2019 top independent broker-dealers ranked by revenue

Firm2018 revenue ($M)% change vs. 20172018 commission revenue ($M)% change vs. 20172018 fee revenue ($M)% change vs. 20172018…

	Firm	2018 revenue ($M)	% change vs. 2017	2018 commission revenue ($M)	% change vs. 2017	2018 fee revenue ($M)	% change vs. 2017	2018 other revenue ($M)	% change vs. 2017
1	LPL Financial LLC	5188.4	21.2	1919.7	14.9	1793.5	27.3	1475.2	22.8
2	Ameriprise Financial Services Inc.	4804	12.8	1209.8	0	2638.8	13.1	955.4	31.3
3	Raymond James Financial Services Inc.	2410	16.4	677	0	1314	26	419	17.4
4	Commonwealth Equity Services, LLC dba-Commonwealth Financial Network	1425.3	14.8	234.5	-3.3	976.2	22.3	214.6	7
5	Northwestern Mutual Investment Services	1219.5	17.9	326.7	0	786.9	25.2	158.3	8.8
6	MML Investors Services, LLC	1126.6	7.3	678.2	1.9	443.7	16.6	4.6	9.2
7	AXA Advisors LLC	913.8	16.2	633.2	13.7	237.5	22.2	43.1	22.8
8	Cambridge Investment Research Inc.	906.7	11.7	283.4	9.1	509.6	10.8	113.6	23.8
9	Securities America Inc.	803.5	26.1	311.5	20.9	402.1	28.1	90	36.5
10	Lincoln Financial Network	782.4	5.7	495.3	2.4	217.7	13.4	69.4	7.3
11	Cetera Advisor Networks	619.5	8.8	269.1	6.2	247.6	5.4	102.9	26.3
12	Royal Alliance Associates Inc.	603.9	24.8	242	23.2	255.7	24.6	106.3	29.2
13	Kestra Financial, Inc	549.2	15.5	195.6	4.3	303	23.4	47.3	12
14	Waddell & Reed Financial Advisors	522.8	9.7	158.9	-0.8	259.9	10.5	104	27.9
15	Voya Financial Advisors Inc.	458.8	6.9	253.2	-2.7	170.6	15.8	35	60.6
16	SagePoint Financial Inc.	405.7	15.4	191.4	6.2	137	25.5	77.3	24.2
17	Woodbury Financial Services	373.6	30.8	207.5	16.2	97.6	56.4	68.5	53.7
18	Securian Financial Services Inc.	368.6	6.2	190.1	2.2	136.1	13	42.4	4.3
19	Cetera Advisors	367.4	4.6	143.4	-5.2	164.8	8.2	59.2	24.4
20	Cetera Financial Institutions	340.7	20	216.8	16.1	48.4	37.1	75.5	22.1
21	Lincoln Investment Planning, LLC	336.8	8.8	126.8	4.5	199.9	12.3	10.1	-3.2
22	Principal Securities, Inc.	316.2	5.5	234.2	0.8	80.5	22.4	1.5	-2.4
23	FSC Securities Corp.	305.6	8.7	137.8	0.8	108.6	17.9	59.2	13.4
24	First Allied Securities, Inc.	240	3.7	116.3	-2.8	79.4	5.9	44.3	20.2
25	Triad Advisors LLC	220.7	20	76.2	14.6	124.1	34.8	20.4	-19.3
26	American Portfolios Financial Services Inc.	218.2	14.8	109.1	10.3	109.1	19.6	0	—
27	Park Avenue Securities LLC	213.7	16.3	124.9	14.3	88.8	19.1	0	—
28	M Holdings Securities Inc. (M Securities)	175.7	6.2	144.7	5.1	25.8	13	5.2	5.3
29	Independent Financial Group LLC	174.2	25.1	89.5	15.7	73.6	44.1	11.2	2.5
30	Cetera Financial Specialists	157.7	9.4	62	2.4	78.9	12.2	16.8	26.3
31	Centaurus Financial Inc.	155.8	6	114.4	3.8	41.4	12.6	0	—
32	Summit Brokerage Services, Inc.	152.8	-5.7	80.4	-8.1	48.6	-4.8	23.8	1.7
33	Ameritas Investment Corp.	139.1	2.1	80	-1.7	47.4	24.4	11.7	-30.4
34	Geneos Wealth Management Inc.	132.3	18.2	33.5	-17.4	98.8	46.8	4.6	12.7
35	United Planners Financial Services	131.9	18.9	51.7	7.4	76.6	22	3.6	100
36	Securities Service Network LLC	129.1	9.2	49.6	2.8	64.7	12	14.8	21.8
37	Hornor Townsend & Kent, LLC	124.2	15.8	82	12.3	37.5	28.4	5.1	4.1
38	KMS Financial Services, Inc.	122.8	13.3	46.7	6.8	60.8	10.5	15.3	57.7
39	J.W. Cole Financial Inc.	121.4	16.1	80.7	10.2	40.7	29.8	0	—
40	Sigma Financial Corp.	117.5	17.8	67.1	17.9	44.6	17.9	5.8	14.9
41	ProEquities Inc.	117.1	7.2	72.2	10.1	39.1	18	5.8	-44.8
42	H. Beck Inc.	116.9	1.9	75.2	-0.9	35.2	11.3	6.4	-9.9
43	Transamerica Financial Advisors, Inc.	109.3	16.5	96.2	29.9	16.8	14.8	0	-100
44	Investacorp Inc.	104.7	13.7	62	8.4	28.1	22.7	14.5	21.7
45	PlanMember Securities Corp.	97.3	13.6	25.1	-0.8	71.6	19.8	0.6	5.3
46	Kovack Securities, Inc.	79.4	6.4	41.3	10.7	35.8	10	2.3	-51.3
47	The O.N. Equity Sales Co.	77.1	22.7	63.7	23.7	13.2	17.8	0.1	44
48	Parkland Securities, LLC	63.4	19.1	44	20.3	16.9	20	2.5	-2.9
49	Leaders Group	61	29.9	61	29.9	0	—	0	—
50	The Investment Center Inc.	56.7	12.7	28.7	-2	23.8	35.1	4.2	23.2