The largest independent brokerages reaped the benefits of rising asset values and consolidation last year. Those trends drove some small but notable changes among the 15 biggest firms in the channel, as ranked by their annual revenue. The top 15 list below is based on data that independent wealth management firms provided to Financial Planning for the year and reflects a healthy yet competitive industry. Led by perennial No. 1 LPL Financial and rivals Ameriprise and Osaic, the exact same firms captured the top eight slots. But LPL's giant acquisition of the No. 7 firm, Commonwealth Financial Network, will remove that firm from next year's group. And by LPL to purchase former No. 11 firm Atria Wealth Solutions opened a slot for newcomer First Command Financial Services in the top 15. Consolidation can complicate advisor choices. Accelerating M&A activity may cause many independent financial advisors to 'feel like there are much fewer options,' said Jodie Papike, CEO of advisor and independent wealth management firm executive recruiting firm. But the deal flow also shows the continuing rise of registered investment advisory firm aggregators, she noted. With 'so many different forms of independent firms right now,' the M&A consolidation means that, 'more so than ever before, advisors need to be very cautious about the type of firm they're considering,' Papike said. The M&A momentum led by the growing competitors to independent brokerages has eliminated the notion that to every RIA. 'The world and the options have changed so dramatically. It's very easy for an advisor to be overwhelmed and confused with what's available to them,' Papike said. 'That is absolutely not the case anymore. In fact, many RIAs are employee-based, and you use their models and you use their branding and you use their proprietary technology stack.' Solid business metrics amid rapid M&A turnover signal how organic expansion is than a bunch of rollup deals and market appreciation, said Trisha Qualy, a managing partner of New York-based, an independent branch with about $8 billion in client assets across more than 130 advisors who use Osaic as their brokerage. The 'inorganic growth isn't necessarily a net positive for the industry as a whole,' because M&A deals can amount simply to 'moving poker chips around' from one firm to another, she said. 'The way that the industry has consolidated small firms into larger organizations continues to happen, and that's coming at an interesting time right now,' Qualy said. The channel has arrived over the past 10 years at a 'crossroads' between the need to provide advisors with 'that relationship-based business that they may have gotten 20 to 30 years ago from a smaller firm' and the raw competition for advisors and client assets, she added. 'The independent financial advisor is demanding personalized service more than ever before.' So, despite the strong numbers in the channel, to the tune of an average rise of 18% in annual revenue last year across the top 15 firms below, these independent brokerages must navigate the risks of the many shifts that will determine the industry's future. Scroll down the slideshow to see the rankings of the 15 largest independent brokerages in wealth management by their annual revenue. And read, 'How independent advisors win the AI adoption race.' Plus, follow these links to see all of the data, as part of an interactive table and.\n\nNotes: The companies below are ranked by their 2024 revenue, as reported by the firms themselves. FP relies on each firm to state its annual metrics accurately and rounds each figure. The industry term 'producing registered representatives' refers to each firm's most accurate count of financial advisors using the firm as their brokerage or RIA. 'Other revenue' means any other business besides sales commissions and advisory fees. Each metric is as of year-end 2024. 'N/A' stands for 'not available'.\n\n15. First Command Financial Services – 2024 revenue: $303,320,719, Change from previous year: 13.7%, Number of producing registered representatives: 655, Client account assets: $35.2 billion, Year founded: 1958, Chief executive: Mark Steffe\n14. Lincoln Investment Planning – 2024 revenue: $454,493,732, Change from previous year: 14.4%, Number of producing registered representatives: 970, Client account assets: $51.6 billion, Year founded: 1968, Chief executive: Ed Forst\n13. Guardian Life Insurance’s Park Avenue Securities – 2024 revenue: $472,376,000, Change from previous year: 27%, Number of producing registered representatives: 1,938, Client account assets: $58.5 billion, Year founded: 1999, Chief executive: Marianne Caswell\n12. Principal Securities – 2024 revenue: $484,872,066, Change from previous year: 29%, Number of producing registered representatives: 1,310, Client account assets: $80.2 billion, Year founded: 1968, Chief executive: Michael Murray\n11. Kestra Financial – 2024 revenue: $857,805,564, Change from previous year: 19.2%, Number of