Numbers Game

2019 top independent broker-dealers ranked by revenue

Data include a breakdown of fee, commission revenue

Apr 24, 2019 @ 12:01 am

By Ellie Zhu

Firm2018 revenue ($M)% change vs. 20172018 commission revenue ($M)% change vs. 20172018 fee revenue ($M)% change vs. 20172018 other revenue ($M)% change vs. 2017
1LPL Financial LLC5188.421.21919.714.91793.527.31475.222.8
2Ameriprise Financial Services Inc.4804.012.81209.80.02638.813.1955.431.3
3Raymond James Financial Services Inc.2410.016.4677.00.01314.026.0419.017.4
4Commonwealth Equity Services, LLC dba-Commonwealth Financial Network1425.314.8234.5-3.3976.222.3214.67.0
5Northwestern Mutual Investment Services1219.517.9326.70.0786.925.2158.38.8
6MML Investors Services, LLC1126.67.3678.21.9443.716.64.69.2
7AXA Advisors LLC913.816.2633.213.7237.522.243.122.8
8Cambridge Investment Research Inc.906.711.7283.49.1509.610.8113.623.8
9Securities America Inc.803.526.1311.520.9402.128.190.036.5
10Lincoln Financial Network782.45.7495.32.4217.713.469.47.3
11Cetera Advisor Networks619.58.8269.16.2247.65.4102.926.3
12Royal Alliance Associates Inc.603.924.8242.023.2255.724.6106.329.2
13Kestra Financial, Inc549.215.5195.64.3303.023.447.312.0
14Waddell & Reed Financial Advisors522.89.7158.9-0.8259.910.5104.027.9
15Voya Financial Advisors Inc.458.86.9253.2-2.7170.615.835.060.6
16SagePoint Financial Inc.405.715.4191.46.2137.025.577.324.2
17Woodbury Financial Services373.630.8207.516.297.656.468.553.7
18Securian Financial Services Inc.368.66.2190.12.2136.113.042.44.3
19Cetera Advisors367.44.6143.4-5.2164.88.259.224.4
20Cetera Financial Institutions340.720.0216.816.148.437.175.522.1
21Lincoln Investment Planning, LLC336.88.8126.84.5199.912.310.1-3.2
22Principal Securities, Inc. 316.25.5234.20.880.522.41.5-2.4
23FSC Securities Corp.305.68.7137.80.8108.617.959.213.4
24First Allied Securities, Inc.240.03.7116.3-2.879.45.944.320.2
25Triad Advisors LLC220.720.076.214.6124.134.820.4-19.3
26American Portfolios Financial Services Inc.218.214.8109.110.3109.119.60.0--
27Park Avenue Securities LLC213.716.3124.914.388.819.10.0--
28M Holdings Securities Inc. (M Securities)175.76.2144.75.125.813.05.25.3
29Independent Financial Group LLC174.225.189.515.773.644.111.22.5
30Cetera Financial Specialists157.79.462.02.478.912.216.826.3
31Centaurus Financial Inc.155.86.0114.43.841.412.60.0--
32Summit Brokerage Services, Inc.152.8-5.780.4-8.148.6-4.823.81.7
33Ameritas Investment Corp.139.12.180.0-1.747.424.411.7-30.4
34Geneos Wealth Management Inc.132.318.233.5-17.498.846.84.612.7
35United Planners Financial Services131.918.951.77.476.622.03.6100.0
36Securities Service Network LLC129.19.249.62.864.712.014.821.8
37Hornor Townsend & Kent, LLC124.215.882.012.337.528.45.14.1
38KMS Financial Services, Inc.122.813.346.76.860.810.515.357.7
39J.W. Cole Financial Inc.121.416.180.710.240.729.80.0--
40Sigma Financial Corp.117.517.867.117.944.617.95.814.9
41ProEquities Inc.117.17.272.210.139.118.05.8-44.8
42H. Beck Inc.116.91.975.2-0.935.211.36.4-9.9
43Transamerica Financial Advisors, Inc.109.316.596.229.916.814.80.0-100.0
44Investacorp Inc.104.713.762.08.428.122.714.521.7
45PlanMember Securities Corp.97.313.625.1-0.871.619.80.65.3
46Kovack Securities, Inc.79.46.441.310.735.810.02.3-51.3
47The O.N. Equity Sales Co.77.122.763.723.713.217.80.144.0
48Parkland Securities, LLC63.419.144.020.316.920.02.5-2.9
49Leaders Group61.029.961.029.90.0--0.0--
50The Investment Center Inc.56.712.728.7-2.023.835.14.223.2

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