Slideshows

Inside the FP 50: The Industry's Largest Independent Broker-Dealers

FP 50 2012 FP 50 2012

There's a stark choice facing many players in the rapidly consolidating B-D game: Grow like crazy or call it quits. Here's a closer look at the the 50 largest independent broker-dealers by total revenue for 2012.

50. Investment Centers of America 50. Investment Centers of America

2011 Ranking: 48

Total Revenue: $83.3 million

Commission Revenue: $63 million

Fee Revenue: $13 million

Other Revenue: $7.5 million


49. Geneos Wealth Management 49. Geneos Wealth Management

2011 Ranking: 49
<
Total Revenue: $83.7 million

Commission Revenue: $31 million

Fee Revenue: $38 million

Other Revenue: $15.2 million


48. Securities Service Network 48. Securities Service Network

2011 Ranking: 47

Total Revenue: $92 million

Commission Revenue: $52 million

Fee Revenue: $29 million

Other Revenue: $10.5 million

47. Centauras Financial 47. Centauras Financial

2011 Ranking: 44

Total Revenue: $98.3 million

Commission Revenue: $80 million

Fee Revenue: $14 million

Other Revenue: $4.2 million


46. VSR Financial Services 46. VSR Financial Services

2011 Ranking: 46

Total Revenue: $99.3 million

Commission Revenue: $58 million

Fee Revenue: $36 million

Other Revenue: $5.5 million


45. Allstate Financial Services 45. Allstate Financial Services

2011 Ranking: 41

Total Revenue: $99.8 million

Commission Revenue: $96.3 million

Fee Revenue: N/A

Other Revenue: $3.5 million


44. CFG/H. Beck 44. CFG/H. Beck

2011 Ranking: 45

Total Revenue: $103 million

Commission Revenue: $79 million

Fee Revenue: $19 million

Other Revenue: $5 million


43. Triad Advisors 43. Triad Advisors

2011 Ranking: 42

Total Revenue: $104.3 million

Commission Revenue: $52 million

Fee Revenue: $47 million

Other Revenue: $5 million


42. ProEquities 42. ProEquities

2011 Ranking: 43

Total Revenue: $105.4 million

Commission Revenue: $78 million

Fee Revenue: $18 million

Other Revenue: $9.7 million


41. Genworth Financial Securities 41. Genworth Financial Securities

2011 Ranking: 38

Total Revenue: $105.7 million

Commission Revenue: $58 million

Fee Revenue: $42 million

Other Revenue: $5.5 million


40. CUSO Financial Services 40. CUSO Financial Services

2011 Ranking: 40

Total Revenue: $108 million

Commission Revenue: $88 million

Fee Revenue: $6.7 million

Other Revenue: $13.4 million


39. Walnut Street Securities 39. Walnut Street Securities

2011 Ranking: 37

Total Revenue: $114 million

Commission Revenue: $78 million

Fee Revenue: $27 million

Other Revenue: $8.6 million


38. Ameritas Investment 38. Ameritas Investment

2011 Ranking: 36

Total Revenue: $120 million

Commission Revenue: $88 million

Fee Revenue: $24 million

Other Revenue: $8.7 million


37. American Portfolios Financial Services 37. American Portfolios Financial Services

2011 Ranking: 39

Total Revenue: $123 million

Commission Revenue: $80 million

Fee Revenue: $34 million

Other Revenue: $9.5 million


36. M Holdings Securities 36. M Holdings Securities

2011 Ranking: 35

Total Revenue: $124 million

Commission Revenue: $112 million

Fee Revenue: $6.7 million

Other Revenue: $5.2 million


35. Next Financial Group 35. Next Financial Group

2011 Ranking: 31

Total Revenue: $125 million

Commission Revenue: $89 million

Fee Revenue: $32 million

Other Revenue: $4.3 million


34. Cadaret Grant 34. Cadaret Grant

2011 Ranking: 33

Total Revenue: $135 million

Commission Revenue: $103 million

Fee Revenue: $26 million

Other Revenue: $6.3 million


33. CUNA Brokerage Services 33. CUNA Brokerage Services

2011 Ranking: Unranked

Total Revenue: $136 million

Commission Revenue: $119 million

Fee Revenue: $13.5 million

Other Revenue: $3.3 million


Inside The Numbers:

Highest 2012 debut for unranked firm from last year.


