The results ofFinancial Planning's 28th annual survey of independent broker-dealers are based on data provided by 78 participating firms. A few of the firms we contacted did not respond to our request for information. Also, firms we determined were not independent were excluded. In these instances, the deciding factors usually were whether reps could act independently in their practices, effectively owned their client book or had independent contractor status.

Financial Planning relied on the firms to ensure the accuracy of the information they submitted. We worked to verify data when possible and list additional details below that warranted further explanation.

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