According to data compiled from firms that participated in InvestmentNews' independent broker-dealer surveys, the 25 largest broker-dealers increased their revenue by 4.3% to $26.6 billion in 2020. Here are the top 10 broker-dealers ranked by 2020 revenue:
- LPL Financial
2020 revenue: $5.87 billion
2019 revenue: $5.62 billion
Change: 4.4%
- Ameriprise Financial Services
2020 revenue: $5.03 billion
2019 revenue: $5.06 billion
Change: -0.6%
- Raymond James Financial Services Inc.
2020 revenue: $2.65 billion
2019 revenue: $2.55 billion
Change: 4.1%
- Commonwealth Financial Network
2020 revenue: $1.63 billion
2019 revenue: $1.55 billion
Change: 5.3%
- Northwestern Mutual Investment Services
2020 revenue: $1.51 billion
2019 revenue: $1.35 billion
Change: 12.3%
- MML Investor Services
2020 revenue: $1.23 billion
2019 revenue: $1.18 billion
Change: 4.6%
- Cambridge Investment Research Inc.
2020 revenue: $1.08 billion
2019 revenue: $1.0 billion
Change: 8.4%
- Securities America Inc.
2020 revenue: $1.04 billion
2019 revenue: $729.5 million
Change: 43.8%
- Equitable Advisors
2020 revenue: $983.5 million
2019 revenue: $945.6 million
- Royal Alliance Associates Inc.
2020 revenue: $936.3 million
2019 revenue: $961.0 million
Change: -2.6%
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