| Firm | Clearing firm(s) used | 2012 total revenue ($M) | |
|---|---|---|---|
| 1 | LPL Financial LLC | Self-clearing | $3,582.7 |
| 2 | Ameriprise Financial Services Inc. | Self-clearing | $2,910.0 |
| 3 | Raymond James Financial Services Inc. | Self-clearing | $1,208.1 |
| 4 | Lincoln Financial Network | National Financial Services LLC, Pershing LLC | $745.2 |
| 5 | Commonwealth Financial Network | National Financial Services LLC, Pershing LLC | $712.1 |
| 6 | Axa Advisors LLC | LPL Financial Custom Clearing Services | $624.6 |
| 7 | Wells Fargo Advisors Financial Network | Self-clearing | $596.5 |
| 8 | Northwestern Mutual | Pershing LLC | $553.6 |
| 9 | MetLife Securities Inc. | Pershing LLC | $537.6 |
| 10 | Cambridge Investment Research Inc. | National Financial Services LLC, Pershing LLC | $461.4 |
| 11 | Securities America Inc. | National Financial Services LLC, Pershing LLC | $400.0 |
| 12 | Royal Alliance Associates Inc. | National Financial Services LLC, Pershing LLC | $388.4 |
| 13 | NFP Advisor Services Group (and affiliates) | National Financial Services LLC | $364.8 |
| 14 | Waddell & Reed Inc. | Pershing LLC | $361.6 |
| 15 | Cetera Advisor Networks | Pershing LLC | $360.5 |
| 16 | National Planning Corp. | Pershing LLC | $346.8 |
| 17 | ING Financial Partners Inc. | Pershing LLC | $339.1 |
| 18 | MML Investors Services LLC | National Financial Services LLC | $336.1 |
| 19 | Securian Financial Services Inc. | Pershing LLC | $291.2 |
| 20 | Signator Investors Inc./John Hancock Financial Network | National Financial Services LLC | $265.0 |
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
