Slideshow Inside the FP 50: The Industry's Largest Independent Broker-Dealers

Published
  • May 31 2012, 10:52am EDT
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FP 50 2012<br><br>

There's a stark choice facing many players in the rapidly consolidating B-D game: Grow like crazy or call it quits. Here's a closer look at the the 50 largest independent broker-dealers by total revenue for 2012.

50. Investment Centers of America<br><br>

2011 Ranking: 48

Total Revenue: $83.3 million

Commission Revenue: $63 million

Fee Revenue: $13 million

Other Revenue: $7.5 million


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49. Geneos Wealth Management<br><br>

2011 Ranking: 49
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Total Revenue: $83.7 million

Commission Revenue: $31 million

Fee Revenue: $38 million

Other Revenue: $15.2 million



48. Securities Service Network<br><br>

2011 Ranking: 47

Total Revenue: $92 million

Commission Revenue: $52 million

Fee Revenue: $29 million

Other Revenue: $10.5 million


47. Centauras Financial<br><br>

2011 Ranking: 44

Total Revenue: $98.3 million

Commission Revenue: $80 million

Fee Revenue: $14 million

Other Revenue: $4.2 million


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45. Allstate Financial Services<br><br>

2011 Ranking: 41

Total Revenue: $99.8 million

Commission Revenue: $96.3 million

Fee Revenue: N/A

Other Revenue: $3.5 million



44. CFG/H. Beck<br><br>

2011 Ranking: 45

Total Revenue: $103 million

Commission Revenue: $79 million

Fee Revenue: $19 million

Other Revenue: $5 million


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43. Triad Advisors<br><br>

2011 Ranking: 42

Total Revenue: $104.3 million

Commission Revenue: $52 million

Fee Revenue: $47 million

Other Revenue: $5 million



42. ProEquities<br><br>

2011 Ranking: 43

Total Revenue: $105.4 million

Commission Revenue: $78 million

Fee Revenue: $18 million

Other Revenue: $9.7 million



41. Genworth Financial Securities<br><br>

2011 Ranking: 38

Total Revenue: $105.7 million

Commission Revenue: $58 million

Fee Revenue: $42 million

Other Revenue: $5.5 million


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40. CUSO Financial Services<br><br>

2011 Ranking: 40

Total Revenue: $108 million

Commission Revenue: $88 million

Fee Revenue: $6.7 million

Other Revenue: $13.4 million



39. Walnut Street Securities<br><br>

2011 Ranking: 37

Total Revenue: $114 million

Commission Revenue: $78 million

Fee Revenue: $27 million

Other Revenue: $8.6 million



38. Ameritas Investment<br><br>

2011 Ranking: 36

Total Revenue: $120 million

Commission Revenue: $88 million

Fee Revenue: $24 million

Other Revenue: $8.7 million


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37. American Portfolios Financial Services<br><br>

2011 Ranking: 39

Total Revenue: $123 million

Commission Revenue: $80 million

Fee Revenue: $34 million

Other Revenue: $9.5 million



36. M Holdings Securities<br><br>

2011 Ranking: 35

Total Revenue: $124 million

Commission Revenue: $112 million

Fee Revenue: $6.7 million

Other Revenue: $5.2 million



35. Next Financial Group<br><br>

2011 Ranking: 31

Total Revenue: $125 million

Commission Revenue: $89 million

Fee Revenue: $32 million

Other Revenue: $4.3 million


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34. Cadaret Grant<br><br>

2011 Ranking: 33

Total Revenue: $135 million

Commission Revenue: $103 million

Fee Revenue: $26 million

Other Revenue: $6.3 million



33. CUNA Brokerage Services<br><br>

2011 Ranking: Unranked

Total Revenue: $136 million

Commission Revenue: $119 million

Fee Revenue: $13.5 million

Other Revenue: $3.3 million


Inside The Numbers:

Highest 2012 debut for unranked firm from last year.