producing registered representatives: 1,328, Client account assets: $130.7 billion, Year founded: 1997, Chief executive: John Amore\n10. Cambridge Investment Research – 2024 revenue: $1,786,706,059, Change from previous year: 12.5%, Number of producing registered representatives: 3,763, Client account assets: $187.2 billion, Year founded: 1981, Chief executive: Amy Webber\n9. Equitable Advisors – 2024 revenue: $1,796,000,000, Change from previous year: 15.8%, Number of producing registered representatives: 4,587, Client account assets: $248 billion, Year founded: 1999, Chief executive: David Karr\n8. MassMutual’s MML Investors Services – 2024 revenue: $2,025,500,000, Change from previous year: 19.8%, Number of producing registered representatives: 5,340, Client account assets: $268.4 billion, Year founded: 1981, Chief executive: Vaughn Bowman\n7. Commonwealth Financial Network* – 2024 revenue: $2,635,818,332, Change from previous year: 15.4%, Number of producing registered representatives: 2,345, Client account assets: $344.4 billion, Year founded: 1979, Chief executive: Wayne Bloom\n*The No. 1 firm on the list, LPL Financial, for $2.7 billion in a deal that Aug. 1.\n6. Northwestern Mutual – 2024 revenue: $3,035,374,000, Change from previous year: 21.4%, Number of producing registered representatives: 5,833, Client account assets: $375.5 billion, Year founded: 1968, Chief executive: Laila Valters\n5. Raymond James Financial Services – 2024 revenue: $4,278,487,305, Change from previous year: 9.3%, Number of producing registered representatives: 4,508, Client account assets: $559.1 billion, Year founded: 1974, Chief executive: Scott Curtis\n4. Cetera Financial Group – 2024 revenue: $4,727,458,911, Change from previous year: 19.7%, Number of producing registered representatives: 11,527, Client account assets: $545.4 billion, Year founded: 2010, Chief executive: Mike Durbin\n3. Osaic – 2024 revenue: $4,894,061,165, Change from previous year: 10.6%, Number of producing registered representatives: 10,479, Client account assets: $692.6 billion, Year founded: 2016, Chief executive: Jamie Price\n2. Ameriprise – 2024 revenue: $7,227,662,738, Change from previous year: 12.1%, Number of producing registered representatives: 8,171, Client account assets: N/A, Year founded: 1894, Chief executive: Jim Cracchiolo\n1. LPL Financial – 2024 revenue: $12,385,107,000, Change from previous year: 23.2%, Number of total registered representatives: 28,888*, Client account assets: $1.8 trillion, Year founded: 1989, Chief executive: Rich Steinmeier\n*The firm did not disclose how many of its registered representatives were producing registered representatives.\n\nAs one advisor leaves Commonwealth Financial Network to join Osaic and others depart to start RIAs, industry experts say the departures are in line with expectations. Jul 9, 2025 An annual snapshot report tracks the record expansion and changing nature of the growing industry channel fueled by financial advisors and their clients. Jul 7, 2025 CEO Rich Steinmeier reiterated LPL's goal to retain 90% of Commonwealth's assets and headcount while listing reasons why advisors might think twice about leaving to start their own RIAs. Aug 1, 2025 Firms like LPL, Cambridge, Osaic, Independent Financial, Commonwealth, Raymond James, Ameriprise and Cetera are racing to develop new tools. Aug 12, 2025 A consulting firm's report on the future of the channel reveals the ambivalence and frustration many feel about the impact of M&A consolidation. Jun 18, 2025 Nearly 110 other advisors have left the boutique Commonwealth since April for firms including Raymond James, Purshe Kaplan Sterling, Cambridge Investment Research and Kestra. Jul 31, 2025 CAN RIA GROWTH AND TRUE FIDUCIARY DUTY REALLY COEXIST? Business goals cannot always put clients' best interests first. Here's why even the executives leading fast-expanding advisory firms say the critics have a point.

IBD Elite 2025: The 15 largest independent brokerages in wealth management

The article ranks the 15 largest independent brokerages in wealth management by 2024 annual revenue, highlighting a trend of consolidation through mergers and acquisitions (M&A). Leading firms such as LPL Financial, Ameriprise, and Osaic maintain top positions, with LPL Financial emerging as the largest after acquiring Commonwealth Financial Network. This acquisition removes Commonwealth from the list and opens a spot for First Command Financial Services, a newcomer. The article notes that M&A activity has reduced the number of viable independent options for financial advisors, increasing their need for caution in selecting firms. Industry experts express concern that inorganic growth through rollups may not benefit the industry overall, as it can simply shift assets between firms without improving service quality. Advisors are increasingly demanding personalized, relationship-based service, a shift driven by the industry's consolidation and evolving client expectations.