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Top independent broker-dealers by revenue and payout

A look at how the top firms fared in 2016

Apr 23, 2017 @ 12:01 am

By IN Research and Ellie Zhu

Top 50 IBDs ranked by 2016 revenue
Firm2016 revenue ($M)% change vs. 20152016 commission revenue ($M)% change vs. 20152016 fee revenue ($M)% change vs. 20152016 other revenue ($M)% change vs. 2015
1LPL Financial$3,977.4 -5.4%$1,681.8 -12.4%$1,285.3 -4.3%$1,010.4 7.7%
2Ameriprise Financial Services Inc.$3,945.0 0.7%$1,331.3 -4.9%$1,998.0 3.1%$615.6 6.0%
3Raymond James Financial Services Inc.$1,790.2 3.4%$648.4 -4.2%$854.7 6.5%$287.0 13.6%
4Commonwealth Financial Network$1,068.7 6.1%$276.7 -3.4%$644.5 7.9%$147.5 19.8%
5Wells Fargo Advisors Financial Network$910.8 5.4%$256.6 -2.1%$419.8 5.5%$234.5 14.9%
6Lincoln Financial Network$826.3 -3.3%$591.4 -6.0%$191.9 4.4%$43.1 3.4%
7AXA Advisors$727.5 -2.6%$536.8 -4.5%$158.9 2.5%$31.8 6.8%
8Cambridge Investment Research Inc.$711.5 1.9%$241.1 -3.7%$388.3 5.9%$82.1 1.1%
9Securities America Inc.$535.7 -2.9%$229.7 -8.3%$248.5 2.3%$57.5 -1.7%
10Cetera Advisor Networks$519.5 -7.1%$246.5 -13.6%$210.3 -7.9%$62.8 38.1%
11Waddell & Reed Financial Advisors$487.4 -7.4%$196.4 -13.5%$224.5 -0.5%$66.5 -9.5%
12Royal Alliance Associates Inc.$466.8 1.2%$185.8 -12.6%$231.5 9.8%$49.5 31.6%
13Kestra Financial$423.1 -1.0%$180.6 -10.4%$197.8 10.3%$44.7 -4.0%
14Voya Financial Advisors Inc.$393.7 -3.1%$252.7 -8.6%$124.1 7.8%$16.9 15.2%
15National Planning Corp. (NPC) $376.8 -7.6%$229.1 -12.4%$120.6 3.8%$27.1 -9.7%
16MML Investors Services$367.6 -5.4%$240.0 -9.7%$96.7 6.2%$30.9 -3.0%
17Signator Investors Inc.$357.3 17.6%$264.6 13.4%$80.9 31.6%$11.9 29.9%
18Securian Financial Services Inc.$325.6 3.3%$188.6 -0.1%$101.0 8.1%$36.2 10.0%
19HD Vest Investment Services$316.6 -1.0%$150.1 -4.3%$129.4 0.0%$37.0 11.0%
20SagePoint Financial Inc.$307.6 -1.5%$170.0 -7.0%$102.8 4.8%$34.8 10.7%
21Cetera Advisors$283.1 -4.9%$122.9 -15.2%$125.2 -0.3%$35.1 29.5%
22Principal Securities Inc. (fka Princor Financial Services Corp.)$279.3 -11.1%$223.9 -14.6%$55.4 6.7%$0.0 N/M
23FSC Securities Corp.$274.1 -3.3%$135.7 -10.8%$109.0 1.9%$29.4 20.8%
24Cetera Financial Institutions$263.0 -12.4%$185.6 -16.6%$25.9 -29.2%$51.5 25.3%
25Woodbury Financial Services$253.9 -2.9%$175.0 -8.9%$53.6 11.1%$25.3 20.3%
26INVEST Financial Corp.$249.8 -4.4%$160.2 -7.6%$68.5 5.4%$21.1 -8.0%
27Lincoln Investment Planning$232.6 3.9%$109.3 2.8%$115.7 3.6%$7.5 33.3%
28First Allied Securities Inc.$227.1 -17.9%$124.6 -28.1%$67.5 -8.4%$34.9 18.1%
29Triad Advisors Inc.$173.2 -5.8%$70.9 -16.2%$88.1 14.2%$14.3 -36.0%
30American Portfolios Financial Services Inc.$171.5 -2.7%$91.7 -6.9%$79.8 2.5%$0.0 N/M
31SII Investments Inc.$169.3 -4.5%$93.1 -11.9%$64.2 11.0%$12.0 -13.3%
32CUNA Brokerage Services Inc.$158.0 2.4%$138.7 3.1%$14.8 -0.7%$4.5 -6.3%
33Cadaret Grant & Co. Inc.$149.5 -6.2%$104.6 -9.3%$41.2 -2.1%$3.7 85.4%
34M Holdings Securities Inc. (M Securities)$148.0 -5.4%$128.7 -7.3%$16.1 10.9%$3.2 3.0%
35Centaurus Financial Inc.$144.5 2.9%$109.9 0.3%$34.6 12.2%$0.0 N/M
36Summit Brokerage Services Inc.$144.0 29.7%$90.3 24.4%$35.4 28.2%$18.2 68.8%
37Transamerica Financial Advisors Inc.$133.3 N/A$90.7 N/A$33.0 N/A$9.7 N/A
38Ameritas Investment Corp.$132.1 -9.8%$80.0 -13.6%$34.5 -14.6%$17.6 32.0%
39Cetera Financial Specialists$128.8 -2.6%$59.0 -9.2%$59.7 -0.6%$10.2 39.1%
40Independent Financial Group$122.9 -1.2%$70.9 -7.2%$42.0 10.3%$10.0 0.1%
41Investment Centers of America Inc.$113.4 -5.6%$67.6 -13.4%$36.2 14.6%$9.6 -9.1%
42Securities Service Network Inc.$111.6 -10.9%$52.6 -8.2%$46.7 -18.6%$12.3 15.8%
43NEXT Financial Group Inc.$107.8 -12.7%$66.2 -14.7%$37.0 -9.7%$4.6 -6.5%
44Geneos Wealth Management Inc.$104.5 -12.0%$51.7 -18.2%$49.1 -11.7%$3.7 N/M
45Questar Capital Corp.$102.6 -2.9%$82.0 -4.4%$14.8 -3.5%$5.8 27.2%
46ProEquities Inc.$97.9 -15.6%$64.8 -22.4%$23.1 2.5%$10.0 0.5%
47United Planners Financial Services$97.3 2.4%$52.6 0.5%$44.8 17.8%$0.0 N/M
48KMS Financial Services Inc.$96.4 4.1%$42.0 -1.9%$47.9 3.3%$6.5 87.4%
49J.W. Cole Financial Inc.$91.4 6.0%$67.0 2.0%$24.4 18.8%$0.0 N/M
50Investacorp Inc.$87.8 -0.6%$57.4 -1.2%$20.7 -5.3%$9.7 15.9%

Revenue figures are for firms' year-end. N/A = not available. N/M = not meaningful. Other revenue could include interest income, and financial planning, consulting, investment banking and other fees. Itemized revenue may not add up to totals due to rounding.

Total combined revenue of the top 50 IBD firms, 2015-16

Total combined revenue of the top 25 IBDs, 2004–16

Top 20 IBDs ranked by average annual payout per rep

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