Securities America, a subsidiary of Ladenburg Thalmann Financial Services has signed a definitive agreement to acquire certain assets of Sunset Financial Services, a full-service broker-dealer, from Kansas City Life Insurance Company (KCLI).

Sunset Financial Services has approximately 268 registered representatives in 48 states plus the District of Columbia, approximately $18 million in annual gross revenue and $2.4 billion in client assets. KCL Service Company will operate as a branch of Securities America for these representatives. Following the transaction, Sunset Financial Services will continue to assist Kansas City Life in issuing and promoting its variable insurance products.

"The primary objective of this agreement is to improve the services Kansas City Life provides to our customers and representatives," said Walter E. Bixby, Kansas City Life Insurance Company executive vice president and vice chairman of the board. "This agreement caps a two-year broker-dealer search to find the best match for our customers and representatives. Securities America is well equipped to provide more robust technology, more diverse products and enhanced practice management."

Earlier this month, Securities America announced its acquisition of Dalton Strategic Investment Services of Knightstown, Ind., an independent broker-dealer with 60 advisors and $950 million in client assets. In 2013, Securities America added 30 advisors from Eagle One Investments in Washington, Iowa.

The year prior, the company transitioned 140 advisors from Investors Security Company Inc. In 2010, the company transitioned 45 advisors from Equitas and 40 from ePlanning. In 2009, Securities America acquired broker-dealer Brecek & Young Associates from Security Benefit Corp., adding 260 advisors.

"This business has become increasingly challenging for smaller broker-dealers," said Jim Nagengast, Securities America chief executive officer and president. "We welcome the advisors from Sunset Financial Services and look forward to helping them grow through our expertise in advisory business, retirement income distribution, practice management solutions and technology."

The transaction, expected to close by the end of 2014, is subject to customary closing conditions, including regulatory approval. Shareholder approval is not required.