ADVERTISEMENT...• More ef˜ ciency through our award-winning technology • Coaching programs to expand your business without expanding hours at the of˜ ce • Simpli˜ ed portfolio

®A Financial Solutions Firm

ADVERTISEMENT

001_FP0719 1 7/22/2019 11:23:58 AM

Securities off ered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services off ered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc.

®®

Your independence is not for sale. We have a published plan to remain independent and privately controlled. Contact us to learn more about our plan and why it is important to you and your clients.

877-688-2369 | JoinCambridge.com

002_FP0719 2 7/22/2019 11:23:59 AM

BROKER-DEALER GUIDE 2019

22nd ANNUAL

PRODUCED BY

Addressing the looming shortage of financial planners

How leading broker-dealers are meeting the challenge

001_FP0000 1 7/19/19 5:11 PM

PUBLISHERMichael Schott212-803-8567

[email protected]

WEST COAST/SOUTHEAST SALES MANAGER

Frank Rose212-803-8872

[email protected]

NORTHEAST SALES MANAGERHilary Whidden212-803-8643

[email protected]

MIDWEST SALES MANAGERVictoria Hamilton

[email protected]

MARKETING MANAGERSusan Zeqiri

212-803-8788

SENIOR PROJECT MANAGERJulia Micallef

ART DIRECTOR Robin Henriquez

CHIEF EXECUTIVE OFFICERGemma Postlethwaite

CHIEF FINANCIAL OFFICERSean Kron

EVP & CHIEF CONTENT OFFICERDavid Longobardi

CHIEF STRATEGY OFFICERJeff Mancini

CHIEF DATA OFFICERChristian Ward

SVP, CONFERENCES & EVENTSJohn DelMauro

VP, PEOPLE & CULTURELee Gavin

SURVEY DATA8 Top 10 Lists10 Total Revenues11 Payout Grids12 Reps and Production14 Services & Fees15 Networks

17 Clients and Accounts18 Commission Product

Revenue20 Fee-Based Revenue21 Corporate Staff

4 Addressing the looming shortage of advisors How the financial planning industry is meeting the challenge

BROKER-DEALER GUIDE 2019

22nd ANNUAL

SECURITIES AMERICA

FINANCIAL ADS

DEAR READER,

As problems go, the looming talent shortage facing the financial planning profession is a comparatively good one to have. Many sectors of the American economy are confronting a current reality of too many workers, struggling to create opportunities for employees who are no longer needed given automation and the rise of foreign competition. This doesn’t make the demographic challenges facing financial planning any less real for broker-dealers who are planning for the long term however, or most importantly for the consumers who will be left with nowhere to go for the planning advice they desperately need.

Though the training programs from wirehouses – once a key pipeline for new advisors – have largely dried up, the good news is that independent broker-dealers and educational institutions have stepped into the gap. Working together, these industry players are finding ways to address the talent problem today, before it becomes crippling later on. This includes creatively working to make the early years easier for young advisors, giving them resources, support and time to grow. A second industry-wide focus is on diversity and identifying new sources of talent.

This year, Financial Planning’s Independent Broker-Dealer Guide examines these issues in-depth. While the outcomes of the efforts profiled in the guide are still largely unknown, the results are promising. They point to increased skills for advisors going forward, as well as a broader based, more inclusive industry. What is particularly exciting in these efforts is the slow but steady increase in traction that the industry is gaining as a career choice within colleges and universities, helping to ensure the long-term health and vitality of the industry.

As always, I welcome your feedback and thank you for being a loyal Financial Planning subscriber.

All thxe best,

Mike [email protected]

PUBLISHER’S LETTER

Broker-Dealer Guide / SourceMedia Marketing Solutions Group 2

002_FP0000 2 7/19/19 5:12 PM

Securities America, Inc., Member FINRA/SIPC, Securities America Advisors, Inc., an SEC Registered Investment Advisory Firm

REALREALlife

WORK-LIFE BALANCE – it can be one of the best things about being an independent advisor, but it takes the right support. Securities America provides the tools and services you need to set your own schedule, focus on what matters most to you in life and still work closely with your clients, including:

• More ef� ciency through our award-winning technology

• Coaching programs to expand your business without expanding hours at the of� ce

• Simpli� ed portfolio management with fully integrated advisory platforms

• Time-saving hiring and training programs to bring on associate advisors and other of� ce support staff

Contact us today to learn more about how we can help you enjoy a real life and a successful practice.

800-989-8441 | securitiesamerica.com

FP August Full Page Ad-2019.indd 1 7/3/19 9:28 AM001_FP0719 1 7/22/2019 11:05:44 AM

Broker-Dealer Guide / SourceMedia Marketing Solutions Group

40% of financial advisors plan to retire in the next ten years according research from Cerulli Associates. The pipeline of advisors to replace them itself has dried up as wirehouse firms have significantly cut back or eliminated their training programs. At the same time, the need for advice is more important than ever, as baby boomers are trying to plan for their own retirement.

“We are at the precipice of a demographic cliff,” says Marina Shtyrkov, research analyst, wealth management at Cerulli Associates. Soon the number of retiring advisors will rapidly outpace the number of incoming advisors. How will – and can – the industry respond? “We haven’t seen a one size fits all solution. Firms are experimenting with their new advisor programs to identify what works best,” Shtyrkov adds.

The good news is that after years of talk, the industry is finally taking action. Leading broker dealers as well as key industry institutions are taking concrete steps and making plans to address the labor shortfall. They are taking a diversity of approaches, including an emphasis on diverse recruitment, new methods of advisor retention, new approaches to compensation, and new ways of attracting a younger cohort of potential advisors into the profession.

According to Shtyrkov, “retention should be a primary goal.” Here one solution is centered on guaranteed rather than variable compensation. This reduces the pressure of unstable variable compensation facing recruits while they try to build up a book of business. Another set of solutions involves teaming. Here the recruit gets the benefit of mentoring from the senior advisor and is able to train on the job. Teams are also helpful

2 3

Addressing the looming shortage of advisors

How the financial planning industry is meeting the challenge

By David Adler

002_FP0000 2 7/22/19 5:58 PM

40% of financial advisors plan to retire in the next ten years according research from Cerulli Associates. The pipeline of advisors to replace them itself has dried up as wirehouse firms have significantly cut back or eliminated their training programs. At the same time, the need for advice is more important than ever, as baby boomers are trying to plan for their own retirement.

“We are at the precipice of a demographic cliff,” says Marina Shtyrkov, research analyst, wealth management at Cerulli Associates. Soon the number of retiring advisors will rapidly outpace the number of incoming advisors. How will – and can – the industry respond? “We haven’t seen a one size fits all solution. Firms are experimenting with their new advisor programs to identify what works best,” Shtyrkov adds.

The good news is that after years of talk, the industry is finally taking action. Leading broker dealers as well as key industry institutions are taking concrete steps and making plans to address the labor shortfall. They are taking a diversity of approaches, including an emphasis on diverse recruitment, new methods of advisor retention, new approaches to compensation, and new ways of attracting a younger cohort of potential advisors into the profession.

According to Shtyrkov, “retention should be a primary goal.” Here one solution is centered on guaranteed rather than variable compensation. This reduces the pressure of unstable variable compensation facing recruits while they try to build up a book of business. Another set of solutions involves teaming. Here the recruit gets the benefit of mentoring from the senior advisor and is able to train on the job. Teams are also helpful

from a client perception issue. But the key themes of the moment are broadening the recruitment base to target more diverse advisors as well as career changers.

Still, there are significant demographic and institutional challenges that the industry has to overcome. Baby boomer advisors are planning to retire alongside their clients. Business development remains a key part of the job, even for rookie advisors, and usually involves variable compensation. Finally, Shtyrkov says the industry suffers from ‘perception issues’: “are firms adequately conveying to a broader candidate pool what being a financial advisor means?” she asks. “Putting it another way, how does the media portray financial advisors?”

The demographic uncertainty facing the profession could be one reason why 26% of advisors retiring in the next 10 years are unsure of their succession plan, according to Cerulli statistics.

Educational solutions, with a focus on diversityLeading industry educational institutions such as The American College of Financial Services have stepped into the breach to provide a new pipeline of advisors with the sophisticated training the profession requires today.

“The shortage of advisors is very real,” says George Nichols III, the president and CEO of The American College of Financial Services. Given the number of advisors who are retiring, and the help people need, “the numbers aren’t adding up,” he says. The American College, which started out as an insurance industry college

2 3 Broker-Dealer Guide / SourceMedia Marketing Solutions Group

“We haven’t seen a one size fits all solution. Firms are experimenting with their new advisor programs to identify what works best.”Marina ShtyrkovResearch analyst, Wealth Management at Cerulli Associates

Addressing the looming shortage of advisors

How the financial planning industry is meeting the challenge

By David Adler

003_FP0000 3 7/23/19 10:45 AM

4Broker-Dealer Guide / SourceMedia Marketing Solutions Group

to one which now serves the broader financial services industry, has three major initiatives to help fill this talent gap. All provide training and career opportunities with a specific focus on what could be termed non-traditional recruits, part of a growing industry wide trend of diversity. The first is the Center for Veteran Affairs. “Veterans are a good fit for the financial planning profession because of their unique service backgrounds,” Nichols says. The American College offers full scholarships for active duty service members, veterans and their spouses to come to The College, enabling them to eventually transition into the advisor profession. “Our network includes some of the best organizations in financial services, and they are very interested in working with former service members who have the work ethic and soft skills to thrive in this profession. We feel strongly about providing veterans and their families with educational support and career opportunities in the financial services industry,” added Nichols. Secondly, the College sponsors the annual Conference of African American Financial Professionals, and provides scholarships to help close the racial gap among advisors in the industry. Attendees of the Conference learn about business development, practice management, advances in technology and other topics to help grow their businesses. “We tell them to talk to their friends about the conference and industry, and we’ve seen first-hand that getting this word out can really drive recruitment and increase awareness of financial services as a career path,” Nichols says. Now in its 14th year, the conference attracts nearly 600 attendees.

Third, the College has established the “Center for Women and Financial Services” whose aim is to promote the advancement of women in financial services through research, education and awareness. As part of this effort, members of the American College are exploring opportunities to work with college campuses and present to women about the attractiveness of financial planning as a career. “There is a well-known wealth and financial literacy gap between men and women, and the first step in tackling this issue is to change the way we educate financial advisors so that they can better serve half of the population,” Nichols says. These three centers are focused on getting more people in the financial planning space, and establishing training pathways for career development that lead to success. Though the centers are focused on the advisor, the American College is also finding ways to work with the leadership and management of financial planning firms on these recruitment issues when it comes to their own executives. “Ultimately, the question is this: are these folks comfortable and prepared to help develop people of color, women, and millennials?” Nichols asks. “Firms will have to think about how they approach leadership and development that is inclusive of these groups within their organizations and the industry at large. Nichols feels the industry is still early in the game of trying to recruit new advisors and reaching out to more diverse talent. “We won’t see large numbers unless we actually motivate women, people of color and millennials to enter into and succeed in the industry,” he says.

“We feel strongly about providing veterans and their families with educational support and career opportunities in the financial services industry.” George Nichols IIIPresident and CEO of The American College of Financial Services

The American College is taking solid steps to help ease the shortfall. “We think about this issue a lot and are passionate about leading the industry in this change” he says.

Another robust source of new advisors for the industry is undergraduate financial planning programs. Approximately 200 colleges offer these programs which can serve as feeders into independent broker dealers, with graduates ready to take the CFP exam. Standouts include Texas A&M and Utah Valley University among others, all offering offer highly regarded undergraduate degrees.

The CFP Board itself is taking the potential shortage of advisors very seriously. “There are more CFPs over 70 than under 30. We are a greying profession,” says Marilyn Mohrman-Gillis executive director of the CFP Board Center for Financial Planning. There she leads an industry wide effort to build a “more inclusive and sustainable financial planner workforce.”

To this end, the Center has two central areas of focus in terms of the talent pipeline. The first is to attract more young people into the profession. The second is to find ways to get more women and people of color into the profession to meet the needs of an increasingly diverse client base. The CFP Board Center has implemented all manner of initiatives around these themes including undertaking research into career barriers, communicating the attractiveness of the profession to a new audience, convening diversity summits, and offering scholarships to women and people of color.

“Our efforts to attract more women, blacks and Latinx into the profession

5

004_FP0000 4 7/22/19 5:58 PM

4

Third, the College has established the “Center for Women and Financial Services” whose aim is to promote the advancement of women in financial services through research, education and awareness. As part of this effort, members of the American College are exploring opportunities to work with college campuses and present to women about the attractiveness of financial planning as a career. “There is a well-known wealth and financial literacy gap between men and women, and the first step in tackling this issue is to change the way we educate financial advisors so that they can better serve half of the population,” Nichols says. These three centers are focused on getting more people in the financial planning space, and establishing training pathways for career development that lead to success. Though the centers are focused on the advisor, the American College is also finding ways to work with the leadership and management of financial planning firms on these recruitment issues when it comes to their own executives. “Ultimately, the question is this: are these folks comfortable and prepared to help develop people of color, women, and millennials?” Nichols asks. “Firms will have to think about how they approach leadership and development that is inclusive of these groups within their organizations and the industry at large. Nichols feels the industry is still early in the game of trying to recruit new advisors and reaching out to more diverse talent. “We won’t see large numbers unless we actually motivate women, people of color and millennials to enter into and succeed in the industry,” he says.

