IBD Elite

Over the past decade, the annual revenue gap between LPL and any other independent brokerage has soared to more than 100% from less than 1%. But that doesn't mean that the No. 1 firm can rest on those laurels.

Executives from some of the largest firms in the channel — Ameriprise, Kestra Financial, Cetera, LPL Financial and Osaic — discuss how clearing and custody fits into their approaches to recruiting and retaining financial advisors.

In a constantly changing industry, clearing and custody fees defy generalizations. The largest independent broker-dealers present financial advisors with the choice of working with a "self-clearing" firm or one that outsources those essential services.

View the exclusive research from Financial Planning's latest annual study of brokerages whose financial advisors aren't employees of the firms — and sort and compare data across the past 15 years.

The printable PDF includes rankings based on the firms' 2025 revenue as well as the number of financial advisors, compensation, total client account assets and more.

Over the past 18 years, the independent brokerage channel of the industry has surged massively while also evolving significantly.

MML Investors Services, ONESCO and Integrity Alliance (formerly Brokers International) top the list as independent brokerages compete for financial advisors.

The group of rapidly expanding firms includes mainstays like LPL Financial, but also smaller upstarts that are enlarging their footprints at a notable clip.

The numbers don't reflect much change in the low representation of female wealth management professionals, but there are some signs of progress.

Each of the biggest firms in the channel grew substantially in 2024, but LPL's giant M&A deal to buy Commonwealth for $2.7 billion has further consolidated the ranks.

Find all of the figures from Financial Planning's latest annual study of brokerages whose financial advisors aren't employees of the firms.

Independent financial advisors are getting more tools at an accelerating rate in timing and capital investment. Here's how experts say they can adapt and overcome the fear of replacement.

The number of certified financial planners reflects competition for talent and a profession navigating questions about conflicts of interest.

The giants of the channel grabbed most of the spots in the rankings, but some of their smaller or midsize rivals are also expanding quickly.

Rising financial advisor productivity came with much better pay at these independent brokerages.

These 12 independent wealth management firms are setting a higher bar than their peers, but they and the industry still have a very long way to go.

Slight shifts in the makeup of the biggest firms in the channel reflect a more complicated picture than sheer dominance by the giants at the top.

Find all of the figures from Financial Planning's latest annual study of brokerages whose financial advisors aren't employees of the firms.

The largest firms enjoy distinct advantages, to be sure. But many small and midsize independent wealth management firms have an edge, too.

These 10 firms have the most certified financial planners among their advisors, highlighting the channel's ongoing shift away from sales to advice.