|Rank||Firm||Clearing firm(s) used||2011 total revenue ($M)|
|2||Ameriprise Financial Services Inc.||Self-clearing||$2,841.1|
|3||Raymond James Financial Services Inc.||Self-clearing||$1,178.1|
|4||Lincoln Financial Network||National Financial Services , Pershing||$784.8|
|5||Commonwealth Financial Network||National Financial Services , Pershing||$646.5|
|6||AXA Advisors LLC||LPL Financial Custom Clearing Services||$572.5|
|7||MetLife Securities Inc.||Pershing||$542.7|
|8||Wells Fargo Advisors Financial Network||First Clearing||$519.9|
|10||Securities America Inc.||National Financial Services , Pershing||$444.3|
|11||Cambridge Investment Research Inc.||National Financial Services , Pershing||$396.9|
|12||Royal Alliance Associates Inc.||National Financial Services , Pershing||$395.8|
|13||NFP Advisor Services Group (and affiliates)||National Financial Services||$369.2|
|14||Financial Network Investment Corp.||Pershing||$351.8|
|15||MML Investors Services LLC||National Financial Services||$347.4|
|16||National Planning Corp.||Pershing||$335.9|
|17||ING Financial Partners Inc.||Pershing||$331.2|
|18||Waddell & Reed Inc.||Pershing||$330.7|
|19||Securian Financial Services Inc.||Pershing||$282.5|
|20||FSC Securities Corp.||National Financial Services , Pershing||$264.0|
|Revenue figures as of firms' year end.|
Where the largest indie B-Ds clear
Clearing firms used by the independent broker-dealers with the most revenue
Jul 15, 2012 @ 12:01 am
InvestmentNews editor Frederick P. Gabriel Jr. and reporter Greg Iacurci talk about this week's cover story that looks at whether Fidelity Investments is stepping on the toes of retirement plan advisers.
Latest news & opinion
As the Boston-based mutual fund giant expands the products and services it brings to the retirement market, some financial advisers say the firm is encroaching on their turf.
Screening out weapons companies has limited downside.
The bank did not properly disclose that it was steering asset-management customers into investments that would be profitable for JPMorgan Chase.
Agency failed to tell survivors that they could switch to a higher retirement benefit later.
Brokerage firms would no longer be able to charge reps for supervising nonaffiliated RIAs.