The American College is taking solid steps to help ease the shortfall. “We think about this issue a lot and are passionate about leading the industry in this change” he says.

Another robust source of new advisors for the industry is undergraduate financial planning programs. Approximately 200 colleges offer these programs which can serve as feeders into independent broker dealers, with graduates ready to take the CFP exam. Standouts include Texas A&M and Utah Valley University among others, all offering offer highly regarded undergraduate degrees.

The CFP Board itself is taking the potential shortage of advisors very seriously. “There are more CFPs over 70 than under 30. We are a greying profession,” says Marilyn Mohrman-Gillis executive director of the CFP Board Center for Financial Planning. There she leads an industry wide effort to build a “more inclusive and sustainable financial planner workforce.”

To this end, the Center has two central areas of focus in terms of the talent pipeline. The first is to attract more young people into the profession. The second is to find ways to get more women and people of color into the profession to meet the needs of an increasingly diverse client base. The CFP Board Center has implemented all manner of initiatives around these themes including undertaking research into career barriers, communicating the attractiveness of the profession to a new audience, convening diversity summits, and offering scholarships to women and people of color.

“Our efforts to attract more women, blacks and Latinx into the profession

have had an impact in just a very short period of time,” Mohrman-Gillis says. Her vision of the future is that more and more Americans, including an increasingly diverse client base, will have access to competent and ethical financial planning advice. “I have confidence it will happen,” she says.

Similarly, the Investments and Wealth Institute (formerly IMCA) is highly focused on finding solutions to the aging out of advisors. Sean Walters, the CEO, says, “the industry has always been focused on young advisors or career changes but we are positioning our efforts towards advanced practitioners.” He believes robo-advisors can serve the mass affluent. Instead, he feels the way forward for advisors is to pivot to HNW clients. To this end, more advanced skills, including specialized certifications, are necessary for advisors to serve the HNW market. Teams or ensemble practices can help as well. “As the industry consolidates and advice becomes more competitive, advanced certifications are needed to qualify advisors on the advanced competencies and broader services that HNW clients want and need,” Walters says. Despite these forecast shifts in where the most profitable business opportunities await, Walters is skeptical the widely predicted shortage of advisors will ever actually materialize. “Advisors talk a lot about retiring but then they don’t,” he says. The reasons, he argues are that when times are good, clients have a lot of money and it’s hard to walk away. And when times are bad it is hard to leave their client behind and turn over the account to someone else.

“Advisors talk a lot about retiring but then they don’t.” Sean R. WaltersCEO, Wealth Institute

5 Broker-Dealer Guide / SourceMedia Marketing Solutions Group

005_FP0000 5 7/19/19 5:37 PM

What recruiters and consultants are seeingThe coming advisor shortfall is on the radar of recruiters as well, but the effects are not necessarily immediately apparent. Louis Diamond, EVP and senior consultant, Diamond Consultants, says, “far fewer younger and qualified folks are coming into the industry.” As advisors sell their practices and retire, they are not offset by a new entrant into the industry.

However, even if seemingly there are less people to sell to, right now, there is still much more demand than supply for advisors’ practices according to Diamond. “Everyone is looking to acquire a book of business, there actually is a shortage,” he says. It is possible though that in the future the mismatch between supply and demand could go in the other direction as fewer people enter the profession.

Diamond thinks this outcome is unlikely, in part because of growth of recruitment out of the undergraduate financial planning programs. New compensation structures by independent broker-dealer where new recruits don’t have to bring in assets immediately are helpful as well. And he observes that firms are finding success with recruits who are ex-military or Division 1 athletes.

Overall, Diamond’s assessment is the potential advisor shortage is real, but “I don’t think it will result in a crisis where the industry is shut down,” he says. Instead, today’s new educational and diverse recruitment efforts are making sure this never happens.Technology is another key factor to consider as well. “Recruitment and education are certainly both areas

of focus but really it is technology that is creating the efficiencies to deal with this dire situation,” says Neil Bathon, Managing Partner of FUSE Research Network. According to Bathon, technology is leading to the standardization of processes, including the centralization of investment decisions, that are making advisors more productive and efficient. As a result, advisors will be able to serve more clients with a higher level of support than was possible in the past. “Technology will improve the quality, care, guidance, and deliver of investment solutions of financial planners even if the overall number of advisors doesn’t grow,” Bathon says.

Broker Dealers tackle the problemThough broker dealers are not churning out an army of trainees the way wirehouses used to, they are not sitting idly on the sidelines passively watching the demographic crisis facing the industry unfold. Instead, leading B-Ds are actively planning for the challenges they will face and are implementing new tools, technology, practice management programs, and recruitment efforts to this end. Gregg Johnson, EVP of branch office development and acquisitions, Securities America, says, “This issue is front and center for us at Securities America. We need to accelerate the replacement of advisors as more and more retire or look to sell a portion of their book.” He adds, “it is not just replacing advisors it is about reflecting the diversity of America.” Johnson believes that Securities America can accomplish both goals; the B-D has a long history

Continued on page 16

“Everyone is looking to acquire a book of business, there actually is a shortage.” Louis DiamondEVP and Senior Consultant, Diamond Consultants


006_FP0000 6 7/19/19 5:48 PM

LEVEL UP.The Retirement Income Certifi ed Professional® designation can propel you into a new tier of fi nance professionals. Build credibility with clients who demand an advisor at the top of their game. Expand your career potential. And master the skills to create and manage comprehensive retirement income plans. Boost your reputation—and your earning power—with the RICP® from The American College of Financial Services.

Become a next-generation retirement planning expert with the RICP®.

VISIT ONEFPA.ORG TO RECEIVE TUITION SAVINGS EXCLUSIVE TO FPA MEMBERS.

JUSTIN ROUDIEZ, RICP®

Financial Advisor

007_FP0719 7 7/22/2019 11:05:46 AM

BIGGEST INDEPENDENT BROKER-DEALERS

TOP 10 LISTSREVENUE GROWTH 2019 TOTAL % RANK COMPANY REV. $000 GROWTH

Arkadios Capital 13,000 124.14

Woodbury Financial Services 373,562 30.81

Securities America 803,500 26.08

Independent Financial Group 174,208 25.08

Royal Alliance Associates 603,934 24.82

The O.N. Equity Sales Company 77,097 22.71

LPL Financial 5,188,400 21.18

Triad Advisors 220,707 20.03

Cetera Financial Institutions 340,713 19.98

United Planners Financial Services 131,918 18.90

1

2

3

4

5

6

7

8

9

10

51

17

9

29

12

45

1

26

21

36

HIGH-END REPS (TOP 20% OF REPS) 2019 AVERAGE % REPS RANK COMPANY PRODUCTION $ >$150K

Commonwealth Financial Network 1,428,928 85

Founders Financial Securities 542,000 82

Prospera Financial Services 1,066,446 81

Raymond James Financial Services 1,454,563 80

United Planners Financial Services 787,570 80

SFA Partners 933,000 73

Geneos Wealth Management 1,138,584 68

Centaurus Financial 685,000 67

Kovack Securities 529,525 65

KMS Financial Services 928,011 52

1

2

3

4

5

6

7

8

9

10

4

50

47

3

36

48

35

32

44

39

FEE-BASED MIX 2019 FEE REVENUE % OF RANK COMPANY $000 BUSINESS

Founders Financial Securities 22,144 76.0

PlanMember Securities 71,573 73.6

Geneos Wealth Management 94,182 71.2

Commonwealth Financial Network 976,196 68.5

Northwestern Mutual Investment Services 786,939 64.5

Lincoln Investment Group Holdings 199,932 59.4

United Planners Financial Services 76,595 58.1

Triad Advisors 124,066 56.2

Cambridge Investment Research 509,612 56.2

Kestra Financial 303,041 55.2

1

2

3

4

5

6

7

8

9

10

50

43

35

4

5

22

36

26

8

13

PAYOUT GROWTH 2019 AVERAGE % RANK COMPANY PAYOUT $000 GROWTH

Waddell & Reed Financial Advisors 303 50.42

MML Investors Services 110 32.18

Independent Financial Group 276 30.63

The O.N. Equity Sales Company 105 27.39

FSC Securities Corporation 289 26.25

Hornor, Townsend & Kent 116 25.99

Woodbury Financial Services 246 25.75

ProEquities 142 22.65

United Planners Financial Services 275 22.62

Securities America 248 21.25

1

2

3

4

5

6

7

8

9

10

14

6

29

45

24

38

17

40

36

9

HIGH-END ACCOUNTS 2019 TOTAL CLIENT % ACCTS. RANK COMPANY ASSETS $000 >$100K


Securian Financial Services 33,436,684 83

Lincoln Investment Group Holdings 33,650,011 74

KMS Financial Services 16,400,000 70


Kovack Securities 11,481,300 53


Cadaret, Grant & Co. 7,697,729 38


American Portfolios Financial Services 24,571,392 23

1

2

3

4

5

6

7

8

9

10

47

19

22

39

35

44

3

30

4

27

NET CAPITAL 2019 NET CAPITAL NET EXCESS RANK COMPANY $000 CAPITAL $000

MML Investors Services 125,902 125,652

LPL Financial 108,100 100,100

Commonwealth Financial Network 77,671 69,487

Waddell & Reed Financial Advisors 57,109 56,859

Raymond James Financial Services 33,393 33,143

Lincoln Financial Network 19,800 19,500

AXA Advisors 19,762 17,475

Lincoln Investment Group Holdings 18,674 18,424

Centaurus Financial 18,268 16,936

Principal Securities 13,704 11,382

1

2

3

4

5

6

7

8

9

10

6

1

4

14

3

10

7

22

32

23

METHODOLOGY The results of Financial Planning’s 34th annual survey of independent broker-dealers are based on data of 51 companies. Some firms we contacted

did not respond in time to requests for information. Financial Planning relied on the firms to ensure the accuracy of the information. FP works to verify

9

TOTAL ACCOUNT ASSETS 2019 TOTAL ACCOUNT ASSETS RANK COMPANY $000S % CHANGE

MOST PRODUCING REPS 2019 PRODUCING RANK COMPANY REPS

MOST FEE-BASED ASSETS 2019 FEE-BASED ASSETS RANK COMPANY $000S

TOP 10 LISTS

data when possible. N/A means not applicable or not available.

The 2018 data does not always match last year’s survey because some


008_FP0000 8 7/19/19 5:58 PM

8

Source: FP50 rankings of the nation’s largest independent broker-dealersPAYOUT GROWTH 2019 AVERAGE % RANK COMPANY PAYOUT $000 GROWTH

Waddell & Reed Financial Advisors 303 50.42

MML Investors Services 110 32.18

Independent Financial Group 276 30.63

The O.N. Equity Sales Company 105 27.39

FSC Securities Corporation 289 26.25

Hornor, Townsend & Kent 116 25.99

Woodbury Financial Services 246 25.75

ProEquities 142 22.65

United Planners Financial Services 275 22.62

Securities America 248 21.25

HIGH-END ACCOUNTS 2019 TOTAL CLIENT % ACCTS. RANK COMPANY ASSETS $000 >$100K


Securian Financial Services 33,436,684 83

Lincoln Investment Group Holdings 33,650,011 74

KMS Financial Services 16,400,000 70


Kovack Securities 11,481,300 53


Cadaret, Grant & Co. 7,697,729 38


American Portfolios Financial Services 24,571,392 23

NET CAPITAL 2019 NET CAPITAL NET EXCESS RANK COMPANY $000 CAPITAL $000

MML Investors Services 125,902 125,652

LPL Financial 108,100 100,100

Commonwealth Financial Network 77,671 69,487

Waddell & Reed Financial Advisors 57,109 56,859

Raymond James Financial Services 33,393 33,143

Lincoln Financial Network 19,800 19,500

AXA Advisors 19,762 17,475

Lincoln Investment Group Holdings 18,674 18,424

Centaurus Financial 18,268 16,936

Principal Securities 13,704 11,382

did not respond in time to requests for information. Financial Planning relied on the firms to ensure the accuracy of the information. FP works to verify


