Top 10 by Average Annual Gross Production
IBDs are catching up to wirehouse firms like Merrill Lynchand Morgan Stanley, which ended 2019 with average fees andcommissions of about $1.1 million per advisor.
Raymond James’ independent channel topped $680,000in 2019, ahead of Ameriprise Financial’s $664,000 and up 3%from its average production level of $662,500 in 2018; over thepast four quarters, advisors with a total of over $300 million ofannual production joined its different segments.
Commonwealth improved its production level by 4% from2018 to top $627,000. A 2018 IA Broker-Dealer of the Year,Geneos says its advisors had a similar jump in its average yearlyfees and commissions and surpassed $486,000 in 2019. OtherBDs with yearly production of over $315,000 are Prospera (a2019 BD of the Year), Kestra, Northwestern Mutual, Waddell &Reed, Arkadios Capital, Founders Financial and IndependentFinancial Group.
Top 10 by Number of Reps With Their Own RIA
Triad Advisors, now part of the Advisor Group of broker-dealers and formerly owned by Ladenburg Thalmann, had640 affiliated advisors in 2019, and some 450 of them had theirown RIA. After its change of ownership, Triad is set to remaina standalone BD and just hired Brian Shulstad to help lead itsBusiness Development team; he joined from LPL.
United Planner’s roughly 420 FAs included about 180 with
their own RIA last year. The firm recently added several gen-
eral partners to the firm and announced a plan “to provide
ownership opportunities to other employees based on years
of service through a new entity.” It is owned by employees
(minority stake) and financial professionals (majority stake).
Other firms that made this list are SSN, IndependentFinancial Group, Lion Street (a 2017 BD of the Year), SecuritiesAmerica, Arkadios, American Portfolios (a 2019 BD of theYear), Geneos and Commonwealth.
Triad Advisors 71.4% 27.8% 19
Reps With Their
Number of CFPs in
Total Rep Force
Experience per Advisor
United Planners Financial Services 43.4% 26.0% 30
Securities Service Network, LLC 25.8% 30.6% 22
Independent Financial Group 19.9% 16.5% 18
Lion Street Financial, LLC. 19.1% 20.2% 25
Securities America 18.7% 25.0% -
Arkadios Capital 18.5% 22.2% 25
American Portfolios Financial Services, Inc. 15.1% 15.1% 21
Geneos Wealth Management, Inc. 9.4% 43.4% 20
Commonwealth Financial Network 9.0% 49.8% -
AUM in Fee-
AUM per Rep
Raymond James Financial Services, Inc. $680,300 $78.2 $189.8 $40.6
Commonwealth Financial Network $627,136 $100.0 $114.2 $49.5
Geneos Wealth Management, Inc. $486,023 $55.0 $8.0 -
Prospera Financial Services $476,000 $67.4 $2.7 $8.5
Kestra Financial $424,931 $65.6 $34.4
Northwestern Mutual Investment Services, LLC$398,081 $30.5 $99.0 $28.7
Waddell & Reed Financial Advisors $379,126 $64.0 $27.0 $60.5
Arkadios Capital $375,208 $58.0 $32.0 $1.4
Founders Financial Securities $373,317 $42.6 $1.3 $0.9
Independent Financial Group $349,900 $54.4 $8.0 -