32. Park Avenue Securities<br><br>

2011 Ranking: 34

Total Revenue: $140 million

Commission Revenue: $103 million

Fee Revenue: $33 million

Other Revenue: $4.4 million


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31. SII Investments<br><br>

2011 Ranking: 32

Total Revenue: $151 million

Commission Revenue: $103 million

Fee Revenue: $36 million

Other Revenue: $12.3 million



30. Transamerica Financial Advisors<br><br>

2011 Ranking: 28

Total Revenue: $157 million

Commission Revenue: $122 million

Fee Revenue: $30 million

Other Revenue: $4.6 million



29. Multi-Financial Securities<br><br>

2011 Ranking: 30

Total Revenue: $165 million

Commission Revenue: $96 million

Fee Revenue: $55 million

Other Revenue: $14 million


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28. PrimeVest Financial Services<br><br>

2011 Ranking: 29

Total Revenue: $172 million

Commission Revenue: $134 million

Fee Revenue: $9 million

Other Revenue: $29.2 million



27. Invest Financial<br><br>

2011 Ranking: 27

Total Revenue: $217 million

Commission Revenue: $160 million

Fee Revenue: $38 million

Other Revenue: $20.2 million



26. Princor Financial Services<br><br>

2011 Ranking: 26

Total Revenue: $229 million

Commission Revenue: $202 million

Fee Revenue: $28 million

Other Revenue: $283,000


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25. SagePoint Financial<br><br>

2011 Ranking: 24

Total Revenue: $236 million

Commission Revenue: $150 million

Fee Revenue: $58 million

Other Revenue: $28.1 million


24. First Allied Securities<br><br>

2011 Ranking: 22

Total Revenue: $241 million

Commission Revenue: $146 million

Fee Revenue: $71 million

Other Revenue: $24.4 million



23. H.D. Vest Financial Services<br><br>

2011 Ranking: 19

Total Revenue: $244 million

Commission Revenue: $136 million

Fee Revenue: $81 million

Other Revenue: $27.2 million


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22. Woodbury Financial Services<br><br>

2011 Ranking: 20

Total Revenue: $253.7 million

Commission Revenue: $222 million

Fee Revenue: $28 million

Other Revenue: $4 million

21. New England Securities<br><br>

2011 Ranking: 23

Total Revenue: $253.9 million

Commission Revenue: $196 million

Fee Revenue: $48 million

Other Revenue: $10.6 million


20. John Hancock Financial Network<br><br>

2011 Ranking: 18

Total Revenue: $258 million

Commission Revenue: $223 million

Fee Revenue: $29 million

Other Revenue: $5.6 million

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19. FSC Securities<br><br>

2011 Ranking: 21

Total Revenue: $264 million

Commission Revenue: $150 million

Fee Revenue: $88 million

Other Revenue: $26 million



18. Securian Financial Services<br><br>

2011 Ranking: 17

Total Revenue: $283 million

Commission Revenue: $215 million

Fee Revenue: $50 million

Other Revenue: $17.2 million

17. ING Financial Partners<br><br>

2011 Ranking: 25

Total Revenue: $331 million

Commission Revenue: $256 million

Fee Revenue: $62 million

Other Revenue: $13.7 million


Inside The Numbers:

ING Financial Partners posted the fastest growth in the Top 50 this year, at 60.8% compared with 8.6% last year.

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16. Waddell & Reed<br><br>

2011 Ranking: 16

Total Revenue: $333 million

Commission Revenue: $186 million

Fee Revenue: $91 million

Other Revenue: $55.7 million

15. National Planning<br><br>

2011 Ranking: 15

Total Revenue: $336 million

Commission Revenue: $233 million

Fee Revenue: $76.2 million

Other Revenue: $26.7 million



14. MML Investors Services<br><br>

2011 Ranking: 14

Total Revenue: $347 million

Commission Revenue: $262 million

Fee Revenue: $61 million

Other Revenue: $24.9 million


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13. Financial Network Investment<br><br>

2011 Ranking: 9

Total Revenue: $352 million

Commission Revenue: $190 million

Fee Revenue: $132 million

Other Revenue: $30 million



12. Wells Fargo Advisors Financial Network<br><br>

2011 Ranking: 9

Total Revenue: $360 million

Commission Revenue: $187 million

Fee Revenue: $173 million

Other Revenue: N/A


Inside The Numbers:

Wells Fargo Financial tumbled 17%, the largest drop in revenue on this year’s list, versus a hefty 40.9% increase last year.

