RCS Capital Corp.’s Nicholas Schorsch paid one times revenue for Cetera Financial, when IBDs typically sell for 30-40 percent. Did he overpay?

Real estate ranked as one of the worst-performing categories of 2013. In a year when the S&P 500 returned 32 percent, real estate funds gained 1.6 percent, according to Morningstar. Rising interest rates have contributed to the weak showing. Real...