Largest independent broker-dealer holding companies

Ranked by number of reps at all subsidiary IBDs

Jan 17, 2014 @ 2:16 pm (Updated 2:22 pm) EST

Holding companyIBD subsidiary20132012% change
LPL Financial Holdings Inc.LPL Financial LLC13,55313,1553.0%
Ameriprise FinancialAmeriprise Financial Services Inc.7,5267,4491.0%
Cetera Financial GroupCetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, Cetera Advisors7,4486,19820.2%
The Northwestern Mutual Life Insurance Co.Northwestern Mutual5,7815,939-2.7%
Advisor GroupRoyal Alliance Associates Inc., SagePoint Financial Inc., Woodbury Financial Services, FSC Securities Corp.5,4625,4630.0%
AXA Financial Inc.AXA Advisors LLC5,0455,242-3.8%
Massachusetts Mutual Life Insurance Co.MML Investors Services LLC4,7174,5713.2%
AegonTransamerica Financial Advisors Inc.4,7004,5653.0%
MetLife Inc.MetLife Securities Inc., New England Securities Inc.4,6546,996-33.5%
Parthenon Capital PartnersHD Vest Investment Services4,5734,670-2.1%
National Planning Holdings Inc.INVEST Financial Corp., National Planning Corp., SII Investments Inc., Investment Centers of America Inc.4,3003,81612.7%
ING U.S.ING Financial Partners Inc.3,3633,2204.4%
Raymond James FinancialRaymond James Financial Services Inc.3,2753,2201.7%
Principal Life Insurance Co.Princor Financial Services Corp.2,2822,2830.0%
Ladenburg Thalmann Financial Services Inc.Securities America Inc., Investacorp Inc.2,2542,2191.6%
Guardian Life Insurance Co.Park Avenue Securities LLC2,2212,234-0.6%
Securian Financial Group Inc.Securian Financial Services Inc., H. Beck Inc.1,9181,970-2.6%
Waddell & Reed Financial Inc.Waddell & Reed Inc.1,8791,8750.2%
National Financial Partners Corp.NFP Advisor Services Group 1,6521,6500.1%
Manulife FinancialSignator Investors Inc.1,5691,602-2.1%
Ameritas Life Insurance Co.Ameritas Investment Corp.1,2981,318-1.5%
Ohio National Life Insurance Co.The O.N. Equity Sales Co.9529243.0%
M Financial GroupM Holdings Securities Inc. (M Securities)8878524.1%
Penn Mutual Life Insurance Co.Hornor Townsend & Kent Inc.8808207.3%
RCAP Holdings, LLCFirst Allied Securities Inc.8788157.7%

As of Sept. 30 Source: InvestmentNews Data