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The Top 30 Independent Broker/Dealers in 2015

In the past, REP. has ranked independent broker/dealers by advisor headcount. While that metric can shed light on the size, scale and recruiting prowess of a firm, the business is no longer simply about the numbers. Instead, the editors—with the help of Cerulli Associates—have decided to rank firms by average assets per advisor. This approach, we hope, highlights the firms whose business models target top-tier advisors, such as Commonwealth and NFP Advisor Services. The list below is comprised of the 30 largest IBDs ranked by average assets under management per advisor, as of 2014. 

Rank Firm AUM Per Advisor ($ mil)

1

Wells Fargo Advisors Financial Network

$74.00

2

Commonwealth Financial Network

$60.80

3

Raymond James Financial Services

$60.70

4

M Holdings Securities

$60.40

5

NFP Advisor Services

$48.00

6

Ameriprise Franchise Group

$47.00

7

Triad Advisors

$39.30

8

Royal Alliance Associates

$38.20

9

FSC Securities

$37.40

10

First Allied Securities

$36.90

11

SII Investments

$34.40

12

Cadaret, Grant & Co.

$33.50

13

LPL Financial

$32.90

14

National Planning Corporation

$31.80

15

American Portfolios Financial Services

$31.40

16

Securities America

$29.90

17

Cetera Advisor Networks

$29.60

18

Lincoln Investment Planning

$29.10

19

Waddell & Reed

$29.10

20

SagePoint Financial

$28.70

21

Woodbury Financial

$27.50

22

Cetera Advisors

$25.10

23

Cambridge Investment Research

$25.00

24

Voya Financial Advisors

$19.30

25

Securian Financial Services

$18.40

26

1st Global Capital Corp.

$17.50

27

Cetera Financial Specialists

$14.50

28

H.D. Vest Investment Securities

$11.40

29

Park Avenue Securities

$10.60

30

Transamerica Financial Advisors

$6.30

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