2025 INDEPENDENT BROKER-DEALER REVIEW & RANKING
Sponsored By
FA’ s 2025 Independent Broker-Dealer Ranking
2024 GROSS REVENUE RANK
FIRM NAME
NUMBER OF PRODUCING REPS
GROSS REVENUE 2024($ MM)
GROSS REVENUE PER REP 2024
FIRM PAYOUT % 2024
1 LPL Financial * 28,888 12,385.1 428,728 87.79 % 1,740,700.0 2 Ameriprise Financial 8,171 7,227.7 884,550 Up to 91 % N / A
AUM 2024($ MM)
3 Osaic 10,479 4,894.1 467,035 90.30 % 280,074.3 4 Cetera Financial Group 11,527 4,726.7 410,053 88.40 % 239,277.1 5 Raymond James Financial Services ** 4,508 4,278.5 949,088 Up to 90 % 559,054.3 6 Northwestern Mutual Investment Services † 5,833 3,035.4 520,000 ‡ Up to 95 % 375,455.6 7 Commonwealth Financial Network 2,345 2,635.8 1,157,779 Up to 99 % 344,443.9 8 MML Investors Services 5,340 2,025.4 379,288 Up to 88 % 268,400.0 9 Equitable Advisors 4,587 1,796.0 407,000 Up to 95 % 248,058.9 10 Cambridge Investment Research 3,763 1,790.0 477,606 Up to 100 % 187,192.9 11 Kestra Financial 1,328 857.8 645,938 93 % 141,566.9 12 Park Avenue Securities 2,447 542.8 221,807 N / A 57,956.5 13 Principal Securities 1,310 484.9 370,131 Up to 95 % 80,248.6 14 Lincoln Investment Planning 970 454.5 468,550 N / A 54,327.0 15 Independent Financial Group 520 292.2 561,963 Up to 95 % 38,362.0 16 J. W. Cole Financial 550 270.4 491,545 Up to 94 % 31,500.0 17 Centaurus Financial 704 224.5 318,846 90 % 39,220.0 18 United Planners Financial Services 452 203.9 451,108 90 +% 15,999.9 19 PlanMember Securities Corporation 491 161.0 327,902 Up to 94 % 18,500.0 20 Hornor, Townsend & Kent 542 150.3 277,352 Up to 91 % 19,958.0 21 Prospera Financial Services 181 135.0 746,082 Up to 99 % 22,200.0 22 Geneos Wealth Management 230 134.3 583,717 Up to 95 % 17,100.0 23 Arkadios Capital 204 118.0 578,431 90-95 % 11,100.0 24 Kovack Securities 405 112.3 277,397 Up to 100 % 14,238.1 25 Sigma Financial Corporation 415 112.0 269,800 Up to 96 % 15,334.6 26 Lion Street Financial 292 108.0 350,000 92.50 % 18,000.0 27 Harbour Investments 237 104.0 438,946 Up to 93 % 19,250.0 28 StoneX Wealth Management 520 100.0 210,000 Up to 90 % 20,000.0 29 Arete Wealth Management 193 92.9 481,184 Up to 90 % 7,000.0 30 Parkland Securities 266 68.6 258,048 Up to 94 % 8,247.2 31 The Strategic Financial Alliance 101 65.8 600,000 90-100 % ‡‡ 4,345.0
44 | FINANCIAL ADVISOR MAGAZINE | APRIL 2025 WWW. FA-MAG. COM