| Firm | 2017 % revenue ($M) | % change vs. 2016 | 2017 commission revenue ($M) | % change vs. 2016 | 2017 fee revenue ($M) | % change vs. 2016 | 2017 other revenue ($M) | % change vs. 2016 | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | LPL Financial | $4,281.50 | 5.70% | $1,670.80 | -3.80% | $1,409.20 | 9.30% | $1,201.40 | 17.50% |
| 2 | Ameriprise Financial Services Inc. | $4,260.00 | 8.00% | $1,199.80 | -9.90% | $2,332.60 | 16.70% | $727.60 | 18.20% |
| 3 | Raymond James Financial Services Inc. | $2,071.20 | 15.70% | $671.50 | 3.60% | $1,041.90 | 21.90% | $357.80 | 24.70% |
| 4 | Commonwealth Financial Network | $1,241.60 | 16.20% | $242.60 | -12.30% | $798.30 | 23.90% | $200.70 | 36.00% |
| 5 | MML Investors Services | $1,050.40 | 185.80% | $657.60 | 174.00% | $367.10 | 279.80% | $25.70 | -16.90% |
| 6 | Wells Fargo Advisors Financial Network | $990.80 | 8.80% | $261.80 | 2.00% | $472.40 | 12.50% | $256.60 | 9.40% |
| 7 | Northwestern Mutual Investment Services | $945.40 | 25.00% | $225.90 | 17.60% | $628.50 | 26.10% | $91.10 | 38.60% |
| 8 | Cambridge Investment Research Inc. | $811.40 | 14.00% | $259.80 | 7.80% | $459.80 | 18.40% | $91.80 | 11.80% |
| 9 | AXA Advisors | $786.50 | 8.10% | $557.00 | 3.80% | $194.40 | 22.30% | $35.10 | 10.30% |
| 10 | Lincoln Financial Network | $740.20 | -1.00% | $483.60 | -5.60% | $192.00 | 9.50% | $64.60 | 8.60% |
| 11 | Securities America Inc. | $637.30 | 19.00% | $257.60 | 12.10% | $313.80 | 26.30% | $65.90 | 14.60% |
| 12 | Cetera Advisor Networks | $606.80 | 5.90% | $274.10 | -1.80% | $247.50 | 9.70% | $85.20 | 25.30% |
| 13 | Royal Alliance Associates Inc. | $483.90 | 3.60% | $196.40 | 5.70% | $205.20 | -11.40% | $82.30 | 66.10% |
| 14 | Waddell & Reed Financial Advisors | $476.60 | -2.20% | $172.40 | -12.20% | $235.10 | 4.70% | $69.00 | 3.80% |
| 15 | Kestra Financial Inc. | $475.40 | 12.40% | $187.60 | 3.90% | $245.60 | 24.20% | $42.20 | -5.50% |
| 16 | Voya Financial Advisors Inc. | $429.30 | 9.00% | $260.20 | 3.00% | $147.30 | 18.70% | $21.80 | 28.70% |
| 17 | Signator Investors Inc. | $423.30 | 18.50% | $291.10 | 10.00% | $110.00 | 36.10% | $22.10 | 86.30% |
| 18 | SagePoint Financial Inc. | $351.70 | 14.40% | $180.20 | 6.00% | $109.20 | 6.20% | $62.30 | 78.90% |
| 19 | Cetera Advisors | $351.20 | 23.40% | $151.30 | 22.50% | $152.70 | 22.00% | $47.20 | 31.60% |
| 20 | Securian Financial Services Inc. | $347.20 | 6.60% | $186.10 | -1.40% | $120.50 | 19.30% | $40.70 | 12.40% |
| 21 | Lincoln Investment Planning | $309.70 | 33.20% | $121.30 | 10.90% | $178.00 | 53.80% | $10.40 | 38.40% |
| 22 | Principal Securities Inc. (fka Princor Financial Services Corp.) | $299.70 | 7.30% | $233.90 | 4.50% | $65.80 | 18.70% | $0.10 | N/M |
| 23 | Woodbury Financial Services | $285.60 | 12.50% | $178.60 | 2.10% | $62.40 | 16.30% | $44.60 | 75.90% |
| 24 | Cetera Financial Institutions | $284.00 | 7.90% | $186.80 | 0.70% | $35.30 | 36.10% | $61.90 | 19.90% |
| 25 | FSC Securities Corp. | $281.10 | 2.60% | $136.80 | 0.80% | $92.10 | -15.50% | $52.20 | 77.30% |
| 26 | First Allied Securities Inc. | $231.50 | 3.00% | $119.60 | -5.50% | $75.30 | 11.50% | $36.50 | 19.90% |
