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The Top 25 Independent Brokerage Firms By Revenue

By Jonah A. Toleno, Esq.  of Shustak Reynolds & Partners, P.C. posted on Friday, May 1, 2015.

Investment News recently released a list of the top 25 independent broker-dealers ranked by 2014 total revenues, with LPL Financial LLC in first place, followed by Ameriprise Financial Services and Raymond James Financial Services LLC. According to the release, LPL’s 2014 revenue was $4.29 billion. The top 25 broker-dealer firms’ total revenue increased by approximately 10% over 2014, rising from $18.5 billion total in 2013 to $20.4 billion in 2014. The Investment News article also highlights the yet-to-be determined impact of the U.S. Department of Labor’s recent definition of “fiduciary” on broker-dealers. Adam Antoniades, President of independent B-D Cetera Financial Group, opined that the DOL’s definition likely “will drive fee-based business”.

The Investment News release reflects, in part, the results of advisors leaving traditional wirehouses en masse in recent years. Shustak Reynolds & Partners has decades of experience representing financial professionals and independent brokerage firms in broker protcol and financial advisor transition matters. If you or any financial services professional you know requires legal consultation on transferring from one firm to another, contact us at (619) 696-9500 or  We advise clients on matters ranging from broker protocol compliance, portfolio transition, and all other aspects of securities firm transitions. 

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