LPL Financial has been the largest independent brokerage in wealth management for decades, but the gap between it and everyone else has expanded to an unprecedented girth.
As displayed by the rankings below of the top 15 firms from Financial Planning's 2026 IBD Elite study of the industry's independent brokerages, the firm generated more than double the revenue last year of its perennial nearest competitor, Ameriprise. Rival firms and frequent fellow contenders Osaic, Cetera and Raymond James Financial Services rounded out the top five.
The dominance of LPL as, "by far, the most successful player in this ***** e," reflects its "willingness to go to the M&A market" and ability to work with almost any type of advisory practice, according to Jason Diamond, the president of recruiting, executive search and M&A advisory firm Diamond Consultants.
"It enabled them to really cater the platform to all types of advisors," Diamond said, citing the firm's Linsco employee unit and the clearing and custody services it provides to registered investment advisory firms alongside its more traditional independent brokerage business. "They have so many different affiliation channels that really allow them to say, 'We're going to be all things to all people.'"
Of course, he pointed out that the rest of the firms in a channel of the industry that collectively boosted its revenue 13% year over year to $56.28 billion in 2025 aren't exactly struggling. But the yawning chasm between LPL and Ameriprise over the past decade offers financial advisors and other wealth management professionals instructive numbers about how the No. 1 IBD is both fueling the industry's growth and its consolidation — even as there are still important caveats to understand about the supposed dichotomy between big and small firms.
#diamond #independent #advisory
As displayed by the rankings below of the top 15 firms from Financial Planning's 2026 IBD Elite study of the industry's independent brokerages, the firm generated more than double the revenue last year of its perennial nearest competitor, Ameriprise. Rival firms and frequent fellow contenders Osaic, Cetera and Raymond James Financial Services rounded out the top five.
The dominance of LPL as, "by far, the most successful player in this ***** e," reflects its "willingness to go to the M&A market" and ability to work with almost any type of advisory practice, according to Jason Diamond, the president of recruiting, executive search and M&A advisory firm Diamond Consultants.
"It enabled them to really cater the platform to all types of advisors," Diamond said, citing the firm's Linsco employee unit and the clearing and custody services it provides to registered investment advisory firms alongside its more traditional independent brokerage business. "They have so many different affiliation channels that really allow them to say, 'We're going to be all things to all people.'"
Of course, he pointed out that the rest of the firms in a channel of the industry that collectively boosted its revenue 13% year over year to $56.28 billion in 2025 aren't exactly struggling. But the yawning chasm between LPL and Ameriprise over the past decade offers financial advisors and other wealth management professionals instructive numbers about how the No. 1 IBD is both fueling the industry's growth and its consolidation — even as there are still important caveats to understand about the supposed dichotomy between big and small firms.
#diamond #independent #advisory
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