In the past, REP. has ranked broker/dealers by advisor headcount, a data point that shows, perhaps, how a firm is doing in the recruiting wars. But it’s not just a numbers game. So this year, the editors, along with industry analysts at Cerulli Associates, decided to look at another measure of firm success: assets per advisor. This approach brings to the top those firms whose business models target upper-tier advisors, such as Commonwealth and First Allied. These types of firms are designed to meet the needs of larger, more sophisticated practices. The top ten firms are ranked here by assets under management per advisor, as of 2013.
Analyst note: Figures are based on each broker/dealer's producing advisors who operate as independent contractors. Figures exclude advisors who are employees of the broker/dealer or who operate as part of an investment program at a bank or credit union. The number of advisors at each firm is as of 2013.Start slideshow