32. Park Avenue Securities 32. Park Avenue Securities

2011 Ranking: 34

Total Revenue: $140 million

Commission Revenue: $103 million

Fee Revenue: $33 million

Other Revenue: $4.4 million


31. SII Investments 31. SII Investments

2011 Ranking: 32

Total Revenue: $151 million

Commission Revenue: $103 million

Fee Revenue: $36 million

Other Revenue: $12.3 million


30. Transamerica Financial Advisors 30. Transamerica Financial Advisors

2011 Ranking: 28

Total Revenue: $157 million

Commission Revenue: $122 million

Fee Revenue: $30 million

Other Revenue: $4.6 million


29. Multi-Financial Securities 29. Multi-Financial Securities

2011 Ranking: 30

Total Revenue: $165 million

Commission Revenue: $96 million

Fee Revenue: $55 million

Other Revenue: $14 million


28. PrimeVest Financial Services 28. PrimeVest Financial Services

2011 Ranking: 29

Total Revenue: $172 million

Commission Revenue: $134 million

Fee Revenue: $9 million

Other Revenue: $29.2 million


27. Invest Financial 27. Invest Financial

2011 Ranking: 27

Total Revenue: $217 million

Commission Revenue: $160 million

Fee Revenue: $38 million

Other Revenue: $20.2 million


26. Princor Financial Services 26. Princor Financial Services

2011 Ranking: 26

Total Revenue: $229 million

Commission Revenue: $202 million

Fee Revenue: $28 million

Other Revenue: $283,000


25. SagePoint Financial 25. SagePoint Financial

2011 Ranking: 24

Total Revenue: $236 million

Commission Revenue: $150 million

Fee Revenue: $58 million

Other Revenue: $28.1 million

24. First Allied Securities 24. First Allied Securities

2011 Ranking: 22

Total Revenue: $241 million

Commission Revenue: $146 million

Fee Revenue: $71 million

Other Revenue: $24.4 million


23. H.D. Vest Financial Services 23. H.D. Vest Financial Services

2011 Ranking: 19

Total Revenue: $244 million

Commission Revenue: $136 million

Fee Revenue: $81 million

Other Revenue: $27.2 million


22. Woodbury Financial Services 22. Woodbury Financial Services

2011 Ranking: 20

Total Revenue: $253.7 million

Commission Revenue: $222 million

Fee Revenue: $28 million

Other Revenue: $4 million

21. New England Securities 21. New England Securities

2011 Ranking: 23

Total Revenue: $253.9 million

Commission Revenue: $196 million

Fee Revenue: $48 million

Other Revenue: $10.6 million

20. John Hancock Financial Network 20. John Hancock Financial Network

2011 Ranking: 18

Total Revenue: $258 million

Commission Revenue: $223 million

Fee Revenue: $29 million

Other Revenue: $5.6 million

19. FSC Securities 19. FSC Securities

2011 Ranking: 21

Total Revenue: $264 million

Commission Revenue: $150 million

Fee Revenue: $88 million

Other Revenue: $26 million


18. Securian Financial Services 18. Securian Financial Services

2011 Ranking: 17

Total Revenue: $283 million

Commission Revenue: $215 million

Fee Revenue: $50 million

Other Revenue: $17.2 million

17. ING Financial Partners 17. ING Financial Partners

2011 Ranking: 25

Total Revenue: $331 million

Commission Revenue: $256 million

Fee Revenue: $62 million

Other Revenue: $13.7 million


Inside The Numbers:

ING Financial Partners posted the fastest growth in the Top 50 this year, at 60.8% compared with 8.6% last year.

16. Waddell & Reed 16. Waddell & Reed

2011 Ranking: 16

Total Revenue: $333 million

Commission Revenue: $186 million

Fee Revenue: $91 million

Other Revenue: $55.7 million

15. National Planning 15. National Planning

2011 Ranking: 15

Total Revenue: $336 million

Commission Revenue: $233 million

Fee Revenue: $76.2 million

Other Revenue: $26.7 million


14. MML Investors Services 14. MML Investors Services

2011 Ranking: 14

Total Revenue: $347 million

Commission Revenue: $262 million

Fee Revenue: $61 million

Other Revenue: $24.9 million


13. Financial Network Investment 13. Financial Network Investment

2011 Ranking: 9

Total Revenue: $352 million

Commission Revenue: $190 million

Fee Revenue: $132 million

Other Revenue: $30 million


12. Wells Fargo Advisors Financial Network 12. Wells Fargo Advisors Financial Network

2011 Ranking: 9

Total Revenue: $360 million

Commission Revenue: $187 million

Fee Revenue: $173 million

Other Revenue: N/A


Inside The Numbers:

Wells Fargo Financial tumbled 17%, the largest drop in revenue on this year’s list, versus a hefty 40.9% increase last year.

