Slideshows

How RCS Shakes Up the FP50 Rankings

Last year's big growth lured a new player into the independent B-D arena. Nicholas Schorsch, the REIT magnate and executive chairman of RCS Capital, snapped up five prominent broker-dealers at the end of 2013 and the beginning of 2014, at prices some deem rich and others call canny. The biggest prize: Cetera Financial Group, which he bought for $1.15 billion in January.

Because the FP50 reflects year-end 2013 revenues and most of the deals didn't close until 2014, RCS's new heft didn't register in the overall rankings. But adding up the 2013 revenue numbers for Schorsch's various acquisitions yields an aggregated total of $1.59 billion. That would put RCS in the equivalent of the No. 3 position, elbowing Raymond James Financial Services down a notch.

Every year we run the numbers to see how the top 10 list would change if the B-D networks aggregated their revenue numbers. This year we added another twist, looking at how the rankings would be affected if the new RCS network had in fact been put together before the end of the year. Click through to see the fallout; to see the revised rankings in a single graphic, click here.

1. LPL Financial LLC 1. LPL Financial LLC

FP50 Rank: 1
2013 Total Revenues ($000): $4,051,300

2. Ameriprise Financial 2. Ameriprise Financial

FP50 Rank: 2
2013 Total Revenues ($000): $3,241,113

3. RCS Capital 3. RCS Capital

FP50 Rank: n/a
2013 Total Revenues ($000): $1,589,444

4. Raymond James 4. Raymond James

FP50 Rank: 3
2013 Total Revenues ($000): $1,351,716

5. AIG Advisor Group 5. AIG Advisor Group

FP50 Rank: n/a
2013 Total Revenues ($000): $1,254,137

6. National Planning Holdings 6. National Planning Holdings

FP50 Rank: n/a
2013 Total Revenues ($000): $963,550

7. Commonwealth Financial Network 7. Commonwealth Financial Network

FP50 Rank: 4
2013 Total Revenues ($000): $822,115

8. Ladenburg Thalmann Financial Services 8. Ladenburg Thalmann Financial Services

FP50 Rank: n/a
2013 Total Revenues ($000): $721,634

9. Wells Fargo Advisors Financial Network 9. Wells Fargo Advisors Financial Network

FP50 Rank: 5
2013 Total Revenues ($000): $707,320

10. AXA Asvisors 10. AXA Asvisors

FP50 Rank: 6
2013 Total Revenues ($000): $676,900

Every year we run the numbers to see how the top 10 list would change if the B-D networks aggregated their revenue numbers. This year we added another twist, looking at how the rankings would be affected if the new RCS network had in fact been put together before the end of the year.

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