| Rank | Firm | Clearing firm(s) used | 2011 total revenue ($M) |
|---|---|---|---|
| 1 | LPL Financial | Self-clearing | $3,338.4 |
| 2 | Ameriprise Financial Services Inc. | Self-clearing | $2,841.1 |
| 3 | Raymond James Financial Services Inc. | Self-clearing | $1,178.1 |
| 4 | Lincoln Financial Network | National Financial Services , Pershing | $784.8 |
| 5 | Commonwealth Financial Network | National Financial Services , Pershing | $646.5 |
| 6 | AXA Advisors LLC | LPL Financial Custom Clearing Services | $572.5 |
| 7 | MetLife Securities Inc. | Pershing | $542.7 |
| 8 | Wells Fargo Advisors Financial Network | First Clearing | $519.9 |
| 9 | Northwestern Mutual | Pershing | $510.1 |
| 10 | Securities America Inc. | National Financial Services , Pershing | $444.3 |
| 11 | Cambridge Investment Research Inc. | National Financial Services , Pershing | $396.9 |
| 12 | Royal Alliance Associates Inc. | National Financial Services , Pershing | $395.8 |
| 13 | NFP Advisor Services Group (and affiliates) | National Financial Services | $369.2 |
| 14 | Financial Network Investment Corp. | Pershing | $351.8 |
| 15 | MML Investors Services LLC | National Financial Services | $347.4 |
| 16 | National Planning Corp. | Pershing | $335.9 |
| 17 | ING Financial Partners Inc. | Pershing | $331.2 |
| 18 | Waddell & Reed Inc. | Pershing | $330.7 |
| 19 | Securian Financial Services Inc. | Pershing | $282.5 |
| 20 | FSC Securities Corp. | National Financial Services , Pershing | $264.0 |
| Revenue figures as of firms' year end. | |||
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
