Cetera Financial Group

With deals like Cetera's purchase of Avantax, Morgan Stanley's of Parametric and JPMorgan's of 55ip, big firms are increasingly able to answer high net worth clients' tax questions without having to send them to outside professionals.

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

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.

Mike Durbin on Cetera's M&A plans, why consolidation will barrel forward in the wealth management industry and the advantages of having a hybrid firm.

Independent broker-dealers have found happy acquiring grounds in the insurance industry in recent years, as sellers seek to avoid heavy regulation and thinner margins.

A pair of wealth managers stand accused of allocating trading gains to themselves and losses to their clients in a way that had "nearly zero" chance of happening at random.

The giants of the channel grabbed most of the spots in the rankings, but some of their smaller or midsize rivals are also expanding quickly.

Slight shifts in the makeup of the biggest firms in the channel reflect a more complicated picture than sheer dominance by the giants at the top.

LPL Financial, Cetera Financial Group, Raymond James, Ameriprise and other industry giants drove a much bigger volume of transitions this year.