Slideshow FP50: IBDs with the largest total revenues

Published
  • June 01 2017, 4:00am EDT
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To say that 2016 wasn't the best year for IBD is an understatement. Revenue for the country’s largest independent broker-dealers fell by more than 2% from 2015 — a greater decline than the 1.38% overall drop seen at the end of the Great Recession — in a year with strong markets.

But the data tracked by Financial Planning’s exclusive annual FP50 survey charts a clear path forward: A greater emphasis than ever on fee income. The firms best positioned to take advantage of this trend may not be the leaders on this year's ranking.

For the moment, however, here are the IBDs which racked up the highest total revenue across their fee, commission and other lines of business.

For more in-depth coverage, please see FP50: The case for optimism for the nation’s largest independent broker-dealers. p/:0�`

15. National Planning

Total revenue (million): $377
% change (YoY): -7.6%

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14. Voya Financial Advisors

Total revenue (million): $394
% change (YoY): -3.1%

13. Kestra Financial

Total revenue (million): $423
% change (YoY): -1%

12. Royal Alliance Associates

Total revenue (million): $467
% change (YoY): 1.2%

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11. Waddell & Reed Financial Advisors

Total revenue (million): $487
% change (YoY): -7.4%

10. Cetera Advisor Networks

Total revenue (million): $520
% change (YoY): -7.1%

9. Securities America

Total revenue (million): $536
% change (YoY): -2.9%

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8. Cambridge Investment Research

Total revenue (million): $711
% change (YoY): 1.9%

7. AXA Advisors

Total revenue (million): $726
% change (YoY): -2.6%

6. Lincoln Financial Network

Total revenue (million): $826
% change (YoY): -3.3%

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5. Northwestern Mutual Investment Services

Total revenue (million): $843
% change (YoY): 4.8%

4. Commonwealth Financial Network

Total revenue (billion): $1.069
% change (YoY): 6.1%

3. Raymond James Financial Services

Total revenue (billion): $1.790
% change (YoY): 3.4%

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2. Ameriprise Financial

Total revenue (billion): $3.945
% change (YoY): 0.7%

1. LPL Financial

Total revenue (billion): $3.977
% change (YoY): -5.4