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FP50 2016: The country’s largest independent broker-dealers
Among the nation’s largest IBDs by revenue, these 20 rise to the top. Only four of them have revenue of more than $1 billion.

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, IBDs with the highest-producing reps and IBDs with the fastest-growing payouts.

Data is as of year-end 2015.
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20. SagePoint Financial
Total Revenue ($000): $312,337
% Change: 2.2%
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19. Princor Financial Services
Total Revenue ($000): $314,137
% Change: 1.6%
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18. Securian Financial Services
Total Revenue ($000): $315,186
% Change: 1.6%
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17. HD Vest Financial Services
Total Revenue ($000): $319,739
% Change: 4.9%
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16. MML Investors Services
Total Revenue ($000): $388,712
% Change: 1.1%
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15. Voya Financial Advisors
Total Revenue ($000): $406,399
% Change: -0.5%
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14. National Planning
Total Revenue ($000): $407,786
% Change: -0.2%
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13. Kestra Financial
Total Revenue ($000): $425,451
% Change: 7.6%
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12. Royal Alliance Associates
Total Revenue ($000): $461,218
% Change: -0.6%
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11. Waddell & Reed Financial Advisors
Total Revenue ($000): $526,107
% Change: 5.2%
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10. Securities America
Total Revenue ($000): $551,900
% Change: 5.0%
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9. Cetera Advisor Networks
Total Revenue ($000): $558,974
% Change: -1%
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8. Cambridge Investment Research
Total Revenue ($000): $698,144
% Change: 7.2%
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7. AXA Advisors
Total Revenue ($000): $746,903
% Change: 3.3%
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6. Northwestern Mutual Investment Services
Total Revenue ($000): $804,672
% Change: 7.5%
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5. Lincoln Financial Network
Total Revenue ($000): $854,613
% Change: 4.6%
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4. Commonwealth Financial Network
Total Revenue ($000): $1,006,830
% Change: 5.9%
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3. Raymond James Financial Services
Total Revenue ($000): $1,731,968
% Change: 10.7%
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2. Ameriprise Financial Services
Total Revenue ($000): $3,919,124
% Change: 4.8%