While the number of women in the advisory industry remains low, these independent broker-dealers seem to be making progress in changing the status quo. Only two of the firms on this list made the top 10 of this year's FP50 ranking the biggest IBDs. And last year's leader, Raymond James, has slipped from the top spot.

Here are the top IBDs for women based on the percentage of female reps.

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10. Investment Centers of America
FP50 Rank: 44
Female Reps: 24.30%

9. Cadaret, Grant & Co.
FP50 Rank: 33
Female Reps: 25.30%

8. J.W. Cole Financial
FP50 Rank: 56
Female Reps: 25.40%

7. Cambridge Investment Research
FP50 Rank: 9
Female Reps: 25.50%

6. CUNA Brokerage Services
FP50 Rank: 37
Female Reps: 26.00%

5. KMS Financial Services
FP50 Rank: 52
Female Reps: 26.20%

4. Voya Financial Advisors
FP50 Rank: 16
Female Reps: 26.40%

3. Securities America
FP50 Rank: 11
Female Reps: 28.20%

2. Raymond James Financial Services
FP50 Rank: 3
Female Reps: 28.50%

1. Transamerica Financial Advisors
FP50 Rank: 28
Female Reps: 32.70%