TOTAL ACCOUNT ASSETS 2019 TOTAL ACCOUNT ASSETS RANK COMPANY $000S % CHANGE

LPL Financial 628,066,886 2.1

Raymond James Financial Services 327,099,000 15.6

MML Investors Services 181,600,000 -8.7

Commonwealth Financial Network 161,053,212 3.2

AXA Advisors 130,050,400 -4.8

Northwestern Mutual Investment Services 127,929,800 2.2

Royal Alliance Associates 103,276,801 55.1

Cambridge Investment Research 93,145,840 -1.2

Securities America 86,100,000 -0.9

Cetera Advisor Networks 80,744,232 -10.6

1

3

6

4

7

5

12

8

9

11

MOST PRODUCING REPS 2019 PRODUCING RANK COMPANY REPS

LPL Financial 16,109

Lincoln Financial Network 8,641

MML Investors Services 8,424

Ameriprise Financial 7,755

Northwestern Mutual Investment Services 5,069

AXA Advisors 4,406

Raymond James Financial Services 4,269

Cambridge Investment Research 3,296

HD Vest Financial Services 3,100

Royal Alliance Associates 3,086

1

10

6

2

5

7

3

8

18

12

MOST FEE-BASED ASSETS 2019 FEE-BASED ASSETS RANK COMPANY $000S

LPL Financial 282,035,669

Raymond James Financial Services 170,980,000

Commonwealth Financial Network 85,220,000

Cambridge Investment Research 50,621,378

MML Investors Services 41,800,000

Securities America 39,200,000

FSC Securities Corporation 26,628,145

Royal Alliance Associates 25,565,419

Kestra Financial 24,599,096

AXA Advisors 24,589,900

1

3

4

8

6

9

24

12

13

7

TOP 10 LISTSWOMEN AS % OF PRODUCING REPS. 2019 % FEMALE % MALE RANK COMPANY REPS REPS

Lincoln Investment Group Holdings 31.0% 69.0%

Securities America 28.0% 72.0%

Waddell & Reed Financial Advisors 24.0% 76.0%

KMS Financial Services 21.0% 79.0%

Centaurus Financial 20.0% 80.0%

Crown Capital Securities 19.0% 81.0%

Commonwealth Financial Network 18.0% 82.0%

Independent Financial Group 18.0% 82.0%

Voya Financial Advisors 18.0% 82.0%

FSC Securities Corporation 17.0% 83.0%

1

2

3

4

5

6

7

8

9

10

22

9

14

39

32

49

4

29

15

24

HIGHEST GROWTH IN PRODUCING REPS 2019 % CHANGE IN RANK COMPANY PRODUCING REPS

Arkadios Capital 105.9

Royal Alliance Associates 95.3

Alden Securities 46.4

Raymond James Financial Services 7.8

Cetera Financial Institutions 7.7

H. Beck 7.5

Crown Capital Securities 7.4

Triad Advisors 7.0

Woodbury Financial Services 6.5

Commonwealth Financial Network 6.0

1

2

3

4

5

6

7

8

9

10

51

12

52

3

21

41

49

26

17

4

MOST FEE-BASED REVENUE 2019 FEE-BASED REVENUE RANK COMPANY $000S

Ameriprise Financial 2,638,805

LPL Financial 1,793,493

Raymond James Financial Services 1,314,000

Commonwealth Financial Network 976,196

Northwestern Mutual Investment Services 786,939

Cambridge Investment Research 509,612

MML Investors Services 443,747

Securities America 402,050

Kestra Financial 303,041

Waddell & Reed Financial Advisors 259,864

1

2

3

4

5

6

7

8

9

10

2

1

3

4

5

8

6

9

13

14

data when possible. N/A means not applicable or not available.

The 2018 data does not always match last year’s survey because some

companies restated data; as a result, some of the 2018 rankings are different.

All figures reflect calendar year numbers. Total revenues drive the IBD

Elite charts. The data for some firms that

merged may have also changed from last year’s survey.

009_FP0000 9 7/19/19 5:11 PM


10 11Broker-Dealer Guide / SourceMedia Marketing Solutions Group

TOTAL REVENUE

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

1 LPL Financial 5,188,400 21.2 1,919,694 14.9 1,793,493 27.3 1,475,213 22.8

2 Ameriprise Financial 4,804,003 12.8 1,209,817 0.8 2,638,805 13.1 955,381 31.3

3 Raymond James Financial Services 2,410,000 16.4 677,000 0.9 1,314,000 26.0 419,000 17.4

4 Commonwealth Financial Network 1,425,306 14.8 234,491 (3.3) 976,196 22.3 214,619 11.7

6 Northwestern Mutual Investment Services 1,219,479 17.9 326,722 4.6 786,939 25.2 105,818 10.7

5 MML Investors Services 1,126,611 7.3 678,229 1.9 443,747 16.6 4,636 9.2

8 AXA Advisors 913,766 16.2 633,209 13.7 237,451 22.2 43,105 22.8

7 Cambridge Investment Research 906,666 11.7 283,417 9.1 509,612 10.8 113,637 23.8

10 Securities America 803,500 26.1 311,500 20.9 402,050 28.1 89,950 36.5

9 Lincoln Financial Network 782,426 5.7 495,292 2.4 217,747 13.4 69,387 7.3

11 Cetera Advisor Networks 619,547 8.8 269,088 6.2 247,597 5.4 102,862 26.3

12 Royal Alliance Associates 603,934 24.8 241,996 23.2 255,654 24.6 106,284 30.3

14 Kestra Financial 549,198 15.5 195,630 4.3 303,041 23.4 50,527 19.6

13 Waddell & Reed Financial Advisors 522,794 9.7 158,899 (0.8) 259,864 10.5 104,031 27.9

15 Voya Financial Advisors 458,806 6.9 253,207 (2.7) 170,595 15.8 35,003 60.6

16 SagePoint Financial 405,712 15.4 191,413 6.2 136,968 25.5 77,331 24.2

22 Woodbury Financial Services 373,562 30.8 207,493 16.2 97,584 56.4 68,486 53.7

18 H.D. Vest 373,174 7.0 164,200 2.5 164,354 12.8 44,620 4.5

19 Securian Financial Services 368,628 6.2 190,107 2.2 136,121 13.0 42,400 4.3

17 Cetera Advisors 367,399 4.6 143,423 (5.2) 164,802 8.2 59,174 24.4

23 Cetera Financial Institutions 340,713 20.0 216,831 16.1 48,368 37.1 61,858 0.0

20 Lincoln Investment Group Holdings 336,841 9.1 112,537 4.0 199,932 12.3 24,371 8.7

21 Principal Securities 316,187 5.5 234,181 0.8 80,468 22.4 1,538 (2.4)

24 FSC Securities Corporation 305,578 12.2 137,825 7.6 108,596 17.9 59,157 13.4

25 First Allied Securities, Inc 239,977 3.7 116,300 (2.8) 79,358 5.9 44,319 20.2

27 Triad Advisors 220,707 20.0 76,202 12.5 124,066 24.2 20,439 25.8

26 American Portfolios Financial Services 218,211 14.8 109,147 10.3 109,064 19.6 0

28 M Holdings Securities 175,743 6.2 144,659 5.1 25,836 13.0 5,248 5.3

33 Independent Financial Group 174,208 25.1 89,475 15.7 73,559 44.1 11,174 2.5

30 Cadaret, Grant & Co. 163,881 3.4 112,011 2.4 48,011 8.8 3,858 (22.2)

32 Cetera Financial Specialists 157,743 9.4 62,043 2.4 78,914 12.2 16,785 26.3

31 Centaurus Financial 155,850 6.0 114,446 3.8 41,403 12.6 0

29 Summit Brokerage Services, Inc 152,767 (5.7) 80,437 (8.1) 48,554 (4.8) 152,767 (5.7)

34 Ameritas Investment 139,100 2.1 80,000 (1.7) 47,400 16.5 11,700 (17.0)

37 Geneos Wealth Management 132,288 18.2 33,537 (17.4) 94,182 40.1 4,570 12.7

38 United Planners Financial Services 131,918 18.9 51,745 7.4 76,595 22.0 3,578

35 Securities Service Network 129,147 9.2 49,628 2.8 64,696 12.0 14,822 21.8

41 Hornor, Townsend & Kent 124,165 15.8 82,000 12.3 37,500 28.4 4,665 (6.9)

40 KMS Financial Services 122,781 13.3 46,712 6.8 60,795 10.5 15,273 57.7

39 ProEquities 117,123 7.2 72,402 8.4 39,072 18.0 5,649 (39.6)

36 H. Beck 116,887 1.9 72,811 (2.3) 37,023 15.2 7,053 (12.4)

42 Investacorp 104,683 13.7 62,044 8.4 28,116 22.7 14,523 18.1

43 PlanMember Securities 97,311 13.6 25,106 (0.8) 71,573 19.8 632 5.3

44 Kovack Securities 79,347 6.4 41,260 10.7 35,747 10.0 2,340 (51.3)

45 The O.N. Equity Sales Company 77,097 22.7 63,729 23.7 13,246 17.8 122 44.0

47 The Investment Center 56,702 12.7 28,696 (2.0) 23,788 35.1 4,218 23.2

46 Prospera Financial Services 54,156 6.7 23,988 (6.4) 26,514 26.7 3,654 (13.6)

48 SFA Partners 49,379 (1.0) 16,418 (1.3) 23,031 0.4 9,929 (3.5)

49 Crown Capital Securities 49,247 10.9 33,311 11.4 14,262 16.1 1,674 (26.6)

50 Founders Financial Securities 29,137 16.7 6,119 2.3 22,144 23.5 874 (16.6)

51 Arkadios Capital 13,000 124.1 7,500 114.3 3,500 133.3 2,000 150.0

52 Alden Securities 1,964 18.1 396 (12.9) 44 (39.5) 1,520 34.2

MEDIAN 219,459 12.45 113,492 3.87 79,913 17.84 16,029 13.35

2019 2018 TOTAL REVENUE COMMISSION REVENUE FEE REVENUE OTHER REVENUE RANK RANK COMPANY $000 % CHANGE $000 % CHANGE $000 % CHANGE $000 % CHANGE MUTUAL STOCKS BONDS ANNUITIES INSURANCE ALTERNATIVES REP MGD. FIRM MGD. OUTSIDE

COMPANY FUNDS % % % % % % % % MGD. %

Alden Securities n/a n/a n/a n/a n/a 80 n/a n/a n/a

American Portfolios Financial Services 90-95 90-95 90-95 90-95 90-95 90-95 90-95 90-95 90-95

Ameriprise Financial up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91

Ameritas Investment 50-94 50-94 50-94 50-94 50-94 50-94 50-94 50-94 50-94

Arkadios Capital 92 90 90 90 90 90 90 n/a 92

AXA Advisors 50 - 90.62 50 - 90.62 50 - 90.62 50 - 91.75 50 - 91.75 50 - 90.62 50 - 90.62 50 - 90.62 50 - 90.62

Cadaret, Grant & Co. 90 90 90 90 92 90 90 90 90

Cambridge Investment Research Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100

Centaurus Financial up to 90 up to 90 up to 90 up to 90 up to 90 up to 90 up to 90 n/a up to 90

Cetera Advisor Networks Set by OSJ Set by OSJ n/a Set by OSJ Set by OSJ n/a n/a n/a n/a

Cetera Advisors Set by OSJ Set by OSJ n/a Set by OSJ Set by OSJ n/a n/a n/a n/a

Cetera Financial Institutions n/a n/a n/a n/a n/a n/a n/a n/a n/a

Cetera Financial Specialists n/a n/a n/a n/a n/a n/a n/a n/a n/a

Commonwealth Financial Network up to 95 up to 95 up to 95 up to 95 up to 100 up to 95 up to 100 up to 100 up to 100

Crown Capital Securities 85 - 92 85 - 92 85 - 92 85 - 92 85 - 92 85 - 92 90 - 92 n/a 90 - 92

First Allied Securities, Inc n/a n/a n/a n/a n/a n/a n/a n/a n/a

Founders Financial Securities Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 100 Up to 90

FSC Securities Corporation n/a n/a n/a n/a n/a n/a n/a n/a n/a

Geneos Wealth Management 93 93 93 93 95 93 95 95 95

H. Beck up to 95 up to 95 100 up to 95 100 up to 95 up to 95 up to 95 up to 95

H.D. Vest n/a n/a n/a n/a n/a n/a n/a n/a n/a

Hornor, Townsend & Kent n/a n/a n/a n/a n/a n/a n/a n/a n/a

Independent Financial Group 90-95 80-95 80-95 90-95 90-95 90-95 90-95 90-95 90-95

Investacorp n/a n/a n/a n/a n/a n/a n/a n/a n/a

Kestra Financial 65-95 65-95 65-95 65-95 96 65-95 65-96 65-96 65-96

KMS Financial Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

Kovack Securities 90 90 90 90 90 90 90 n/a 90

Lincoln Financial Network n/a n/a n/a n/a n/a n/a n/a n/a n/a

Lincoln Investment Group Holdings N/A N/A N/A N/A N/A N/A N/A N/A N/A

LPL Financial 90-98 75-91 75-91 90-98 90-98 90-98 90-98 n/a 90-98

M Holdings Securities 91 91 93 96 91 91 up to 95 up to 95 up to 95

MML Investors Services 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5

Northwestern Mutual Investment Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

PlanMember Securities up to 93 up to 93 up to 93 up to 93 100 up to 93 up to 93 up to 93 up to 93

Principal Securities Up to 95 Up to 95 Up to 95 Up to 95 Up to 87 Up to 95 Up to 95 N/A Up to 95

ProEquities up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92

Prospera Financial Services Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99

Raymond James Financial Services Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90

Royal Alliance Associates n/a n/a n/a n/a n/a n/a n/a n/a n/a

SagePoint Financial n/a n/a n/a n/a n/a n/a n/a n/a n/a

Securian Financial Services up to 95 up to 95 up to 95 up to 95 up to 93 n/a up to 95 up to 95 up to 95

Securities America Up to 95 Up to 95 Up to 95 Up to 95 Up to 100 Up to 95 Up to 95 Up to 95 Up to 95

