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FP50 2016: Which IBDs made the most?
Revenue from fee-based accounts increased by 200.3% over the last eight years for the 50 biggest independent broker-dealers. That’s more than double the growth of both total revenue and commission revenue. See which firms topped the list, and how they stack up year over year.

For more in-depth coverage, please see A shakeout for the nation's-biggest IBDs. Take a deep dive into the data with our list of Top 10 IBDs by revenue growth, the IBDs with the richest accounts and IBDs with the fastest-growing payouts.

Data are as of year-end 2015.
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10. Royal Alliance Associates
Fee Revenue ($000): $210,975
% Change: 6.4%
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8. Waddell & Reed Financial Advisors
Fee Revenue ($000): $225,688
% Change: 10.7%
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8. Cetera Advisor Networks
Fee Revenue ($000): $228,206
% Change: 2.5%
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7. Securities America
Fee Revenue ($000): $242,900
% Change: 8.5%
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6. Cambridge Investment Research
Fee Revenue ($000): $366,695
% Change: 10.3%
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5. Northwestern Mutual Investment Services
Fee Revenue ($000): $439,327
% Change: 14.2%
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4. Commonwealth Financial Network
Fee Revenue ($000): $597,164
% Change: 11.1%
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3. Raymond James Financial Services
Fee Revenue ($000): $802,234
% Change: 17.4%
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2. LPL Financial
Fee Revenue ($000): $1,343,661
% Change: 1.1%
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1. Ameriprise Financial Services
Fee Revenue ($000): $1,938,499
% Change: 9%