FP50_Cover_TS612018.png
Independent broker-dealers have turned the corner after two straight years of shrinking returns, and the largest firms are leading the way.

The firms analyzed in Financial Planning’s 33rd annual FP50 produced combined revenue of $25.7 billion in 2017, an increase of nearly 9% over the previous year and the best results since 2014. However, the positive returns also mean a more competitive fight at the top.

Cambridge Investment Research, Northwestern Mutual, MML Investors Services, Commonwealth Financial Network and Raymond James Financial Services generated double-digit rises in their annual revenue. Meanwhile, Ameriprise is closing in on LPL Financial.

MML Investors, a subsidiary of MassMutual, stands out as the firm with the most eye-popping expansion on the strength of MassMutual’s $165 million acquisition of MetLife’s U.S. retail advisor unit. The firm’s revenue soared last year after the formal addition of assets and advisors from the 2016 deal.

A total of 13 of the 25 largest firms produced double-digit revenue growth, but two out of their ranks had slight decreases last year. Another firm fell out of the top 10 despite a 6% hike in revenue.

The elite group of eight firms and networks with more than $1 billion in business gained a new member last year as well. Of the networks, Advisor Group boasts four firms in the top 25, Cetera Financial Group has three and Ladenburg Thalmann has one.

Financial Planning relies on firms to ensure the accuracy of the data they submit each year as part of the FP50 and works to verify the information when possible. Some firms did not respond in time to requests for information.

The rankings for the previous year do not always match the FP50 2017 survey because some firms restated their figures. LPL’s acquisition of the assets of National Planning Holdings also eliminated previous members of the FP50. As a result, the rankings for the previous year have changed slightly.

To view how the largest firms now stack up against one another, click through our slideshow. For a full recap of the year in the IBD space, see FP50 2018: Independent broker-dealers adapt to survive. To check last year’s list of the firms with the highest revenue, click here.
FP502018_revenue_No25 copy.png

25. FSC Securities

Headquarters: Atlanta
Year founded: 1958
Network: Advisor Group
Chief executive: Derek Burke
Total 2017 revenue: $281,119,000
% change year-over-year: 2.6%
2018 ranking: 25
2017 ranking: 22
FP502018_revenue_No24 copy.png

24. Cetera Financial Institutions

Headquarters: St. Cloud, Minnesota
Year founded: 1984
Network: Cetera Financial Group
Chief executive: LeAnn Rummel
Total 2017 revenue: $283,972,000
% change year-over-year: 7.9%
2018 ranking: 24
2017 ranking: 23
FP502018_revenue_No23 copy.png

23. Woodbury Financial Services

Headquarters: Oakdale, Minnesota
Year founded: 1997
Network: Advisor Group
Chief executive: Rick Fergesen
Total 2017 revenue: $285,584,000
% change year-over-year: 12.5%
2018 ranking: 23
2017 ranking: 24
FP502018_revenue_No22 copy.png

22. Principal Securities

Headquarters: Des Moines, Iowa
Year founded: 1968
Chief executive: Julie LeClere
Total 2017 revenue: $299,570,000
% change year-over-year: 7.2%
2018 ranking: 22
2017 ranking: 21
FP502018_revenue_No21 copy.png

21. Lincoln Investment Planning

Headquarters: Fort Washington, Pennsylvania
Year founded: 1968
Chief executive: Ed Forst
Total 2017 revenue: $309,700,000
% change year-over-year: 33.2%
2018 ranking: 21
2017 ranking: 25
FP502018_revenue_No20 copy.png

20. Securian Financial Services

Headquarters: St. Paul, Minnesota
Year founded: 1984
Chief executive: George Connolly
Total 2017 revenue: $346,400,000
% change year-over-year: 6.4%
2018 ranking: 20
2017 ranking: 17
FP502018_revenue_No19 copy.png

19. HD Vest Financial Services

Headquarters: Irving, Texas
Year founded: 1983
Chief executive: Bob Oros
Total 2017 revenue: $348,620,000
% change year-over-year: 10.1%
2018 ranking: 19
2017 ranking: 18
FP502018_revenue_No18 copy.png

18. Cetera Advisors

Headquarters: Denver
Year founded: 1981
Network: Cetera Financial Group
Chief executive: Brett Harrison
Total 2017 revenue: $351,214,000
% change year-over-year: 23.4%
2018 ranking: 18
2017 ranking: 20
FP502018_revenue_No17 copy.png

17. SagePoint Financial

Headquarters: Phoenix
Year founded: 2004
Network: Advisor Group
Chief executive: Jeff Auld
Total 2017 revenue: $351,697,000
% change year-over-year: 14.4%
2018 ranking: 17
2017 ranking: 19
FP502018_revenue_No16 copy.png