Securities Service Network 95 95 95 95 100 85 95 n/a 95

SFA Partners 90-92 90-92 90-92 90-92 95 90-92 92-95 90-92 92-95

Summit Brokerage Services, Inc n/a n/a n/a n/a n/a n/a n/a n/a n/a

The Investment Center 90-93 85-90 85-90 90-93 90-100 90-93 90-93 n/a 90-93

The O.N. Equity Sales Company Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

Triad Advisors Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

United Planners Financial Services 90-95 90-95 90-95 90-95 90-95 90-95 90-95 n/a 90-95

Voya Financial Advisors Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

Waddell & Reed Financial Advisors up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94

Woodbury Financial Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

010_FP0000 10 7/19/19 5:11 PM


2019 2018 TOTAL REVENUE COMMISSION REVENUE FEE REVENUE OTHER REVENUE RANK RANK COMPANY $000 % CHANGE $000 % CHANGE $000 % CHANGE $000 % CHANGE

PAYOUT GRIDS MUTUAL STOCKS BONDS ANNUITIES INSURANCE ALTERNATIVES REP MGD. FIRM MGD. OUTSIDECOMPANY FUNDS % % % % % % % % MGD. %

Alden Securities n/a n/a n/a n/a n/a 80 n/a n/a n/a

American Portfolios Financial Services 90-95 90-95 90-95 90-95 90-95 90-95 90-95 90-95 90-95

Ameriprise Financial up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91 up to 91

Ameritas Investment 50-94 50-94 50-94 50-94 50-94 50-94 50-94 50-94 50-94

Arkadios Capital 92 90 90 90 90 90 90 n/a 92

AXA Advisors 50 - 90.62 50 - 90.62 50 - 90.62 50 - 91.75 50 - 91.75 50 - 90.62 50 - 90.62 50 - 90.62 50 - 90.62

Cadaret, Grant & Co. 90 90 90 90 92 90 90 90 90

Cambridge Investment Research Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100 Up to 100

Centaurus Financial up to 90 up to 90 up to 90 up to 90 up to 90 up to 90 up to 90 n/a up to 90

Cetera Advisor Networks Set by OSJ Set by OSJ n/a Set by OSJ Set by OSJ n/a n/a n/a n/a

Cetera Advisors Set by OSJ Set by OSJ n/a Set by OSJ Set by OSJ n/a n/a n/a n/a

Cetera Financial Institutions n/a n/a n/a n/a n/a n/a n/a n/a n/a

Cetera Financial Specialists n/a n/a n/a n/a n/a n/a n/a n/a n/a

Commonwealth Financial Network up to 95 up to 95 up to 95 up to 95 up to 100 up to 95 up to 100 up to 100 up to 100

Crown Capital Securities 85 - 92 85 - 92 85 - 92 85 - 92 85 - 92 85 - 92 90 - 92 n/a 90 - 92

First Allied Securities, Inc n/a n/a n/a n/a n/a n/a n/a n/a n/a

Founders Financial Securities Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 100 Up to 90

FSC Securities Corporation n/a n/a n/a n/a n/a n/a n/a n/a n/a

Geneos Wealth Management 93 93 93 93 95 93 95 95 95

H. Beck up to 95 up to 95 100 up to 95 100 up to 95 up to 95 up to 95 up to 95

H.D. Vest n/a n/a n/a n/a n/a n/a n/a n/a n/a

Hornor, Townsend & Kent n/a n/a n/a n/a n/a n/a n/a n/a n/a

Independent Financial Group 90-95 80-95 80-95 90-95 90-95 90-95 90-95 90-95 90-95

Investacorp n/a n/a n/a n/a n/a n/a n/a n/a n/a

Kestra Financial 65-95 65-95 65-95 65-95 96 65-95 65-96 65-96 65-96

KMS Financial Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

Kovack Securities 90 90 90 90 90 90 90 n/a 90

Lincoln Financial Network n/a n/a n/a n/a n/a n/a n/a n/a n/a

Lincoln Investment Group Holdings N/A N/A N/A N/A N/A N/A N/A N/A N/A

LPL Financial 90-98 75-91 75-91 90-98 90-98 90-98 90-98 n/a 90-98

M Holdings Securities 91 91 93 96 91 91 up to 95 up to 95 up to 95

MML Investors Services 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5 40 - 82.5

Northwestern Mutual Investment Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

PlanMember Securities up to 93 up to 93 up to 93 up to 93 100 up to 93 up to 93 up to 93 up to 93

Principal Securities Up to 95 Up to 95 Up to 95 Up to 95 Up to 87 Up to 95 Up to 95 N/A Up to 95

ProEquities up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92 up to 92

Prospera Financial Services Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99 Up to 99

Raymond James Financial Services Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90 Up to 90

Royal Alliance Associates n/a n/a n/a n/a n/a n/a n/a n/a n/a

SagePoint Financial n/a n/a n/a n/a n/a n/a n/a n/a n/a

Securian Financial Services up to 95 up to 95 up to 95 up to 95 up to 93 n/a up to 95 up to 95 up to 95

Securities America Up to 95 Up to 95 Up to 95 Up to 95 Up to 100 Up to 95 Up to 95 Up to 95 Up to 95

Securities Service Network 95 95 95 95 100 85 95 n/a 95

SFA Partners 90-92 90-92 90-92 90-92 95 90-92 92-95 90-92 92-95

Summit Brokerage Services, Inc n/a n/a n/a n/a n/a n/a n/a n/a n/a

The Investment Center 90-93 85-90 85-90 90-93 90-100 90-93 90-93 n/a 90-93

The O.N. Equity Sales Company Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

Triad Advisors Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

United Planners Financial Services 90-95 90-95 90-95 90-95 90-95 90-95 90-95 n/a 90-95

Voya Financial Advisors Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92 Up to 92

Waddell & Reed Financial Advisors up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94 up to 94

Woodbury Financial Services n/a n/a n/a n/a n/a n/a n/a n/a n/a

011_FP0000 11 7/19/19 5:11 PM



REPS & PRODUCTION

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

% OF REPS PRODUCING 2019 AVERAGE PAYOUT TOTAL PAYOUT $50K– $100K– $150K- $250K- RANK COMPANY $000 % CHANGE $000 % CHANGE <$50K $99K $149K $249K $499K >$500K

4 Commonwealth Financial Network 557 8.8 1,049,894 15.3

35 Geneos Wealth Management 408 19.8 114,645 18.1

3 Raymond James Financial Services 401 9.1 1,712,000 17.6

48 SFA Partners 329 0.1 41,125 0.1

37 Securities Service Network 316 13.5 105,094 6.5

28 M Holdings Securities 315 10.7 161,250 4.4

13 Kestra Financial 313 18.3 417,245 17.9

14 Waddell & Reed Financial Advisors 303 50.4 321,638 16.6

47 Prospera Financial Services 298 8.6 37,821 2.1

24 FSC Securities Corporation 289 26.2 247,354 16.8

39 KMS Financial Services 286 10.2 96,679 9.3

26 Triad Advisors 282 4.3 180,543 11.6

29 Independent Financial Group 276 30.6 148,783 28.3

8 Cambridge Investment Research 275 7.6 906,666 11.7

36 United Planners Financial Services 275 22.6 114,769 18.4

19 Securian Financial Services 259 9.3 288,000 7.1

50 Founders Financial Securities 258 11.3 19,614 12.8

9 Securities America 248 21.3 644,100 25.8

17 Woodbury Financial Services 246 25.8 289,166 34.0

27 American Portfolios Financial Services 227 15.2 156,576 14.2

16 SagePoint Financial 226 18.7 316,995 19.0

32 Centaurus Financial 221 4.3 140,732 6.0

30 Cadaret, Grant & Co. 220 11.8 135,824 4.7

22 Lincoln Investment Group Holdings 217 13.8 231,524 9.9

1 LPL Financial 197 12.4 3,177,576 19.0

42 Investacorp 191 13.4 90,156 12.5

15 Voya Financial Advisors 208 10.7 357,479 5.6

5 Northwestern Mutual Investment Services 172 16.9 870,083 18.4

46 The Investment Center 168 13.7 40,597 15.1

41 H. Beck 161 (4.7) 96,829 2.5

12 Royal Alliance Associates 160 (33.1) 495,096 30.8

44 Kovack Securities 155 5.5 62,937 8.2

43 PlanMember Securities 143 8.5 68,154 14.3

40 ProEquities 142 22.7 90,478 11.7

49 Crown Capital Securities 134 11.3 48,290 19.6

38 Hornor, Townsend & Kent 116 26.0 97,500 17.5

34 Ameritas Investment 114 16.0 113,581 12.5

6 MML Investors Services 110 32.2 922,669 29.1

45 The O.N. Equity Sales Company 105 27.4 66,295 25.6

18 H.D. Vest 81 18.0 252,052 7.2

51 Arkadios Capital n/a (51.4) n/a 0.0

52 Alden Securities n/a (31.7) n/a 0.0

2 Ameriprise Financial n/a n/a

7 AXA Advisors n/a n/a

10 Lincoln Financial Network n/a n/a

11 Cetera Advisor Networks n/a n/a

20 Cetera Advisors n/a n/a

21 Cetera Financial Institutions n/a n/a

23 Principal Securities n/a n/a

25 First Allied Securities, Inc n/a n/a

31 Cetera Financial Specialists n/a n/a

33 Summit Brokerage Services, Inc n/a n/a

1,428,928 200,000 200,000 2,258 4.0 1,885 6.0 n/a n/a 113 2,099 961

1,138,584 200,000 200,000 321 (1.2) 281 (1.4) 10 14 n/a n/a 115

1,454,563 300,000 300,000 6,433 7.7 4,269 7.8 420 302 n/a n/a 1,068

933,000 n/a n/a 165 0.0 125 0.0 8 10 10 155 52

1,016,191 75,000 75,000 397 (6.1) 333 (6.2) 18 40 5 2 106

1,204,500 n/a n/a 806 (2.9) 512 (5.7) n/a n/a n/a n/a 68

1,112,118 200,000 200,000 1,335 (0.3) 1,335 (0.3) 141 149 471 1,176 308

919,415 125,000 125,000 1,403 (4.4) 1,060 (22.5) n/a n/a n/a n/a 257

1,066,446 300,000 300,000 127 (5.9) 127 (5.9) 10 18 n/a 57 11

n/a n/a n/a 1,579 (7.7) 856 (7.5) n/a n/a n/a n/a n/a

928,011 100,000 100,000 452 0.9 338 (0.9) n/a n/a 34 232 85

611,829 n/a n/a 838 4.1 641 7.0 n/a n/a n/a n/a n/a

1,233,900 150,000 150,000 620 (0.8) 540 (1.8) 69 79 100 556 90

681,709 n/a n/a 4,155 5.0 3,296 3.8 417 343 582 2,647 806

787,570 75,000 75,000 510 (5.0) 418 (3.5) 20 35 53 365 108

764,176 n/a n/a 1,111 (2.0) 1,111 (2.0) n/a n/a n/a 944 221

542,000 50,000 50,000 76 1.3 76 1.3 3 2 n/a n/a 19

806,930 150,000 150,000 2,600 3.8 2,600 3.8 n/a n/a n/a 2,130 701

n/a n/a n/a 2,054 6.1 1,176 6.5 n/a n/a n/a n/a n/a

645,873 100,000 100,000 840 0.4 689 (0.9) 59 43 258 582 105


685,000 50,000 50,000 643 2.4 638 1.6 50 40 50 593 220

663,192 N/A N/A 777 (6.4) 618 (6.4) 63 116 284 493 132

772,765 40,000 40,000 1,440 (3.2) 1,069 (3.4) 68 93 629 809 203


588,550 100,000 75,000 543 (3.9) 472 (0.8) n/a n/a n/a n/a n/a

593,815 n/a n/a 2,276 (3.1) 1,717 (4.6) 101 165 n/a n/a 149

471,374 n/a n/a 7,892 (1.5) 5,069 1.3 n/a n/a n/a n/a n/a

385,000 100,000 100,000 291 2.1 241 1.3 20 4 n/a n/a 38

596,428 50,000 50,000 636 (8.2) 601 7.5 51 109 10 5 92


529,525 50,000 50,000 410 (1.2) 405 2.5 n/a n/a 127 298 79

n/a 35,000 35,000 478 5.3 478 5.3 57 33 n/a n/a n/a

458,208 n/a n/a 1,038 (4.1) 635 (8.9) n/a n/a n/a n/a n/a

405,108 50,000 50,000 377 1.6 361 7.4 37 31 45 107 82

468,338 35,000 35,000 1,018 (8.0) 841 (6.8) n/a n/a n/a n/a 82

460,939 10,000 10,000 1,327 (4.0) 999 (3.0) 94 260 542 457 n/a

393,111 n/a n/a 7,316 (5.2) 8,424 (2.4) 2,433 2,681 3,106 2,145 n/a

332,780 20,000 20,000 789 (5.7) 633 (1.4) 86 95 437 363 76

n/a 2,500,000 n/a 3,593 (10.2) 3,100 (9.2) n/a n/a n/a n/a n/a

n/a 500,000 500,000 45 125.0 35 105.9 18 n/a n/a n/a n/a

n/a 10,000 10,000 45 45.2 41 46.4 n/a n/a n/a n/a n/a


453,406 n/a n/a 4,757 1.0 4,406 1.8 n/a n/a n/a n/a 422

n/a n/a n/a 8,641 (3.2) 8,641 (3.2) n/a n/a n/a n/a n/a

n/a n/a n/a 2,866 (6.7) 2,398 (7.3) 201 389 n/a n/a n/a

n/a n/a n/a 1,289 (11.1) 1,160 (9.9) 27 154 n/a n/a n/a

n/a n/a n/a 1,905 7.7 1,781 7.7 510 383 n/a n/a n/a

n/a 25,000 25,000 1,782 0.8 1,547 (2.9) n/a n/a n/a n/a n/a

n/a n/a n/a 722 (4.4) 597 (4.9) n/a n/a n/a n/a n/a

n/a n/a n/a 1,178 (3.3) 1,096 (3.0) 57 91 n/a n/a n/a

n/a n/a n/a 472 (12.8) 421 (13.6) 4 70 n/a n/a n/a

AVERAGE PRODUCTION 2018 2017 TOTAL % PRODUCING % REPS REPS SERIES 6 SERIES 7 OF TOP 20% QUOTA QUOTA REPS CHANGE REPS CHANGE ADDED DROPPED REPS REPS CFPs

