IBD Elite 2025

Over the past 18 years, the independent brokerage channel of the industry has surged massively while also evolving significantly.

MML Investors Services, ONESCO and Integrity Alliance (formerly Brokers International) top the list as independent brokerages compete for financial advisors.

The group of rapidly expanding firms includes mainstays like LPL Financial, but also smaller upstarts that are enlarging their footprints at a notable clip.

The numbers don't reflect much change in the low representation of female wealth management professionals, but there are some signs of progress.

Each of the biggest firms in the channel grew substantially in 2024, but LPL's giant M&A deal to buy Commonwealth for $2.7 billion has further consolidated the ranks.

Firms like LPL, Cambridge, Osaic, Independent Financial, Commonwealth, Raymond James, Ameriprise and Cetera are racing to develop new tools.

Find all of the figures from Financial Planning's latest annual study of brokerages whose financial advisors aren't employees of the firms.

Independent financial advisors are getting more tools at an accelerating rate in timing and capital investment. Here's how experts say they can adapt and overcome the fear of replacement.