16. Signator Investors

Headquarters: Boston
Year founded: 1968
Chief executive: Christopher Maryanopolis
Total 2017 revenue: $423,282,000
% change year-over-year: 18.5%
2018 ranking: 16
2017 ranking: 16
FP502018_revenue_No15 copy.png

15. Voya Financial Advisors

Headquarters: Des Moines, Iowa
Year founded: 1994
Chief executive: Tom Halloran
Total 2017 revenue: $429,304,000
% change year-over-year: 9.0%
2018 ranking: 15
2017 ranking: 14
FP502018_revenue_No14 copy.png

14. Kestra Financial

Headquarters: Austin, Texas
Year founded: 1996
Chief executive: James Poer
Total 2017 revenue: $475,418,000
% change year-over-year: 12.4%
2018 ranking: 14
2017 ranking: 13
FP502018_revenue_No13 copy.png

13. Waddell & Reed Financial Advisors

Headquarters: Overland Park, Kansas
Year founded: 1937
Chief executive: Shawn Mihal
Total 2017 revenue: $476,612,000
% change year-over-year: -2.2%
2018 ranking: 13
2017 ranking: 11
FP502018_revenue_No12 copy.png

12. Royal Alliance Associates

Headquarters: Jersey City, New Jersey
Year founded: 1968
Network: Advisor Group
Chief executive: Dmitry Goldin
Total 2017 revenue: $483,860,000
% change year-over-year: 3.6%
2018 ranking: 12
2017 ranking: 12
FP502018_revenue_No11 copy.png

11. Cetera Advisor Networks

Headquarters: El Segundo, California
Year founded: 1983
Network: Cetera Financial Group
Chief executive: Thomas Taylor
Total 2017 revenue: $606,849,000
% change year-over-year: 5.9%
2018 ranking: 11
2017 ranking: 9
FP502018_revenue_No10 copy.png

10. Securities America

Headquarters: La Vista, Nebraska
Year founded: 1984
Network: Ladenburg Thalmann Financial Services
Chief executive: Jim Nagengast
Total 2017 revenue: $637,300,000
% change year-over-year: 19.0%
2018 ranking: 10
2017 ranking: 10
FP502018_revenue_No9 copy.png

9. Lincoln Financial Network

Headquarters: Philadelphia
Year founded: 1905
Chief executive: David Berkowitz
Total 2017 revenue: $740,186,000
% change year-over-year: -1.0%
2018 ranking: 9
2017 ranking: 6
FP502018_revenue_No8 copy.png

8. AXA Advisors

Headquarters: New York
Year founded: 1999
Chief executive: David Karr
Total 2017 revenue: $786,527,000
% change year-over-year: 8.1%
2018 ranking: 8
2017 ranking: 7
FP502018_revenue_No7 copy.png

7. Cambridge Investment Research

Headquarters: Fairfield, Iowa
Year founded: 1981
Chief executive: Amy Webber
Total 2017 revenue: $811,395,000
% change year-over-year: 14.0
2018 ranking: 7
2017 ranking: 8
FP502018_revenue_No6 copy.png

6. Northwestern Mutual Investment Services

Headquarters: Milwaukee
Year founded: 1968
Chief executive: Eva Marie Schoenborn
Total 2017 revenue: $945,412,000
% change year-over-year: 25%
2018 ranking: 6
2017 ranking: 5
FP502018_revenue_No5 copy.png

5. MML Investors Services

Headquarters: Springfield, Massachusetts
Year founded: 1981
Chief executive: John Vaccaro
Total 2017 revenue: $1,050,572,000
% change year-over-year: 185.8%
2018 ranking: 5
2017 ranking: 15
FP502018_revenue_No4 copy.png

4. Commonwealth Financial Network

Headquarters: Waltham, Massachusetts
Year founded: 1979
Chief executive: Wayne Bloom
Total 2017 revenue: $1,241,572,000
% change year-over-year: 16.2%
2018 ranking: 4
2017 ranking: 4
FP502018_revenue_No3 copy.png

3. Raymond James Financial Services

Headquarters: St. Petersburg, Florida
Year founded: 1974
Chief executive: Scott Curtis
Total 2017 revenue: $2,071,244,000
% change year-over-year: 15.7%
2018 ranking: 3
2017 ranking: 3
FP502018_revenue_No2 copy.png

2. Ameriprise Financial

Headquarters: Minneapolis
Year founded: 1894
Chief executive: Jim Cracchiolo
Total 2017 revenue: $4,259,992,000
% change year-over-year: 8.0%
2018 ranking: 2
2017 ranking: 2
FP502018_revenue_No1 copy.png

1. LPL Financial

Headquarters: Boston
Year founded: 1968
Chief executive: Dan Arnold
Total 2017 revenue: $4,281,481,000
% change year-over-year: 5.7%
2018 ranking: 1
2017 ranking: 1
MORE FROM FINANCIAL PLANNING