012_FP0000 12 7/19/19 5:11 PM


% OF REPS PRODUCING 2019 AVERAGE PAYOUT TOTAL PAYOUT $50K– $100K– $150K- $250K- RANK COMPANY $000 % CHANGE $000 % CHANGE <$50K $99K $149K $249K $499K >$500K

1,428,928 200,000 200,000 2,258 4.0 1,885 6.0 n/a n/a 113 2,099 961

1,138,584 200,000 200,000 321 (1.2) 281 (1.4) 10 14 n/a n/a 115

1,454,563 300,000 300,000 6,433 7.7 4,269 7.8 420 302 n/a n/a 1,068

933,000 n/a n/a 165 0.0 125 0.0 8 10 10 155 52

1,016,191 75,000 75,000 397 (6.1) 333 (6.2) 18 40 5 2 106

1,204,500 n/a n/a 806 (2.9) 512 (5.7) n/a n/a n/a n/a 68

1,112,118 200,000 200,000 1,335 (0.3) 1,335 (0.3) 141 149 471 1,176 308

919,415 125,000 125,000 1,403 (4.4) 1,060 (22.5) n/a n/a n/a n/a 257

1,066,446 300,000 300,000 127 (5.9) 127 (5.9) 10 18 n/a 57 11

n/a n/a n/a 1,579 (7.7) 856 (7.5) n/a n/a n/a n/a n/a

928,011 100,000 100,000 452 0.9 338 (0.9) n/a n/a 34 232 85

611,829 n/a n/a 838 4.1 641 7.0 n/a n/a n/a n/a n/a

1,233,900 150,000 150,000 620 (0.8) 540 (1.8) 69 79 100 556 90

681,709 n/a n/a 4,155 5.0 3,296 3.8 417 343 582 2,647 806

787,570 75,000 75,000 510 (5.0) 418 (3.5) 20 35 53 365 108

764,176 n/a n/a 1,111 (2.0) 1,111 (2.0) n/a n/a n/a 944 221

542,000 50,000 50,000 76 1.3 76 1.3 3 2 n/a n/a 19

806,930 150,000 150,000 2,600 3.8 2,600 3.8 n/a n/a n/a 2,130 701


645,873 100,000 100,000 840 0.4 689 (0.9) 59 43 258 582 105


685,000 50,000 50,000 643 2.4 638 1.6 50 40 50 593 220

663,192 N/A N/A 777 (6.4) 618 (6.4) 63 116 284 493 132

772,765 40,000 40,000 1,440 (3.2) 1,069 (3.4) 68 93 629 809 203


588,550 100,000 75,000 543 (3.9) 472 (0.8) n/a n/a n/a n/a n/a

593,815 n/a n/a 2,276 (3.1) 1,717 (4.6) 101 165 n/a n/a 149

471,374 n/a n/a 7,892 (1.5) 5,069 1.3 n/a n/a n/a n/a n/a

385,000 100,000 100,000 291 2.1 241 1.3 20 4 n/a n/a 38

596,428 50,000 50,000 636 (8.2) 601 7.5 51 109 10 5 92


529,525 50,000 50,000 410 (1.2) 405 2.5 n/a n/a 127 298 79

n/a 35,000 35,000 478 5.3 478 5.3 57 33 n/a n/a n/a

458,208 n/a n/a 1,038 (4.1) 635 (8.9) n/a n/a n/a n/a n/a

405,108 50,000 50,000 377 1.6 361 7.4 37 31 45 107 82

468,338 35,000 35,000 1,018 (8.0) 841 (6.8) n/a n/a n/a n/a 82

460,939 10,000 10,000 1,327 (4.0) 999 (3.0) 94 260 542 457 n/a

393,111 n/a n/a 7,316 (5.2) 8,424 (2.4) 2,433 2,681 3,106 2,145 n/a

332,780 20,000 20,000 789 (5.7) 633 (1.4) 86 95 437 363 76

n/a 2,500,000 n/a 3,593 (10.2) 3,100 (9.2) n/a n/a n/a n/a n/a

n/a 500,000 500,000 45 125.0 35 105.9 18 n/a n/a n/a n/a

n/a 10,000 10,000 45 45.2 41 46.4 n/a n/a n/a n/a n/a


453,406 n/a n/a 4,757 1.0 4,406 1.8 n/a n/a n/a n/a 422

n/a n/a n/a 8,641 (3.2) 8,641 (3.2) n/a n/a n/a n/a n/a

n/a n/a n/a 2,866 (6.7) 2,398 (7.3) 201 389 n/a n/a n/a

n/a n/a n/a 1,289 (11.1) 1,160 (9.9) 27 154 n/a n/a n/a

n/a n/a n/a 1,905 7.7 1,781 7.7 510 383 n/a n/a n/a

n/a 25,000 25,000 1,782 0.8 1,547 (2.9) n/a n/a n/a n/a n/a

n/a n/a n/a 722 (4.4) 597 (4.9) n/a n/a n/a n/a n/a

n/a n/a n/a 1,178 (3.3) 1,096 (3.0) 57 91 n/a n/a n/a

n/a n/a n/a 472 (12.8) 421 (13.6) 4 70 n/a n/a n/a

AVERAGE PRODUCTION 2018 2017 TOTAL % PRODUCING % REPS REPS SERIES 6 SERIES 7 OF TOP 20% QUOTA QUOTA REPS CHANGE REPS CHANGE ADDED DROPPED REPS REPS CFPs

013_FP0000 13 7/19/19 5:11 PM


SERVICES & FEES AFFILIATION ERRORS & OM. STANDARD REP MAX. INDIVIDUAL TICKET B-SHARE B-D FORGIV. TRUSTCOMPANY FEES $ INSURANCE DEDUCTIBLE $ COVERAGE CHARGE $ LIMIT $ EQUITY LOANS SVCS.

Alden Securities 4,000 Third party n/a n/a n/a

American Portfolios Financial Services 2,600 Third party 10,000 1,000,000 25+.01 pr shr

Ameriprise Financial n/a n/a n/a n/a n/a

Ameritas Investment 0-3000 Third party 5,000 2,500,000 0-30

Arkadios Capital n/a Third party n/a 2,000,000 n/a

AXA Advisors n/a n/a n/a n/a 0 - 26.50

Cadaret Grant 450 Third party 5,000 2,000,000 15.65+

Cambridge Investment Research n/a Third party 7,500 3,000,000 Negotiable

Centaurus Financial n/a Third party 5,000 1,500,000 0 to 50

Cetera Advisor Networks n/a Third party 10,000 n/a n/a

Cetera Advisors n/a Third party 10,000 n/a n/a

Cetera Financial Institutions n/a Third party 10,000 n/a n/a

Cetera Financial Specialists n/a Third party 10,000 n/a n/a

Commonwealth Financial Network n/a Third party 10,000 2,000,000 n/a

Crown Capital Securities n/a Third party 5,000 2,000,000 14885

First Allied Securities n/a Self 10,000 4,000,000 n/a

Founders Financial Securities None Third party n/a n/a Varies

FSC Securities n/a Third party n/a n/a 9

Geneos Wealth Management n/a Third party 10,000 5,000,000 15

H. Beck 6,480 Third party 5,000 2,000,000 17

HD Vest Financial Services n/a n/a n/a n/a n/a

Hornor Townsend & Kent 3,000 Third party n/a n/a 43628

Independent Financial Group 1,920 Third party 10,000 2,000,000 25

Investacorp 1,920 Third party n/a n/a n/a

Investment Center 4,500 Third party 4,999 10,000,000 0-18

Kestra Financial Varies Third party 25,000 2,000,000 Varies

KMS Financial Services 3,000 Third party 5,000 5,000,000 7 - 22

Kovack Securities n/a Third party 10,000 2,000,000 19.50

Lincoln Financial Network n/a n/a n/a n/a n/a

Lincoln Investment Group 1,320 Third party 5,000 2,000,000 varies

LPL Financial 1,200-2,100 Third party 10,000 n/a 0-50

M Holdings Securities n/a Third party n/a n/a 10-35

MML Investors Services None Third party 1,000 2,000,000 varies

Northwestern Mutual Investment Services n/a n/a n/a n/a n/a

O.N. Equity Sales 600 Third party 500 5,000,000 n/a

PlanMember Securities 1,000 Third party 5,000 1,000,000 varies

Principal Securities n/a Third party n/a n/a n/a

ProEquities 2,100 Third party 2,500 2,000,000 n/a

Prospera Financial Services 1,800 Third party 50,000 3,000,000 19.95

Raymond James Financial Services n/a Third party 5,000 2,000,000 No

Royal Alliance Associates n/a Third party n/a n/a 9

SagePoint Financial n/a Third party n/a n/a 9

Securian Financial Services n/a Third party 5,000 4,000,000 n/a

Securities America 5,100 Third party 5,000 5,000,000 0 to 35

Securities Service Network n/a n/a 10,000 25,000,000 n/a

SFA Partners N/A n/a 4,250 15,000,000 N/A

Summit Brokerage Services n/a Third party 10,000 4,000,000 n/a

Triad Advisors n/a Third party n/a n/a n/a

United Planners Financial Services 3,400 Third party 5,000 2,000,000 4.99

Voya Financial Advisors 2,460 n/a n/a n/a n/a

Waddell & Reed Financial Advisors 6,600 Self 5,000 250,000 2.00 to 20.00

Woodbury Financial Services n/a Third party n/a n/a n/a

YES NO

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

NETWORKS: COMPANIES

NETWORKS: REPS

NETWORKS: PRODUCT REVENUE

ADVISOR CETERA LADENBURG THALMANN REPS GROUP FINANCIAL GROUP FINANCIAL SERVICES

Total Reps% Change

Producing Reps% Change

Total Payout $% Change

Average Rep Payout $% Change

PRODUCT ADVISOR CETERA LADENBURG THALMANN REVENUE GROUP FINANCIAL GROUP FINANCIAL SERVICES

Total Commissions% Change

Mutual Funds% Change

Securities% Change

Annuities% Change

Insurance% Change

Alternatives% Change

Total Fee Revenue% Change

ADVISOR CETERA LADENBURG THALMANN COMPANY GROUP FINANCIAL GROUP FINANCIAL SERVICES

Headquarters

Website

Chief Executive

Parent Company

Broker-Dealers

Total BD Revenue $

% Change

Total BD Net Capital $

Total BD Net Excess Capital $


014_FP0000 14 7/19/19 5:11 PM


AFFILIATION ERRORS & OM. STANDARD REP MAX. INDIVIDUAL TICKET B-SHARE B-D FORGIV. TRUSTCOMPANY FEES $ INSURANCE DEDUCTIBLE $ COVERAGE CHARGE $ LIMIT $ EQUITY LOANS SVCS.

NETWORKS: COMPANIES

NETWORKS: REPS

NETWORKS: PRODUCT REVENUE

ADVISOR CETERA LADENBURG THALMANN REPS GROUP FINANCIAL GROUP FINANCIAL SERVICES

Total Reps% Change

Producing Reps% Change

Total Payout $% Change

Average Rep Payout $% Change

11,79733.1

6,51830.2

1,348,611,97925.7

230,4287.8

8,432(4.2)

7,453(4.1)

n/an/a

n/an/a

4,8301.7

4,3842.5

1,116,572,38818.6

264,40612.0

PRODUCT ADVISOR CETERA LADENBURG THALMANN REVENUE GROUP FINANCIAL GROUP FINANCIAL SERVICES

Total Commissions% Change

Mutual Funds% Change

Securities% Change

Annuities% Change

Insurance% Change

Alternatives% Change

Total Fee Revenue% Change

778,725,92514.0

298,042,16115.9

35,166,06691.8

435,182,35717.2

n/an/a

3,289,927(40.4)

598,802,40627.7

888,122,3723.4

n/an/a

n/an/a

n/an/a

n/an/a

n/an/a

667,593,5207.9

546,087,42015.1

286,768,12013.3

20,891,196(0.8)

155,919,74125.5

n/an/a

2,904,233(41.4)

679,723,11923.7

ADVISOR CETERA LADENBURG THALMANN COMPANY GROUP FINANCIAL GROUP FINANCIAL SERVICES

Headquarters

Website

Chief Executive

Parent Company

Broker-Dealers

Total BD Revenue $

% Change

Total BD Net Capital $

Total BD Net Excess Capital $

Phoenix, AZ

www.advisorgroup.com

Jamie Price

Advisor Group, Inc.

