INDEPENDENT BROKER-DEALER REVIEW AND RANKING 2026
SPONSORED BY
FA’ s 2026 Independent Broker-Dealer Ranking
2025 GROSS REVENUE RANK
FIRM NAME
NUMBER OF PRODUCING REPS
GROSS REVENUE 2025($ MM)
GROSS REVENUE PER REP 2025
FIRM PAYOUT % 2025
AUM 2025($ MM)
1 LPL Financial * 32,178 16,989.48 527,984 88 % 2,370,500.00 2 Ameriprise Financial N / A 7,960.36 N / A Up to 91 % N / A 3 Osaic 9,806 5,441.62 554,927 91.6 % 336,982.43 4 Cetera 11,341 5,247.57 465,871 90 % 294,092.00 5 Raymond James Financial Services ** 4,615 4,523.24 980,117 Up to 90 % 611,196.10 6 Northwestern Mutual Investment Services † 5,870 3,491.19 594,750 § Up to 95 % 446,431.74 7 MML Investors Services 5,340 2,301.00 430,899 Up to 88 % 306,500.00 8 Cambridge Investment Research 4,077 2,057.73 524,932 Up to 100 % 265,382.78 9 Equitable Advisors 4,582 1,978.34 439,000 Up to 95 % 277,739.48 10 Kestra Financial 1,416 977.70 690,463 93 % 169,860.28 11 Park Avenue Securities 2,461 597.93 242,962 N / A 68,971.22 12 Principal Securities 1,404 542.26 386,226 Up to 95 % 91,306.70 13 Lincoln Investment Planning 937 497.81 531,276 N / A 60,094.00 14 Independent Financial Group 520 320.02 615,425 Up to 95 % 35,400.00 15 J. W. Cole Financial 550 316.75 575,905 Up to 94 % 36,625.00 16 Centaurus Financial 692 233.62 337,604 90 % 46,380.00 17 United Planners Financial Services ‡ 489 228.46 523,000 90 +% 17,548.91 18 PlanMember Securities 496 172.10 346,976 Up to 94 % 20,500.00 19 Prospera Financial Services 230 168.00 730,424 Up to 99 % 27,400.00 20 Hornor, Townsend & Kent 545 162.47 298,104 Up to 91 % 21,951.05 21 Arkadios Capital 224 154.00 687,500 90-95 % 15,900.00 22 Geneos Wealth Management 196 144.03 734,824 Up to 97 % 20,500.00 23 Kovack Securities 412 125.85 305,470 Up to 100 % 15,947.28 24 Harbour Investments 238 116.78 490,128 Up to 94 % 20,800.00 25 StoneX Wealth Management 402 114.55 284,951 85 % 6,185.87 26 Sigma Financial Corporation 401 114.09 284,526 Up to 96 % 15,711.65 27 Arete Wealth 176 113.99 647,655 Up to 90 % 6,800.00
28 LaSalle St. Securities 260 72.00 275,000 90 +% 15,000.00 29 The O. N. Equity Sales Company 271 70.12 258,756 Up to 92 % 11,446.02 30 Parkland Securities 244 69.63 285,387 Up to 94 % 7,495.68 31 Ausdal Financial Partners 225 60.65 270,000 90 +% 13,600.00
MARCH / APRIL 2026 | FINANCIAL ADVISOR MAGAZINE | 25