Where the largest indie B-Ds clear

Clearing firms used by the independent broker-dealers with the most revenue

DEC 11, 2012

By mlanche

Rank	Firm	Clearing firm(s) used	2011 total revenue ($M)
1	LPL Financial	Self-clearing	$3,338.4
2	Ameriprise Financial Services Inc.	Self-clearing	$2,841.1
3	Raymond James Financial Services Inc.	Self-clearing	$1,178.1
4	Lincoln Financial Network	National Financial Services , Pershing	$784.8
5	Commonwealth Financial Network	National Financial Services , Pershing	$646.5
6	AXA Advisors LLC	LPL Financial Custom Clearing Services	$572.5
7	MetLife Securities Inc.	Pershing	$542.7
8	Wells Fargo Advisors Financial Network	First Clearing	$519.9
9	Northwestern Mutual	Pershing	$510.1
10	Securities America Inc.	National Financial Services , Pershing	$444.3
11	Cambridge Investment Research Inc.	National Financial Services , Pershing	$396.9
12	Royal Alliance Associates Inc.	National Financial Services , Pershing	$395.8
13	NFP Advisor Services Group (and affiliates)	National Financial Services	$369.2
14	Financial Network Investment Corp.	Pershing	$351.8
15	MML Investors Services LLC	National Financial Services	$347.4
16	National Planning Corp.	Pershing	$335.9
17	ING Financial Partners Inc.	Pershing	$331.2
18	Waddell & Reed Inc.	Pershing	$330.7
19	Securian Financial Services Inc.	Pershing	$282.5
20	FSC Securities Corp.	National Financial Services , Pershing	$264.0
Revenue figures as of firms' year end.

Source: InvestmentNews Data

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