Royal Alliance AssociatesSagePoint Financial

Woodbury Financial ServicesFSC Securities Corporation

1,688,786,435

21.19

n/a

n/a

El Segundo, California

www.cetera.com

Ben Brigeman

Cetera Advisor NetworksCetera Advisors

Cetera Financial Institutions First Allied Securities, Inc

Cetera Financial SpecialistsSummit Brokerage Services, Inc

1,878,146,837

7.79

n/a

n/a

Miami, Florida

www.ladenburg.com

Richard Lampen

Ladenburg Thalmann Financial Services

Securities AmericaTriad Advisors

Securities Service NetworkKMS Financial Services

Investacorp

1,380,817,870

21.13

43,451,731

33,767,761

015_FP0000 15 7/19/19 5:11 PM

of promoting diverse advisors and executives. To reach these new objectives, Securities America has rolled out three key initiatives focused on female advisors, the next generation of advisors who are under age 40, as well as a mentoring program for new recruits. In terms of the women’s initiative, 29% of advisors at the B-D are women. The company began making strides in this area as early as 2008 when it started a “women’s summit” to brainstorm ideas of how to grow women led businesses as well as how to bring in new female advisors. This summit was so successful over the years that in 2012, along with their corporate parent, Ladenburg, the company helped create the Ladenburg Institute of Women and Finance. The Institute includes an annual women’s symposium, educational and business building webinars and a mentoring program for younger female advisors, known as the LIFT program. “Additionally, we do extensive mentoring ourselves, with our female executives conducting meetings with women throughout the company,” Johnson says. These efforts are not just targeted at advisors: corporate employees at the broker-dealer are included as well. The B-D has several interlinked initiatives focused on fostering – and retaining – younger talent. Johnson cites a statistic that only 10% of new advisors are in the business after 5 years. To this end, earlier this year the B-D rolled out an “RIA only platform,” to better support young advisors who

don’t yet have a securities license but want to start working on the advisory side. Additionally, Securities America’s NxG Conference, billed as “not your parents’ conference” provides networking and breakout sessions for next-generation advisors, those under 40. Johnson says advisors who attended the conference saw a 14.5% increase in fees and commission in the year following the conference. “This is a number we would like to replicate,” he says. “NxG shows what happens when you bring like-minded advisors together. Creative discussions take place.” The company also offers “Link to the Future,” a scholarship program for the college age students of current advisors as well as other university students that allows them to attend a corporate conference. Students are paired with an advisor, inspiring them to consider the industry as a career choice. “As an industry we need to look for ways to bring new people into the industry and to make those already in the business more successful,” Johnson says. These topics are at the forefront of all corporate strategic planning discussions. These new initiatives designed to address recruitment and business growth are professionally important to Johnson, but they have had a personal impact as well. His middle daughter, through “Link to the Future” conference scholarships, found a mentor who was a Securities America Advisor. The result, now that she has graduated from college: “she will start working as an associate advisor next month,” Johnson says. “We are getting the message out about what it truly is to be a financial advisor.” ■

“As an industry we need to look for ways to bring new people into the industry and to make those already in the business more successful.”

Gregg JohnsonEVP of Branch Office

Development and Acquisitions, Securities America

Continued from page 6


016_FP0000 16 7/19/19 5:49 PM


CLIENTS & ACCOUNTS ASSET BREAKOUT % QUALI- 2019 TOTAL ACCOUNT ASSETS $50K– $100K– ACTIVE ACCOUNTS FIED RANK COMPANY $000 % CHANGE <$50K $99K $249K >$250K TOTAL % CHANGE ACCTS.

1 LPL Financial 628,066,886 2.1

3 Raymond James Financial Services 327,099,000 15.6

6 MML Investors Services 181,600,000 (8.7)

4 Commonwealth Financial Network 161,053,212 3.2

7 AXA Advisors 130,050,400 (4.8)

5 Northwestern Mutual Investment Services 127,929,800 2.2

12 Royal Alliance Associates 103,276,801 55.1

8 Cambridge Investment Research 93,145,840 (1.2)

9 Securities America 86,100,000 (0.9)

11 Cetera Advisor Networks 80,744,232 (10.6)

13 Kestra Financial 77,348,772 2.0

23 Principal Securities 53,859,077 (0.8)

14 Waddell & Reed Financial Advisors 51,266,000 (9.6)

15 Voya Financial Advisors 49,711,145 (5.3)

28 M Holdings Securities 49,000,000 34.2

17 Woodbury Financial Services 45,342,012 17.6

16 SagePoint Financial 44,990,416 (1.6)

18 H.D. Vest 42,249,055 (4.4)

21 Cetera Financial Institutions 41,059,297 8.8

24 FSC Securities Corporation 36,628,145 (5.6)

20 Cetera Advisors 36,016,058 (12.5)

22 Lincoln Investment Group Holdings 33,650,011 14.6

19 Securian Financial Services 33,436,684 (5.7)

25 First Allied Securities, Inc 29,129,808 (8.1)

10 Lincoln Financial Network 27,681,000 (3.2)

29 Independent Financial Group 26,955,500 43.9

26 Triad Advisors 26,432,483 2.4

27 American Portfolios Financial Services 24,571,392 (0.3)

34 Ameritas Investment 20,659,816 (4.0)

31 Cetera Financial Specialists 19,778,399 (12.0)

38 Hornor, Townsend & Kent 16,500,000 1.5

36 United Planners Financial Services 16,461,908 10.7

39 KMS Financial Services 16,400,000 (8.4)

40 ProEquities 16,000,000 0.0

33 Summit Brokerage Services, Inc 15,336,488 (13.3)

41 H. Beck 14,754,383 (3.9)

42 Investacorp 14,635,897 (1.4)

37 Securities Service Network 14,619,545 3.9

35 Geneos Wealth Management 13,512,644 14.8

44 Kovack Securities 11,481,300 8.2

43 PlanMember Securities 11,000,000 10.0

45 The O.N. Equity Sales Company 9,951,992 (2.4)

47 Prospera Financial Services 7,700,000 9.1

30 Cadaret, Grant & Co. 7,697,729 (11.5)

46 The Investment Center 6,889,978 9.4

50 Founders Financial Securities 2,805,763 0.2

51 Arkadios Capital 1,100,000 214.3

49 Crown Capital Securities 695,522 7.1

52 Alden Securities 145,000 262.5

48 SFA Partners 2,488 1.0

2 Ameriprise Financial n/a

32 Centaurus Financial n/a

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

5,436,578 13.9 n/a

1,748,023 8.0 52

2,569,071 22.3 54

985,295 3.1 57

3,578,773 (8.5) n/a

n/a n/a

974,000 53.4 n/a

993,109 8.3 n/a

1,240,000 7.0 56

874,557 (5.5) n/a

n/a n/a

108,600 2.0 n/a

381,643 (4.9) n/a

723,893 3.4 70

65,295 0.7 n/a

697,000 32.6 n/a

661,000 7.7 n/a

n/a n/a

616,256 10.1 n/a

n/a n/a

419,112 (6.1) n/a

527,463 29.5 73

612,601 (2.3) n/a

276,004 (4.8) n/a

n/a n/a

148,783 15.5 n/a

n/a n/a

278,023 6.3 38

237,000 (10.9) n/a

274,548 (5.9) n/a

n/a n/a

240,000 1.3 n/a

178,752 5.3 66

n/a n/a

163,327 (2.7) n/a

45,378 17.3 n/a

n/a n/a

152,765 (0.8) n/a

90,565 (18.5) 55

89,500 2.5 42

210,000 5.0 n/a

198,476 (6.8) 57

30,000 0.0 50

49,075 (4.4) 57

n/a n/a

31,000 6.9 n/a

6,000 71.4 n/a

n/a n/a

n/a n/a

n/a 56

n/a n/a

n/a n/a

017_FP0000 17 7/19/19 5:11 PM



1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

1 LPL Financial 1,919,694 14.9 616,445 15.3 207,391 13.2 84,822 122,569 n/a

2 Ameriprise Financial 1,209,817 0.8 519,952 (4.4) n/a n/a n/a n/a

6 MML Investors Services 678,229 1.9 181,967 (4.0) 5,286 (11.9) 4,372 914 n/a

3 Raymond James Financial Services 677,000 0.9 326,000 (3.3) 105,000 2.9 78,000 27,000 n/a

7 AXA Advisors 633,209 13.7 63,525 0.3 12,976 42.6 4,301 8,675 n/a

10 Lincoln Financial Network 495,292 2.4 67,954 (5.9) n/a n/a n/a n/a

5 Northwestern Mutual Investment Services 326,722 4.6 n/a n/a n/a n/a n/a

9 Securities America 311,500 20.9 229,410 16.8 13,000 5.7 11,600 1,400 n/a

8 Cambridge Investment Research 283,417 9.1 82,758 7.2 14,911 0.1 8,713 3,898 2,301

11 Cetera Advisor Networks 269,088 6.2 n/a n/a n/a n/a n/a

15 Voya Financial Advisors 253,207 (2.7) 67,569 (13.0) 4,548 (16.0) 4,059 489 n/a

12 Royal Alliance Associates 241,996 23.2 134,522 29.1 6,424 18.4 5,763 661 n/a

4 Commonwealth Financial Network 234,491 (3.3) 74,812 (12.9) 13,095 (3.3) 7,095 2,976 3,025

23 Principal Securities 234,181 0.8 65,629 1.9 3,552 13.9 2,885 102 564

21 Cetera Financial Institutions 216,831 16.1 n/a n/a n/a n/a n/a

17 Woodbury Financial Services 207,493 16.2 50,429 19.3 4,565 55.4 2,820 1,745 n/a

13 Kestra Financial 195,630 4.3 48,534 (6.0) 6,880 7.9 3,614 1,825 1,440

16 SagePoint Financial 191,413 6.2 68,391 4.9 5,750 2.5 4,827 923 n/a

19 Securian Financial Services 190,107 2.2 27,663 1.8 1,103 11.2 851 252 n/a

18 H.D. Vest 164,200 2.5 n/a n/a n/a n/a n/a

14 Waddell & Reed Financial Advisors 158,899 (0.8) n/a n/a n/a n/a n/a

28 M Holdings Securities 144,659 5.1 4,203 (26.9) 426 4.8 373 53 n/a

20 Cetera Advisors 143,423 (5.2) n/a n/a n/a n/a n/a

24 FSC Securities Corporation 137,825 7.6 44,700 (1.7) 18,427 322.1 18,099 327 n/a

25 First Allied Securities, Inc 116,300 (2.8) n/a n/a n/a n/a n/a

32 Centaurus Financial 114,446 3.8 17,809 (1.5) 13,575 84.7 6,772 4,686 2,117

22 Lincoln Investment Group Holdings 112,537 4.0 56,367 3.2 360 (31.4) 365 55 -60

30 Cadaret, Grant & Co. 112,011 2.4 n/a n/a n/a n/a n/a

27 American Portfolios Financial Services 109,147 10.3 30,777 3.0 9,310 (9.0) 6,697 1,142 1,470

29 Independent Financial Group 89,475 15.7 16,643 1.9 5,316 18.7 2,884 1,982 450

38 Hornor, Townsend & Kent 82,000 12.3 n/a n/a n/a n/a n/a

33 Summit Brokerage Services, Inc 80,437 (8.1) n/a n/a n/a n/a n/a

34 Ameritas Investment 80,000 (1.7) 33,800 7.6 3,800 (42.4) 1,100 2,700 n/a

26 Triad Advisors 76,202 12.5 13,802 1.8 3,844 (11.7) 2,811 978 54

41 H. Beck 72,811 (2.3) 29,941 4.1 5,320 17.7 3,007 2,291 22

40 ProEquities 72,402 8.4 8,723 (3.0) 4,491 0.5 1,600 2,892 n/a

45 The O.N. Equity Sales Company 63,729 23.7 17,858 8.9 1,459 (0.9) 1,253 206 n/a

42 Investacorp 62,044 8.4 n/a n/a n/a n/a n/a

31 Cetera Financial Specialists 62,043 2.4 n/a n/a n/a n/a n/a

36 United Planners Financial Services 51,745 7.4 11,873 5.3 2,315 125.8 1,325 726 264

37 Securities Service Network 49,628 2.8 19,159 (5.3) 1,975 (5.8) 1,796 71 109

39 KMS Financial Services 46,712 6.8 24,397 6.6 2,072 (9.8) 495 586 991

44 Kovack Securities 41,260 10.7 11,031 11.3 8,586 10.4 4,976 1,440 2,170

35 Geneos Wealth Management 33,537 (17.4) 3,380 22.7 606 9.3 459 147 n/a

49 Crown Capital Securities 33,311 11.4 10,916 9.2 1,707 78.2 1,071 152 484

46 The Investment Center 28,696 (2.0) 10,566 (4.6) 6,405 (21.3) 3,741 106 2,558

43 PlanMember Securities 25,106 (0.8) 5,349 (16.3) n/a n/a n/a n/a

47 Prospera Financial Services 23,988 (6.4) 6,835 11.2 7,672 (20.3) 2,880 4,792 n/a

48 SFA Partners 16,418 (1.3) 4,544 4.3 298 9.7 242 11 45

51 Arkadios Capital 7,500 114.3 n/a n/a n/a n/a n/a

50 Founders Financial Securities 6,119 2.3 n/a n/a n/a n/a n/a

52 Alden Securities 396 (12.9) n/a n/a n/a n/a n/a

COMMISSION PRODUCT REVENUE 2019 COMMISSION REV. MUTUAL FUND REV. SECURITIES REV. STOCK REV. BOND REV. ETF REV. RANK COMPANY $000 % CHANGE $000 % CHANGE $000 % CHANGE $000 $000s $000

