Inside the FP 50: The Industry's Largest Independent Broker-Dealers
May 31, 2012 10:52 AM
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
Total Revenue: $83.3 million
Commission Revenue: $63 million
Fee Revenue: $13 million
Other Revenue: $7.5 million
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
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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
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
Total Revenue: $98.3 million
Commission Revenue: $80 million
Fee Revenue: $14 million
Other Revenue: $4.2 million
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
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
Total Revenue: $103 million
Commission Revenue: $79 million
Fee Revenue: $19 million
Other Revenue: $5 million
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
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
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
Total Revenue: $105.7 million
Commission Revenue: $58 million
Fee Revenue: $42 million
Other Revenue: $5.5 million
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
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
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
Total Revenue: $120 million
Commission Revenue: $88 million
Fee Revenue: $24 million
Other Revenue: $8.7 million
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
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
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
Total Revenue: $125 million
Commission Revenue: $89 million
Fee Revenue: $32 million
Other Revenue: $4.3 million
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
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.
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
Total Revenue: $140 million
Commission Revenue: $103 million
Fee Revenue: $33 million
Other Revenue: $4.4 million
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
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
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
Total Revenue: $165 million
Commission Revenue: $96 million
Fee Revenue: $55 million
Other Revenue: $14 million
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
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
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
Total Revenue: $229 million
Commission Revenue: $202 million
Fee Revenue: $28 million
Other Revenue: $283,000
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
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
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
Total Revenue: $244 million
Commission Revenue: $136 million
Fee Revenue: $81 million
Other Revenue: $27.2 million
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
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
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
Total Revenue: $258 million
Commission Revenue: $223 million
Fee Revenue: $29 million
Other Revenue: $5.6 million
19. FSC Securities<br><br>
2011 Ranking: 21
Total Revenue: $264 million
Commission Revenue: $150 million
Fee Revenue: $88 million
Other Revenue: $26 million
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
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.
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.
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
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
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
Total Revenue: $347 million
Commission Revenue: $262 million
Fee Revenue: $61 million
Other Revenue: $24.9 million
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
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 years list, versus a hefty 40.9% increase last year.
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 years 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
Total Revenue: $369 million
Commission Revenue: $224 million
Fee Revenue: $94 million
Other Revenue: $51 million
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
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, were down to four. Its a natural maturing process.
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, were down to four. Its 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 Americas CEO. Weve developed some expertise in helping small B-Ds go through the 1017 shut-down process to become a super branch.
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 Americas CEO. Weve developed some expertise in helping small B-Ds go through the 1017 shut-down process to become a super branch.
7. Northwestern Mutual<br><br>
2011 Ranking: 8
Total Revenue: $510 million
Commission Revenue: $235 million
Fee Revenue: $195 million
Other Revenue: $79 million
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
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
Total Revenue: $572 million
Commission Revenue: $472 million
Fee Revenue: $86 million
Other Revenue: $13.6 million
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.
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.
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, Ameriprises 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.
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, Ameriprises 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.
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, Weve 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.
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, Weve 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.
