Where the largest indie B-Ds clear
Clearing firms used by the independent broker-dealers with the most revenue
| Rank | Firm | Clearing firm(s) used | 2011 total revenue ($M) |
|---|---|---|---|
| 1 | LPL Financial | Self-clearing | $3,338.4 |
| 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 |
| 9 | Northwestern Mutual | Pershing | $510.1 |
| 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. | |||
Source: InvestmentNews Data
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