VARIABLE FIXED L-T LIFE & ALTERNATIVES ALTERNATIVES ANNUITIES REV. ANNUITIES REV. ANNUITIES ANNUITIES INSURANCE REV. INSURANCE REV. CARE DISABILITY REVENUE REVENUE REITs $000 % CHANGE REV. $000 REV. $000 $000 % CHANGE REV. $000 REV. $000 $000 % CHANGE REV. $000

999,690 17.1 786,052 178,096 71,224 (0.2) n/a n/a 24,016 (11.4) n/a

443,903 4.3 n/a n/a 120,752 1.8 n/a n/a n/a n/a

438,985 5.6 438,013 973 34,866 (10.7) 477 n/a 4,562 10.1 n/a

220,000 8.9 176,000 44,000 17,000 21.4 n/a n/a n/a n/a

437,933 17.4 437,933 n/a 115,532 8.8 n/a n/a 2,653 (44.7) 208

171,280 0.7 n/a n/a 224,318 7.8 n/a n/a 8,291 6.7 n/a

n/a n/a n/a n/a n/a n/a n/a n/a

61,765 45.7 51,200 10,565 5,600 16.7 n/a n/a 1,560 (4.3) 1,318

158,376 12.3 119,178 1,351 9,326 3.1 n/a n/a 8,026 (1.9) 2,591


161,131 7.2 131,159 29,972 15,799 (30.5) n/a n/a n/a 2,358

134,522 29.1 117,928 1,753 n/a n/a n/a n/a n/a

118,865 3.8 113,596 5,269 19,975 5.7 n/a n/a 5,243 (12.3) 4,927

70,432 (6.9) 48,121 n/a 25,121 44.8 n/a n/a n/a n/a


131,696 19.2 108,251 2,682 15,217 (4.5) n/a n/a n/a n/a

101,666 6.5 94,182 7,484 37,464 25.7 n/a n/a 1,135 (30.3) 1,984

103,793 10.9 83,866 1,760 n/a n/a n/a n/a n/a

72,496 9.3 52,322 2,795 88,787 (3.0) 1,319 n/a 58 52.6 n/a



15,692 (7.8) 10,315 1,326 123,982 9.0 n/a n/a 225 (25.9) n/a


65,171 3.4 63,962 1,210 n/a n/a n/a 3,290 (40.4) n/a


66,146 7.1 42,074 24,073 5,554 25.9 695 n/a n/a 11,286

70,784 6.8 59,985 2,923 2,866 (2.1) 573 n/a 293 (32.5) 352


45,690 6.7 41,978 1,624 776 (3.0) 2 n/a 569 (12.2) 1,597

48,927 42.2 41,454 3,507 1,365 (11.3) 145 n/a 12,665 66.7 4,524



24,600 (5.0) 21,300 n/a 15,600 1.3 n/a n/a 1,100 57.1 400

46,318 20.3 43,118 3,201 1,611 (43.5) n/a n/a 927 (67.6) 4,510

37,443 (2.9) 33,991 312 1,385 6.9 800 n/a 350 (52.1) 350

10,967 8,755 2,212 10,116 n/a n/a n/a 844

41,897 34.0 27,571 14,325 n/a n/a n/a 462 51.7 613



32,980 23.7 29,022 3,958 2,936 43.2 n/a n/a 660 28.7 983

27,674 11.1 24,238 505 192 (5.9) n/a n/a 417 (8.6) 199

20,163 9.2 17,094 3,068 34 (25.9) 7 n/a n/a (100.0) 34

19,035 11.9 15,850 3,185 30 15.2 n/a n/a 166 (11.6) 166

11,969 34.2 9,201 1,142 n/a n/a n/a 98 (77.6) 179

14,690 10.5 14,081 483 883 76.8 n/a n/a 3,478 17.3 1,449

9,985 16.0 9,644 341 808 (17.5) n/a n/a n/a (100.0) n/a

n/a n/a n/a n/a n/a n/a 247 (0.8) n/a

7,002 3.3 6,877 135 257 380.7 n/a n/a 185 280.5 109

6,141 3.2 5,591 340 805 (10.5) 48 n/a 8,000 (3.2) n/a




018_FP0000 18 7/19/19 5:11 PM


1 LPL Financial 1,919,694 14.9 616,445 15.3 207,391 13.2 84,822 122,569 n/a

2 Ameriprise Financial 1,209,817 0.8 519,952 (4.4) n/a n/a n/a n/a

6 MML Investors Services 678,229 1.9 181,967 (4.0) 5,286 (11.9) 4,372 914 n/a

3 Raymond James Financial Services 677,000 0.9 326,000 (3.3) 105,000 2.9 78,000 27,000 n/a

7 AXA Advisors 633,209 13.7 63,525 0.3 12,976 42.6 4,301 8,675 n/a

10 Lincoln Financial Network 495,292 2.4 67,954 (5.9) n/a n/a n/a n/a

5 Northwestern Mutual Investment Services 326,722 4.6 n/a n/a n/a n/a n/a

9 Securities America 311,500 20.9 229,410 16.8 13,000 5.7 11,600 1,400 n/a

8 Cambridge Investment Research 283,417 9.1 82,758 7.2 14,911 0.1 8,713 3,898 2,301

11 Cetera Advisor Networks 269,088 6.2 n/a n/a n/a n/a n/a

15 Voya Financial Advisors 253,207 (2.7) 67,569 (13.0) 4,548 (16.0) 4,059 489 n/a

12 Royal Alliance Associates 241,996 23.2 134,522 29.1 6,424 18.4 5,763 661 n/a

4 Commonwealth Financial Network 234,491 (3.3) 74,812 (12.9) 13,095 (3.3) 7,095 2,976 3,025

23 Principal Securities 234,181 0.8 65,629 1.9 3,552 13.9 2,885 102 564

21 Cetera Financial Institutions 216,831 16.1 n/a n/a n/a n/a n/a

17 Woodbury Financial Services 207,493 16.2 50,429 19.3 4,565 55.4 2,820 1,745 n/a

13 Kestra Financial 195,630 4.3 48,534 (6.0) 6,880 7.9 3,614 1,825 1,440

16 SagePoint Financial 191,413 6.2 68,391 4.9 5,750 2.5 4,827 923 n/a

19 Securian Financial Services 190,107 2.2 27,663 1.8 1,103 11.2 851 252 n/a

18 H.D. Vest 164,200 2.5 n/a n/a n/a n/a n/a

14 Waddell & Reed Financial Advisors 158,899 (0.8) n/a n/a n/a n/a n/a

28 M Holdings Securities 144,659 5.1 4,203 (26.9) 426 4.8 373 53 n/a

20 Cetera Advisors 143,423 (5.2) n/a n/a n/a n/a n/a

24 FSC Securities Corporation 137,825 7.6 44,700 (1.7) 18,427 322.1 18,099 327 n/a

25 First Allied Securities, Inc 116,300 (2.8) n/a n/a n/a n/a n/a

32 Centaurus Financial 114,446 3.8 17,809 (1.5) 13,575 84.7 6,772 4,686 2,117

22 Lincoln Investment Group Holdings 112,537 4.0 56,367 3.2 360 (31.4) 365 55 -60

30 Cadaret, Grant & Co. 112,011 2.4 n/a n/a n/a n/a n/a

27 American Portfolios Financial Services 109,147 10.3 30,777 3.0 9,310 (9.0) 6,697 1,142 1,470

29 Independent Financial Group 89,475 15.7 16,643 1.9 5,316 18.7 2,884 1,982 450

38 Hornor, Townsend & Kent 82,000 12.3 n/a n/a n/a n/a n/a

33 Summit Brokerage Services, Inc 80,437 (8.1) n/a n/a n/a n/a n/a

34 Ameritas Investment 80,000 (1.7) 33,800 7.6 3,800 (42.4) 1,100 2,700 n/a

26 Triad Advisors 76,202 12.5 13,802 1.8 3,844 (11.7) 2,811 978 54

41 H. Beck 72,811 (2.3) 29,941 4.1 5,320 17.7 3,007 2,291 22

40 ProEquities 72,402 8.4 8,723 (3.0) 4,491 0.5 1,600 2,892 n/a

45 The O.N. Equity Sales Company 63,729 23.7 17,858 8.9 1,459 (0.9) 1,253 206 n/a

42 Investacorp 62,044 8.4 n/a n/a n/a n/a n/a

31 Cetera Financial Specialists 62,043 2.4 n/a n/a n/a n/a n/a

36 United Planners Financial Services 51,745 7.4 11,873 5.3 2,315 125.8 1,325 726 264

37 Securities Service Network 49,628 2.8 19,159 (5.3) 1,975 (5.8) 1,796 71 109

39 KMS Financial Services 46,712 6.8 24,397 6.6 2,072 (9.8) 495 586 991

44 Kovack Securities 41,260 10.7 11,031 11.3 8,586 10.4 4,976 1,440 2,170

35 Geneos Wealth Management 33,537 (17.4) 3,380 22.7 606 9.3 459 147 n/a

49 Crown Capital Securities 33,311 11.4 10,916 9.2 1,707 78.2 1,071 152 484

46 The Investment Center 28,696 (2.0) 10,566 (4.6) 6,405 (21.3) 3,741 106 2,558

43 PlanMember Securities 25,106 (0.8) 5,349 (16.3) n/a n/a n/a n/a

47 Prospera Financial Services 23,988 (6.4) 6,835 11.2 7,672 (20.3) 2,880 4,792 n/a

48 SFA Partners 16,418 (1.3) 4,544 4.3 298 9.7 242 11 45

51 Arkadios Capital 7,500 114.3 n/a n/a n/a n/a n/a

50 Founders Financial Securities 6,119 2.3 n/a n/a n/a n/a n/a

52 Alden Securities 396 (12.9) n/a n/a n/a n/a n/a

2019 COMMISSION REV. MUTUAL FUND REV. SECURITIES REV. STOCK REV. BOND REV. ETF REV. RANK COMPANY $000 % CHANGE $000 % CHANGE $000 % CHANGE $000 $000s $000

VARIABLE FIXED L-T LIFE & ALTERNATIVES ALTERNATIVES ANNUITIES REV. ANNUITIES REV. ANNUITIES ANNUITIES INSURANCE REV. INSURANCE REV. CARE DISABILITY REVENUE REVENUE REITs $000 % CHANGE REV. $000 REV. $000 $000 % CHANGE REV. $000 REV. $000 $000 % CHANGE REV. $000