| 27 | American Portfolios Financial Services Inc. | $190.10 | 10.90% | $98.90 | 7.90% | $91.20 | 14.30% | $0.00 | N/M |
| 28 | Triad Advisors | $183.90 | 6.10% | $66.50 | -6.20% | $92.10 | 4.60% | $25.30 | 76.70% |
| 29 | CUNA Brokerage Services Inc. | $172.60 | 9.20% | $148.30 | 6.90% | $17.20 | 16.20% | $7.10 | 57.80% |
| 30 | M Holdings Securities Inc. (M Securities) | $165.50 | 11.80% | $136.30 | 5.90% | $22.90 | 42.40% | $6.40 | 98.40% |
| 31 | Summit Brokerage Services Inc. | $161.90 | 12.10% | $87.50 | -3.50% | $51.00 | 44.20% | $23.40 | 27.50% |
| 32 | Cadaret Grant & Co. Inc. | $158.50 | 6.00% | $109.40 | 4.60% | $44.10 | 7.10% | $5.00 | 34.20% |
| 33 | Centaurus Financial Inc. | $147.00 | 1.80% | $110.30 | 0.30% | $36.80 | 6.30% | $0.00 | N/M |
| 34 | Cetera Financial Specialists | $144.20 | 11.90% | $60.60 | 2.70% | $70.30 | 17.70% | $13.30 | 30.80% |
| 35 | Independent Financial Group | $139.30 | 13.30% | $77.30 | 9.00% | $51.10 | 21.70% | $10.90 | 8.80% |
| 36 | Ameritas Investment Corp. | $136.30 | 3.20% | $81.40 | 1.70% | $38.10 | 10.40% | $16.80 | -4.30% |
| 37 | Securities Service Network Inc. | $118.20 | 5.90% | $48.30 | -8.20% | $57.80 | 23.70% | $12.20 | -1.20% |
| 38 | H. Beck Inc. | $114.70 | 6.40% | $75.90 | 4.10% | $31.60 | 15.20% | $7.10 | 0.80% |
| 39 | Geneos Wealth Management Inc. | $111.90 | 7.10% | $40.60 | -21.40% | $67.20 | 36.90% | $4.10 | 9.90% |
| 40 | United Planners Financial Services | $110.90 | 14.00% | $48.20 | -8.30% | $62.80 | 40.20% | $0.00 | N/M |
| 41 | Questar Capital Corp. | $110.70 | 7.90% | $85.40 | 4.20% | $17.40 | 17.40% | $7.90 | 35.10% |
| 42 | J.W. Cole Financial Inc. | $104.60 | 14.40% | $73.20 | 9.20% | $31.40 | 28.70% | $0.00 | N/M |
| 43 | Sigma Financial Corp. | $99.80 | 15.20% | $56.90 | 15.40% | $37.80 | 19.90% | $5.00 | -12.20% |
| 44 | ProEquities Inc. | $98.10 | 0.20% | $60.90 | -6.00% | $26.90 | 16.40% | $10.30 | 2.80% |
| 45 | Transamerica Financial Advisors Inc. | $93.80 | -29.60% | $74.10 | -18.30% | $14.60 | -55.60% | $5.10 | -47.10% |
| 46 | Investacorp Inc. | $92.10 | 4.90% | $57.20 | -0.30% | $22.90 | 10.80% | $11.90 | 23.20% |
| 47 | PlanMember Securities Corp. | $85.60 | 14.10% | $25.30 | -1.70% | $59.70 | 22.50% | $0.60 | 2.40% |
| 48 | Kovack Securities Inc. | $74.60 | 14.10% | $37.30 | 0.10% | $32.50 | 15.40% | $4.80 | N/A |
| 49 | The O.N. Equity Sales Co. | $62.80 | 10.90% | $51.50 | 6.90% | $11.20 | 32.80% | $0.10 | 69.90% |
| 50 | Parkland Securities | $53.20 | 28.90% | $36.60 | 32.60% | $14.10 | 31.30% | $2.60 | -9.90% |
LPL Financial and Raymond James also add independent advisors from Osaic and Edward Jones in Michigan and Arizona.
The SEC-registered RIA advises on more than $1 billion in client assets, with no advisory fee through 2027 and no human financial advisors.
The four wirehouse firms lost 1,449 experienced advisors and recruited 932 in the first six months of the year, according to Diamond Consultants.
Merit's 10th Commonwealth addition deepens its Western New York reach, while another Hightower partner joins its Signature Wealth platform in Michigan.
Report on Climate Action 100+ signals risk for passive managers' 13G status heading into the 2027 proxy season.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