11. NFP Advisor Services Group (and affiliates)<br><br>

2011 Ranking: 10

Total Revenue: $369 million

Commission Revenue: $224 million

Fee Revenue: $94 million

Other Revenue: $51 million

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10. Royal Alliance Associates<br><br>

2011 Ranking: 12

Total Revenue: $396 million

Commission Revenue: $204 million

Fee Revenue: $152 million

Other Revenue: $40 million

9. Cambridge Investment Research<br><br>

2011 Ranking: 11

Total Revenue: $397 million

Commission Revenue: $163 million

Fee Revenue: $221 million

Other Revenue: $12.3 million


Inside The Numbers:

Eric Schwartz, the CEO of Cambridge Investment Research, think indie broker-dealers are 15 to 30 years behind the merging of wirehouses. By contrast, he says RIAs are about 15 years behind indie broker-dealers in their own consolidation.


“When I was growing up, there were 30 or 40 Wall Street firms. Now, we’re down to four. It’s a natural maturing process.”

8. Securities America<br><br>

2011 Ranking: 7

Total Revenue: $444 million

Commission Revenue: $222 million

Fee Revenue: $186 million

Other Revenue: $36.2 million


Inside The Numbers:

“We are looking at small B-Ds that would look to drop their B-D and become a super branch,” said Jim Nagengast, Securities America’s CEO. “We’ve developed some expertise in helping small B-Ds go through the 1017 shut-down process to become a super branch.”

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7. Northwestern Mutual<br><br>

2011 Ranking: 8

Total Revenue: $510 million

Commission Revenue: $235 million

Fee Revenue: $195 million

Other Revenue: $79 million

6. MetLife Securities<br><br>

2011 Ranking: 6

Total Revenue: $528 million

Commission Revenue: $469 million

Fee Revenue: $59 million

Other Revenue: N/A

5. AXA Advisors<br><br>

2011 Ranking: 5

Total Revenue: $572 million

Commission Revenue: $472 million

Fee Revenue: $86 million

Other Revenue: $13.6 million


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4. Commonwealth Financial Network<br><br>

2011 Ranking: 4

Total Revenue: $646 million

Commission Revenue: $235 million

Fee Revenue: $336 million

Other Revenue: $75 million


Inside The Numbers:

Commonwealth is one of only two firms in the Top 20 that is still privately held and majority-owned by its founders. The other is Cambridge Investment Research.

3. Raymond James Financial Services<br><br>

2011 Ranking: 3

Total Revenue: $1.17 billion

Commission Revenue: $553 million

Fee Revenue: $411 million

Other Revenue: $213 million


Inside The Numbers:

Raymond James has been second or third for the past decade.


“Our focus is on being the destination for premier advisors and not on being the biggest,” said Scott Curtis, president of Raymond James Financial Services.

2. Ameriprise Financial Services<br><br>

2011 Ranking: 2

Total Revenue: $2.87 billion

Commission Revenue: $1.33 billion

Fee Revenue: $1.2 billion

Other Revenue: $333 million


Inside The Numbers:

Ameriprise, which began reporting numbers in 2010, and LPL generated twice the revenue as the third largest company on the list (Raymond James).


“I believe that what people are looking for is some of the feel that they used to have when firms were smaller,” says Don Fourde, Ameriprise’s CEO. “People who have been in the business for 30 years miss the way it used to feel. People have gone from ‘shown me the money’ to ‘show me the love.’”

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1. LPL Financial<br><br>

2011 Ranking: 1

Total Revenue: $3.33 billion

Commission Revenue: $1.63 billion

Fee Revenue: $1.01 billion

Other Revenue: $687 million


Inside The Numbers:

LPL has been the top-ranked firm for 16 years.


LPL Financial CEO Mark Casady says, “We’ve benefited tremendously from this great migration from the wirehouses.”


Acquisitions also helped. LPL completed four of them in the past 18 months, the most since 2007.