999,690 17.1 786,052 178,096 71,224 (0.2) n/a n/a 24,016 (11.4) n/a

443,903 4.3 n/a n/a 120,752 1.8 n/a n/a n/a n/a

438,985 5.6 438,013 973 34,866 (10.7) 477 n/a 4,562 10.1 n/a

220,000 8.9 176,000 44,000 17,000 21.4 n/a n/a n/a n/a

437,933 17.4 437,933 n/a 115,532 8.8 n/a n/a 2,653 (44.7) 208

171,280 0.7 n/a n/a 224,318 7.8 n/a n/a 8,291 6.7 n/a


61,765 45.7 51,200 10,565 5,600 16.7 n/a n/a 1,560 (4.3) 1,318

158,376 12.3 119,178 1,351 9,326 3.1 n/a n/a 8,026 (1.9) 2,591


161,131 7.2 131,159 29,972 15,799 (30.5) n/a n/a n/a 2,358

134,522 29.1 117,928 1,753 n/a n/a n/a n/a n/a

118,865 3.8 113,596 5,269 19,975 5.7 n/a n/a 5,243 (12.3) 4,927

70,432 (6.9) 48,121 n/a 25,121 44.8 n/a n/a n/a n/a


131,696 19.2 108,251 2,682 15,217 (4.5) n/a n/a n/a n/a

101,666 6.5 94,182 7,484 37,464 25.7 n/a n/a 1,135 (30.3) 1,984

103,793 10.9 83,866 1,760 n/a n/a n/a n/a n/a

72,496 9.3 52,322 2,795 88,787 (3.0) 1,319 n/a 58 52.6 n/a



15,692 (7.8) 10,315 1,326 123,982 9.0 n/a n/a 225 (25.9) n/a


65,171 3.4 63,962 1,210 n/a n/a n/a 3,290 (40.4) n/a


66,146 7.1 42,074 24,073 5,554 25.9 695 n/a n/a 11,286

70,784 6.8 59,985 2,923 2,866 (2.1) 573 n/a 293 (32.5) 352


45,690 6.7 41,978 1,624 776 (3.0) 2 n/a 569 (12.2) 1,597

48,927 42.2 41,454 3,507 1,365 (11.3) 145 n/a 12,665 66.7 4,524



24,600 (5.0) 21,300 n/a 15,600 1.3 n/a n/a 1,100 57.1 400

46,318 20.3 43,118 3,201 1,611 (43.5) n/a n/a 927 (67.6) 4,510

37,443 (2.9) 33,991 312 1,385 6.9 800 n/a 350 (52.1) 350

10,967 8,755 2,212 10,116 n/a n/a n/a 844

41,897 34.0 27,571 14,325 n/a n/a n/a 462 51.7 613



32,980 23.7 29,022 3,958 2,936 43.2 n/a n/a 660 28.7 983

27,674 11.1 24,238 505 192 (5.9) n/a n/a 417 (8.6) 199

20,163 9.2 17,094 3,068 34 (25.9) 7 n/a n/a (100.0) 34

19,035 11.9 15,850 3,185 30 15.2 n/a n/a 166 (11.6) 166

11,969 34.2 9,201 1,142 n/a n/a n/a 98 (77.6) 179

14,690 10.5 14,081 483 883 76.8 n/a n/a 3,478 17.3 1,449

9,985 16.0 9,644 341 808 (17.5) n/a n/a n/a (100.0) n/a

n/a n/a n/a n/a n/a n/a 247 (0.8) n/a

7,002 3.3 6,877 135 257 380.7 n/a n/a 185 280.5 109

6,141 3.2 5,591 340 805 (10.5) 48 n/a 8,000 (3.2) n/a




019_FP0000 19 7/19/19 5:11 PM


20Broker-Dealer Guide / SourceMedia Marketing Solutions Group 21

FEE-BASED REVENUE

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

% REPS 2019 FEE REV. $000S REVENUE FROM % OF FEE FEE ASSETS ON PLAT- RANK COMPANY $000 % CHANGE REPS FIRM OUTSIDE BUSINESS $000 FORM

2 Ameriprise Financial 2,638,805 13.1 n/a n/a n/a 0.55 n/a 100

1 LPL Financial 1,793,493 27.3 n/a n/a n/a 0.35 282,035,669 n/a

3 Raymond James Financial Services 1,314,000 26.0 884,000 418,000 12,000 0.55 170,980,000 94

4 Commonwealth Financial Network 976,196 22.3 849,182 88,421 38,593 0.68 85,220,000 97

6 Northwestern Mutual Investment Services 786,939 25.2 n/a n/a n/a 0.65 n/a 52

8 Cambridge Investment Research 509,612 10.8 325,601 53,970 115,647 0.56 50,621,378 91

6 MML Investors Services 443,747 16.6 100,238 n/a 343,508 0.39 41,800,000 73

9 Securities America 402,050 28.1 256,000 n/a 141,950 0.50 39,200,000 82

13 Kestra Financial 303,041 23.4 184,584 12,364 86,052 0.55 24,599,096 69

14 Waddell & Reed Financial Advisors 259,864 10.5 n/a n/a n/a 0.50 21,206,979 97

12 Royal Alliance Associates 255,654 24.6 n/a n/a n/a 0.42 25,565,419 61

11 Cetera Advisor Networks 247,597 5.4 n/a n/a n/a 0.40 22,565,594 44

7 AXA Advisors 237,451 22.2 n/a n/a 233,113 0.26 24,589,900 n/a

10 Lincoln Financial Network 217,747 13.4 n/a n/a n/a 0.28 n/a n/a

22 Lincoln Investment Group Holdings 199,932 12.3 70,756 108,677 20,499 0.59 15,751,553 95

15 Voya Financial Advisors 170,595 15.8 101,177 45,137 24,282 0.37 15,424,541 68

20 Cetera Advisors 164,802 8.2 n/a n/a n/a 0.45 13,301,198 53

18 H.D. Vest 164,354 12.8 n/a n/a n/a 0.44 n/a 100

16 SagePoint Financial 136,968 25.5 n/a n/a n/a 0.34 10,918,055 61

19 Securian Financial Services 136,121 13.0 83,337 7,413 34,068 0.37 14,499,461 82

26 Triad Advisors 124,066 24.2 n/a n/a n/a 0.56 17,213,592 28

27 American Portfolios Financial Services 109,064 19.6 78,635 3,292 27,137 0.50 9,333,807 64

24 FSC Securities Corporation 108,596 17.9 108,596 n/a n/a 0.36 26,628,145 69

17 Woodbury Financial Services 97,584 56.4 n/a n/a n/a 0.26 9,758,381 68

35 Geneos Wealth Management 94,182 40.1 45,511 37,183 15,475 0.71 8,093,197 100

23 Principal Securities 80,468 22.4 47,061 22,596 9,950 0.25 7,670,786 64

25 First Allied Securities, Inc 79,358 5.9 n/a n/a n/a 0.33 11,073,710 n/a

31 Cetera Financial Specialists 78,914 12.2 n/a n/a n/a 0.50 7,500,869 79

36 United Planners Financial Services 76,595 22.0 53,616 n/a 22,978 0.58 7,650,000 98

29 Independent Financial Group 73,559 44.1 29,198 18,618 22,903 0.42 6,837,566 69

43 PlanMember Securities 71,573 19.8 3,550 62,693 5,330 0.74 5,625,000 100

37 Securities Service Network 64,696 12.0 45,740 n/a 18,956 0.50 6,413,000 86

39 KMS Financial Services 60,795 10.5 48,978 n/a 7,986 0.50 7,076,242 70

33 Summit Brokerage Services, Inc 48,554 (4.8) n/a n/a n/a 0.32 4,001,195 n/a

21 Cetera Financial Institutions 48,368 37.1 n/a n/a n/a 0.14 3,958,341 38

30 Cadaret, Grant & Co. 48,011 8.8 36,232 360 11,420 0.29 4,172,438 73

34 Ameritas Investment 47,400 16.5 27,400 n/a 20,000 0.34 5,745,956 61

32 Centaurus Financial 41,403 12.6 17,424 n/a 23,980 0.27 3,831,229 70

40 ProEquities 39,072 18.0 n/a n/a n/a 0.33 n/a 40

38 Hornor, Townsend & Kent 37,500 28.4 16,000 n/a 21,500 0.30 5,000,000 63

41 H. Beck 37,023 15.2 14,400 n/a 20,238 0.32 1,332,189 64

44 Kovack Securities 35,747 10.0 22,620 n/a 12,047 0.45 2,734,000 90

42 Investacorp 28,116 22.7 17,649 4,386 5,742 0.27 3,291,325 45

47 Prospera Financial Services 26,514 26.7 26,514 n/a n/a 0.49 2,500,000 100

28 M Holdings Securities 25,836 13.0 n/a n/a n/a 0.15 3,006,404 30

46 The Investment Center 23,788 35.1 14,644 n/a 8,911 0.42 2,962,691 75

48 SFA Partners 23,031 0.4 2,986 n/a 17,246 0.47 20,034 80

50 Founders Financial Securities 22,144 23.5 n/a n/a n/a 0.76 1,047,923 100

49 Crown Capital Securities 14,262 16.1 2,561 n/a 8,377 0.29 1,189,976 76

45 The O.N. Equity Sales Company 13,246 17.8 3,324 n/a 9,921 0.17 1,463,138 45

51 Arkadios Capital 3,500 133.3 3,500 n/a n/a 0.27 n/a 100

52 Alden Securities 44 (39.5) n/a n/a n/a 0.02 n/a 50

FP50 RANK FULL-TIME LICENSED REGISTERED OFFICE OF 2013 2012 COMPANY STAFF PROFESSIONALS OFFICES SUPERVISORY JUR. RECRUITERS COMPLIANCE

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

2019 FULL-TIME LICENSED REGISTERED OFFICE OF RANK COMPANY STAFF PROFESSIONALS OFFICES SUPERVISORY JUR. RECRUITERS COMPLIANCE

020_FP0000 20 7/19/19 5:11 PM


% REPS 2019 FEE REV. $000S REVENUE FROM % OF FEE FEE ASSETS ON PLAT- RANK COMPANY $000 % CHANGE REPS FIRM OUTSIDE BUSINESS $000 FORM

CORPORATE STAFF FP50 RANK FULL-TIME LICENSED REGISTERED OFFICE OF 2013 2012 COMPANY STAFF PROFESSIONALS OFFICES SUPERVISORY JUR. RECRUITERS COMPLIANCE

1 LPL Financial 4,229 n/a n/a n/a n/a n/a

4 Commonwealth Financial Network 913 2,322 1,341 152 11 79

8 Cambridge Investment Research 823 333 2,290 384 16 57

7 AXA Advisors 795 n/a n/a 37 n/a n/a

9 Securities America 764 374 1,885 286 12 118

6 MML Investors Services 731 7,316 1,437 139 n/a n/a

14 Waddell & Reed Financial Advisors 702 371 398 54 3 55

22 Lincoln Investment Group Holdings 401 1,440 412 50 5 42

11 Cetera Advisor Networks 365 n/a n/a n/a n/a n/a

16 SagePoint Financial 352 n/a n/a 277 5 n/a

21 Cetera Financial Institutions 343 n/a n/a n/a n/a n/a

23 Principal Securities 326 n/a 609 79 8 58

18 H.D. Vest 287 127 1 1 16 52

13 Kestra Financial 243 136 680 1 4 30

12 Royal Alliance Associates 225 n/a n/a 219 5 n/a

24 FSC Securities Corporation 224 n/a n/a 182 5 n/a

20 Cetera Advisors 202 n/a n/a n/a n/a n/a

15 Voya Financial Advisors 201 n/a 1,195 119 4 16

19 Securian Financial Services 194 1,111 210 42 3 32

25 First Allied Securities, Inc 166 n/a n/a n/a n/a n/a

43 PlanMember Securities 160 90 318 21 3 10

17 Woodbury Financial Services 134 n/a n/a 8 5 n/a

34 Ameritas Investment 126 328 438 37 n/a 13

30 Cadaret, Grant & Co. 117 44 425 123 1 15

31 Cetera Financial Specialists 117 n/a n/a n/a n/a n/a

48 SFA Partners 113 170 62 14 2 5

27 American Portfolios Financial Services 105 840 375 73 2 14

40 ProEquities 101 58 521 36 2 21

33 Summit Brokerage Services, Inc 98 n/a n/a n/a n/a n/a

26 Triad Advisors 96 911 300 85 4 26

32 Centaurus Financial 88 643 387 302 4 18

29 Independent Financial Group 81 640 358 55 2 23

39 KMS Financial Services 81 46 290 1 1 22

41 H. Beck 79 45 1 33 1 20

42 Investacorp 75 543 317 1 3 12

44 Kovack Securities 75 66 405 26 1 18

37 Securities Service Network 74 33 263 31 3 15

28 M Holdings Securities 70 806 151 31 n/a 15

38 Hornor, Townsend & Kent 67 53 247 35 n/a 10

36 United Planners Financial Services 65 510 309 65 4 8

35 Geneos Wealth Management 59 281 261 48 2 16

47 Prospera Financial Services 59 184 86 3 3 13

45 The O.N. Equity Sales Company 49 789 390 18 1 13

46 The Investment Center 44 291 205 3 1 7

49 Crown Capital Securities 29 13 192 94 3 8

50 Founders Financial Securities 23 112 58 n/a n/a 4

51 Arkadios Capital 10 8 10 5 2 3

52 Alden Securities 4 45 1 n/a 5 3

5 Northwestern Mutual Investment Services 1 1 346 79 1 1

2 Ameriprise Financial n/a n/a n/a n/a n/a n/a

3 Raymond James Financial Services n/a n/a n/a 1,605 18 200+

10 Lincoln Financial Network n/a n/a n/a n/a n/a n/a

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

2019 FULL-TIME LICENSED REGISTERED OFFICE OF RANK COMPANY STAFF PROFESSIONALS OFFICES SUPERVISORY JUR. RECRUITERS COMPLIANCE

021_FP0000 21 7/19/19 5:11 PM

Connected for growth

See how we can help you grow at VoyaFA.com.

Helping clients along their financial journey is the most important part of your job. And that’s where your focus should be. So we’re giving you everything you need to get and stay connected—all from a wealth management firm supported by a Fortune 500 company that is committed to doing the right thing, the right way.

• Experienced team

• Close-knit family culture

• Mobile solutions that let you do business wherever it takes you

• Nationally recognized brand

• Voya Cares® program, supporting the special needs community consisting of 1 in 4 Americans1

Securities and investment advisory services offered through Voya Financial Advisors, Inc. (Member SIPC) ©2019 Voya Services Company. All rights reserved. CN769849_0421

1 Prevalence of Disabilities and Health Care Access by Disability Status and Type Among Adults – United States, 2016

004_FP0719 4 7/22/2019 11:05:47 AM

Documents

ADVERTISEMENT...• More ef˜ ciency through our award-winning technology • Coaching programs to expand your business without expanding hours at the of˜ ce • Simpli˜ ed portfolio