Annual report pursuant to section 13 and 15(d)

Noncontrolling Interest

v2.4.0.8
Noncontrolling Interest
12 Months Ended
Dec. 31, 2013
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
Noncontrolling Interest

During the quarter ended March 31, 2013, Arbor Point Advisors, LLC (“APA”), a newly-formed registered investment advisor, began operations.  Investment advisory services of APA are provided through licensed and qualified individuals who are investment advisor representatives of APA. Securities America holds an 80% interest in APA and an unaffiliated entity owns a 20% interest. As Securities America is the controlling managing member of APA, the financial statements of APA are included in the Company's consolidated financial statements and amounts attributable to the 20% unaffiliated investor are recorded as a noncontrolling interest.