Top independent broker-dealers ranked by revenue

Data include a breakdown of fee, commission revenue

Apr 21, 2018 @ 6:00 am

By Ellie Zhu

Firm2017 % revenue ($M)% change vs. 20162017 commission revenue ($M)% change vs. 20162017 fee revenue ($M)% change vs. 20162017 other revenue ($M)% change vs. 2016
1LPL Financial$4,281.50 5.70%$1,670.80 -3.80%$1,409.20 9.30%$1,201.40 17.50%
2Ameriprise Financial Services Inc.$4,260.00 8.00%$1,199.80 -9.90%$2,332.60 16.70%$727.60 18.20%
3Raymond James Financial Services Inc.$2,071.20 15.70%$671.50 3.60%$1,041.90 21.90%$357.80 24.70%
4Commonwealth Financial Network$1,241.60 16.20%$242.60 -12.30%$798.30 23.90%$200.70 36.00%
5MML Investors Services$1,050.40 185.80%$657.60 174.00%$367.10 279.80%$25.70 -16.90%
6Wells Fargo Advisors Financial Network$990.80 8.80%$261.80 2.00%$472.40 12.50%$256.60 9.40%
7Northwestern Mutual Investment Services$945.40 25.00%$225.90 17.60%$628.50 26.10%$91.10 38.60%
8Cambridge Investment Research Inc.$811.40 14.00%$259.80 7.80%$459.80 18.40%$91.80 11.80%
9AXA Advisors$786.50 8.10%$557.00 3.80%$194.40 22.30%$35.10 10.30%
10Lincoln Financial Network$740.20 -1.00%$483.60 -5.60%$192.00 9.50%$64.60 8.60%
11Securities America Inc.$637.30 19.00%$257.60 12.10%$313.80 26.30%$65.90 14.60%
12Cetera Advisor Networks$606.80 5.90%$274.10 -1.80%$247.50 9.70%$85.20 25.30%
13Royal Alliance Associates Inc.$483.90 3.60%$196.40 5.70%$205.20 -11.40%$82.30 66.10%
14Waddell & Reed Financial Advisors$476.60 -2.20%$172.40 -12.20%$235.10 4.70%$69.00 3.80%
15Kestra Financial Inc.$475.40 12.40%$187.60 3.90%$245.60 24.20%$42.20 -5.50%
16Voya Financial Advisors Inc.$429.30 9.00%$260.20 3.00%$147.30 18.70%$21.80 28.70%
17Signator Investors Inc.$423.30 18.50%$291.10 10.00%$110.00 36.10%$22.10 86.30%
18SagePoint Financial Inc.$351.70 14.40%$180.20 6.00%$109.20 6.20%$62.30 78.90%
19Cetera Advisors$351.20 23.40%$151.30 22.50%$152.70 22.00%$47.20 31.60%
20Securian Financial Services Inc.$347.20 6.60%$186.10 -1.40%$120.50 19.30%$40.70 12.40%
21Lincoln Investment Planning$309.70 33.20%$121.30 10.90%$178.00 53.80%$10.40 38.40%
22Principal Securities Inc. (fka Princor Financial Services Corp.)$299.70 7.30%$233.90 4.50%$65.80 18.70%$0.10 N/M
23Woodbury Financial Services$285.60 12.50%$178.60 2.10%$62.40 16.30%$44.60 75.90%
24Cetera Financial Institutions$284.00 7.90%$186.80 0.70%$35.30 36.10%$61.90 19.90%
25FSC Securities Corp.$281.10 2.60%$136.80 0.80%$92.10 -15.50%$52.20 77.30%
26First Allied Securities Inc.$231.50 3.00%$119.60 -5.50%$75.30 11.50%$36.50 19.90%
27American Portfolios Financial Services Inc.$190.10 10.90%$98.90 7.90%$91.20 14.30%$0.00 N/M
28Triad Advisors$183.90 6.10%$66.50 -6.20%$92.10 4.60%$25.30 76.70%
29CUNA Brokerage Services Inc.$172.60 9.20%$148.30 6.90%$17.20 16.20%$7.10 57.80%
30M Holdings Securities Inc. (M Securities)$165.50 11.80%$136.30 5.90%$22.90 42.40%$6.40 98.40%
31Summit Brokerage Services Inc.$161.90 12.10%$87.50 -3.50%$51.00 44.20%$23.40 27.50%
32Cadaret Grant & Co. Inc.$158.50 6.00%$109.40 4.60%$44.10 7.10%$5.00 34.20%
33Centaurus Financial Inc.$147.00 1.80%$110.30 0.30%$36.80 6.30%$0.00 N/M
34Cetera Financial Specialists$144.20 11.90%$60.60 2.70%$70.30 17.70%$13.30 30.80%
35Independent Financial Group$139.30 13.30%$77.30 9.00%$51.10 21.70%$10.90 8.80%
36Ameritas Investment Corp.$136.30 3.20%$81.40 1.70%$38.10 10.40%$16.80 -4.30%
37Securities Service Network Inc.$118.20 5.90%$48.30 -8.20%$57.80 23.70%$12.20 -1.20%
38H. Beck Inc.$114.70 6.40%$75.90 4.10%$31.60 15.20%$7.10 0.80%
39Geneos Wealth Management Inc.$111.90 7.10%$40.60 -21.40%$67.20 36.90%$4.10 9.90%
40United Planners Financial Services$110.90 14.00%$48.20 -8.30%$62.80 40.20%$0.00 N/M
41Questar Capital Corp.$110.70 7.90%$85.40 4.20%$17.40 17.40%$7.90 35.10%
42J.W. Cole Financial Inc.$104.60 14.40%$73.20 9.20%$31.40 28.70%$0.00 N/M
43Sigma Financial Corp.$99.80 15.20%$56.90 15.40%$37.80 19.90%$5.00 -12.20%
44ProEquities Inc.$98.10 0.20%$60.90 -6.00%$26.90 16.40%$10.30 2.80%
45Transamerica Financial Advisors Inc.$93.80 -29.60%$74.10 -18.30%$14.60 -55.60%$5.10 -47.10%
46Investacorp Inc.$92.10 4.90%$57.20 -0.30%$22.90 10.80%$11.90 23.20%
47PlanMember Securities Corp.$85.60 14.10%$25.30 -1.70%$59.70 22.50%$0.60 2.40%
48Kovack Securities Inc.$74.60 14.10%$37.30 0.10%$32.50 15.40%$4.80 N/A
49The O.N. Equity Sales Co.$62.80 10.90%$51.50 6.90%$11.20 32.80%$0.10 69.90%
50Parkland Securities$53.20 28.90%$36.60 32.60%$14.10 31.30%$2.60 -9.90%

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