Securities America said 2009 was its second-best year for adviser recruiting. The independent-broker dealer added 329 advisers representing over $45.5 million in revenue -- a 14% increase over 2008 in terms of "recruited" revenue.

The Ameriprise Financial (AMP) subsidiary ended 2009 with 1,933 affiliated advisers in all, up 18% from year-end 2008.

Securities America's recent success was the result of favorable word of mouth from its advisers, according to its branch-development chief Gregg Johnson -- as well as technology enhancements that cost the company $9.1 million last year.

"I was looking for a broker-dealer that was top notch in technology to add value to my firm and help me grow my fee-based financial planning and wealth advisory firm," said John Egan, a Madison, N.J.-based independent broker who switched to Securities America in 2009 after a 10-year affiliation with Cincinnati-based Capital Analysts Incorporated.

Most independent-platform providers -- whether for brokers, investment advisers or both -- cite recent turmoil and dislocation at big-name brokerages as the primary reasons for an uptick in adviser recruiting last year.

Bryan, Texas-based adviser Denise Fries cited Securities America's technology along with its practice management support as the reason she became an affiliate in August 2008.

"I had become extremely frustrated with feeling like I was alone and unsupported, and had even considered leaving the business," said Fries. But in Securities America she said she found a "business-growth partner."

And Earl McMahan, a Novi, Mich.-based independent broker who became a Securities America affiliate in August 2009 after 23 years with Mutual Service Corporation, praised his new broker-dealer's transition processes.

Independent broker-dealer LPL Financial bought Mutual Service Corporation in 2007.

Omaha, Neb.-based Securities America's affiliates supervised more than $42 billion in client assets at the end of 2009.

-By Thomas Coyle, Dow Jones Newswires; 718-545-8628; thomas.coyle@dowjones.com
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