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IBD Elite 2026 Rankings

Top Independent Brokerage Firms in the United States: 2026 Rankings

Independent broker-dealers support financial advisors who run their own practices rather than working as employees of a Wall Street wirehouse. The channel is large and growing. Firms in Financial Planning's 2026 IBD Elite study reported combined 2025 revenue of $56.28 billion, up 13% from the prior year.

$56.28BCombined Revenue
30Firms Ranked
13%YoY Revenue Growth

It is also consolidating. LPL Financial, the No. 1 firm for three decades, generated about $17 billion in 2025 revenue, more than double the revenue of No. 2 Ameriprise. Private equity-backed platforms and insurance-affiliated broker-dealers fill out much of the rest of the top 10, while a group of smaller, privately held firms posted some of the fastest growth in the channel.

The ranking below lists the 30 largest independent brokerage firms by reported 2025 revenue. Each firm has a profile covering its services, leadership, size, recent news and a link to verify it on FINRA BrokerCheck.

2025 Revenue

The 30 Largest Independent Brokerage Firms

Ranked by total 2025 revenue as self-reported to Financial Planning's IBD Elite 2026 study. Click any row to view the firm's full profile.

Rank Firm Headquarters 2025 Revenue YoY Change
1 LPL Financial San Diego, CA $16.99 billion +37.2%
2 Ameriprise Financial Minneapolis, MN $7.96 billion +10.1%
3 Osaic Scottsdale, AZ $5.81 billion +7.0%
4 Cetera Financial Group San Diego, CA $5.08 billion +9.9%
5 Raymond James Financial Services St. Petersburg, FL $4.52 billion +5.7%
6 Northwestern Mutual Milwaukee, WI $3.49 billion +15.0%
7 MML Investors Services (MassMutual) Springfield, MA $2.30 billion +13.6%
8 Cambridge Investment Research Fairfield, IA $2.06 billion +15.2%
9 Equitable Advisors New York, NY $1.98 billion +10.1%
10 Kestra Financial Austin, TX $977.8 million +14.0%
11 Park Avenue Securities (Guardian) New York, NY $597.9 million +10.2%
12 Principal Securities Des Moines, IA $542.3 million +11.8%
13 Lincoln Investment Fort Washington, PA $497.8 million +9.5%
14 First Command Financial Services Fort Worth, TX $345.0 million +14.0%
15 Independent Financial Group San Diego, CA $320.0 million +9.5%
16 J.W. Cole Financial Tampa, FL $316.7 million +17.2%
17 Centaurus Financial Anaheim, CA $233.6 million +4.1%
18 United Planners Financial Services Scottsdale, AZ $228.5 million +12.0%
19 Ameritas Investment Company Lincoln, NE $197.1 million +10.0%
20 PlanMember Securities Carpinteria, CA $172.0 million +6.8%
21 Prospera Financial Services Dallas, TX $168.0 million +24.4%
22 Hornor, Townsend & Kent Horsham, PA $162.5 million +8.1%
23 Arkadios Capital Atlanta, GA $154.0 million +30.5%
24 Geneos Wealth Management Centennial, CO $144.0 million +7.3%
25 Kovack Financial Network South Florida $125.9 million +8.8%
26 Independent Financial Partners (IFP) Tampa, FL $120.6 million +23.8%
27 Harbour Investments Madison, WI $116.7 million +12.2%
28 Arete Wealth Chicago, IL $114.3 million +23.0%
29 Level Four Group Plano, TX $75.5 million +11.3%
30 Kingswood Capital Partners New York, NY $75.0 million +22.3%

Source: Financial Planning, IBD Elite 2026. Figures are self-reported by firms for calendar year 2025. *Ameritas figure combines Ameritas Investment Company and Ameritas Advisory Services. Kingswood Capital Partners and LaSalle St. Securities both reported $75.0 million; Financial Planning ranked Kingswood No. 30.

Key Insights

Key Takeaways from the 2026 Rankings

Scale is concentrating at the top. LPL's 2025 revenue rose 37.2%, helped by its acquisition of Commonwealth Financial Network. The top five firms (LPL, Ameriprise, Osaic, Cetera and Raymond James Financial Services) account for most of the channel's revenue.

Insurance-affiliated broker-dealers remain a major force. Northwestern Mutual, MassMutual's MML Investors Services, Equitable Advisors, Guardian's Park Avenue Securities, Principal Securities and Penn Mutual's Hornor, Townsend & Kent all rank in the top 25.

Midsize firms posted the fastest growth. Arkadios Capital (+30.5%), Prospera Financial Services (+24.4%), IFP (+23.8%), Arete Wealth (+23.0%) and Kingswood Capital Partners (+22.3%) all outpaced the channel.

Commonwealth advisors are on the move. Following LPL's acquisition of Commonwealth, rivals including Raymond James, Cetera, Ameriprise and Arkadios have announced teams recruited from the firm.

Common Questions

Frequently Asked Questions

What is an independent broker-dealer?

An independent broker-dealer (IBD) is a FINRA-registered firm that supports financial advisors who operate their own practices as independent contractors. The broker-dealer supplies compliance supervision, trading and clearing relationships, products and technology. The advisor owns the client relationship and typically keeps a larger share of revenue, called the payout, than an employee advisor would.

What is the largest independent brokerage firm in the U.S.?

LPL Financial. It reported $16.99 billion in 2025 revenue and about 32,000 advisors, and it has ranked No. 1 in Financial Planning's IBD Elite study since 1996.

What is the difference between an independent broker-dealer and an RIA?

A broker-dealer is registered with FINRA and can earn commissions on securities transactions. A registered investment adviser (RIA) is registered with the SEC or state regulators, charges advisory fees, and owes clients a fiduciary duty. Most firms on this list are dual registrants or have an affiliated RIA, so their advisors can offer both brokerage and fee-based advice.

How can I check a firm's or advisor's regulatory record?

Use FINRA's free BrokerCheck tool to review registrations, employment history and disclosures. For investment advisers, also check the SEC's Investment Adviser Public Disclosure site. Every profile on this site links to the firm's BrokerCheck record.

Does a high ranking mean a firm is the best choice?

No. The ranking measures reported revenue, which reflects size, not quality, cost or suitability. Advisors and investors should compare payout structures, platform costs, technology, ownership stability and regulatory history, and should review BrokerCheck before choosing a firm or advisor.