11. NFP Advisor Services Group (and affiliates) 11. NFP Advisor Services Group (and affiliates)

2011 Ranking: 10

Total Revenue: $369 million

Commission Revenue: $224 million

Fee Revenue: $94 million

Other Revenue: $51 million

10. Royal Alliance Associates 10. Royal Alliance Associates

2011 Ranking: 12

Total Revenue: $396 million

Commission Revenue: $204 million

Fee Revenue: $152 million

Other Revenue: $40 million

9. Cambridge Investment Research 9. Cambridge Investment Research

2011 Ranking: 11

Total Revenue: $397 million

Commission Revenue: $163 million

Fee Revenue: $221 million

Other Revenue: $12.3 million


Inside The Numbers:

Eric Schwartz, the CEO of Cambridge Investment Research, think indie broker-dealers are 15 to 30 years behind the merging of wirehouses. By contrast, he says RIAs are about 15 years behind indie broker-dealers in their own consolidation.


“When I was growing up, there were 30 or 40 Wall Street firms. Now, we’re down to four. It’s a natural maturing process.”

8. Securities America 8. Securities America

2011 Ranking: 7

Total Revenue: $444 million

Commission Revenue: $222 million

Fee Revenue: $186 million

Other Revenue: $36.2 million


Inside The Numbers:

“We are looking at small B-Ds that would look to drop their B-D and become a super branch,” said Jim Nagengast, Securities America’s CEO. “We’ve developed some expertise in helping small B-Ds go through the 1017 shut-down process to become a super branch.”

7. Northwestern Mutual 7. Northwestern Mutual

2011 Ranking: 8

Total Revenue: $510 million

Commission Revenue: $235 million

Fee Revenue: $195 million

Other Revenue: $79 million

6. MetLife Securities 6. MetLife Securities

2011 Ranking: 6

Total Revenue: $528 million

Commission Revenue: $469 million

Fee Revenue: $59 million

Other Revenue: N/A

5. AXA Advisors 5. AXA Advisors

2011 Ranking: 5

Total Revenue: $572 million

Commission Revenue: $472 million

Fee Revenue: $86 million

Other Revenue: $13.6 million


4. Commonwealth Financial Network 4. Commonwealth Financial Network

2011 Ranking: 4

Total Revenue: $646 million

Commission Revenue: $235 million

Fee Revenue: $336 million

Other Revenue: $75 million


Inside The Numbers:

Commonwealth is one of only two firms in the Top 20 that is still privately held and majority-owned by its founders. The other is Cambridge Investment Research.

3. Raymond James Financial Services 3. Raymond James Financial Services

2011 Ranking: 3

Total Revenue: $1.17 billion

Commission Revenue: $553 million

Fee Revenue: $411 million

Other Revenue: $213 million


Inside The Numbers:

Raymond James has been second or third for the past decade.


“Our focus is on being the destination for premier advisors and not on being the biggest,” said Scott Curtis, president of Raymond James Financial Services.

2. Ameriprise Financial Services 2. Ameriprise Financial Services

2011 Ranking: 2

Total Revenue: $2.87 billion

Commission Revenue: $1.33 billion

Fee Revenue: $1.2 billion

Other Revenue: $333 million


Inside The Numbers:

Ameriprise, which began reporting numbers in 2010, and LPL generated twice the revenue as the third largest company on the list (Raymond James).


“I believe that what people are looking for is some of the feel that they used to have when firms were smaller,” says Don Fourde, Ameriprise’s CEO. “People who have been in the business for 30 years miss the way it used to feel. People have gone from ‘shown me the money’ to ‘show me the love.’”

1. LPL Financial 1. LPL Financial

2011 Ranking: 1

Total Revenue: $3.33 billion

Commission Revenue: $1.63 billion

Fee Revenue: $1.01 billion

Other Revenue: $687 million


Inside The Numbers:

LPL has been the top-ranked firm for 16 years.


LPL Financial CEO Mark Casady says, “We’ve benefited tremendously from this great migration from the wirehouses.”


Acquisitions also helped. LPL completed four of them in the past 18 months, the most since 2007.

There's a stark choice facing many players in the rapidly consolidating B-D game: Grow like crazy or call it quits. Here's a closer look at the the 50 largest independent broker-dealers by total revenue for 2012. Here’s a closer look at the the 50 largest independent broker-dealers by total revenue for 2012.Also see:

Last Year's List.

Job Satisfaction: The Independent B-D Scorecard

9 Ways to Keep Clients From Overspending in Retirement

Already a subscriber? Log in here