 Months Ended

Mar. 31, 2012

Notes Payable

Notes payable consisted of the following:

	March 31,		December 31,
	2012		2011
Note payable under revolving credit agreement	$	23,550	$	22,550
Notes payable to clearing firm under forgivable loans		22,143		22,143
Note payable to a subsidiary of Premier Trust’s former shareholder		850		904
Notes payable to finance Securities America acquisition, net of $8,613 and $9,113 of unamortized discount in 2012 and 2011, respectively		152,087		151,587
Total	$	198,630	$	197,184

The Company estimates that the fair value of notes payable was $186,405 at March 31, 2012 and $184,883 at December 31, 2011 based on then current interest rates at which similar amounts of debt could currently be borrowed (Level 2 inputs). As of March 31, 2012, the Company was in compliance with all debt covenants in its debt agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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