IBD Elite 2026: The 10 fastest growing independent brokerages

Rising asset values, M&A deals and financial advisor recruiting and retention efforts helped boost topline revenue at these 10 independent brokerages by at least 15% last year.

But the 10 firms that achieved the fastest expansion out of all participants in Financial Planning's IBD Elite study of the independent brokerage channel in wealth management face threats to their continued expansion. That's just as true for the largest firms in the group — LPL Financial, Cambridge Investment Research and Northwestern Mutual — as it is for the midsize firms in the ranking below, such as Arkadios Capital, Prospera Financial Services, IFP and Arete Wealth. Experts have warned for years that dwindling organic growth across the industry portends difficulty ahead for firms that have relied on market appreciation for growth.

Higher asset values are "probably the number one thing" driving the industry's flourishing revenue figures, according to Mike Byrnes, the founder of advisory practice growth strategy firm Byrnes Consulting. In turn, firms often secure more customer referrals from "happy clients when the market's going up," Byrnes pointed out. In the case of the fastest growing firm and the No. 1 overall firm on the IBD Elite, LPL, big acquisitions like Commonwealth Financial Network and recruiting wins like Prudential Advisors also add to those numbers. Regardless, the firms that invest in marketing efforts, such as social media videos enabling viewers to "build up a virtual relationship with you," can insulate themselves from the down-cycle risks, Byrnes said.

"They'll be in a better place, too, to do well when the market does turn," he said. "Hey, congratulations, you've done really well, but just be ready that that's not going to go on forever."

Some advisors have clearly prepared their firms for such a challenge. For example, Omaha, Nebraska-based registered investment advisory firm Stevens Capital Partners more than tripled its size in only three years, with the firm reaching $800 million in client assets and acquiring a tax firm earlier this month. Client surveys, centers of influence and asking for referrals early on in customer relationships all aid the firm's organic growth, according to founder David Stevens.

"We pride ourselves on having nine different growth strategies at the firm," Stevens said, noting that service differentiation in the first phases of the relationship can generate more recommendations right away than some advisors may think. "Most referrals come in the very first month while they're wowed. … Most people think, 'Don't ask until you've earned the right.'"

At the same time, a future market downturn could bring more opportunities, if self-directed investors seek advice about their losses or if falling values prompt some clients to drop their current advisors, Byrnes said. Large firms may present their scale as a value driver to prospective clients, while smaller firms can offer up a family-owned business that is taking on the giants as a counterpoint.  

"I think that's part of the branding message," Byrnes said. "That mentality really resonates with people, like they're going to feel like they're taken care of better by small firms, in some cases."

Scroll down the slideshow for the ranking of the fastest growing independent brokerages in wealth management. Find last year's ranking here. And see other features from this year's edition of Financial Planning's IBD Elite study:

• The cryptic costs of clearing and custody for advisors

• Printable PDF of FP's 2026 IBD Elite rankings

• Deep dive into independent wealth manager data

• 5 independent brokerage executives on clearing and custody
• The 15 largest independent brokerages in wealth management
• The firms with the largest percentage of women advisors  

 Note: The companies below are ranked by the percentage increase in their annual revenue between 2025 and the prior year, as reported by the companies themselves. FP relies on each firm to state their annual metrics accurately.