According to Financial Planning, several of the largest firms in the independent brokerage channel, including LPL Financial, Cetera Financial Group, and Raymond James Financial Services, are leading the pack in revenue growth. However, some midsize firms, such as LaSalle St. Securities, Level Four Financial, and Arkadios Capital, also make waves, reflecting a dynamic market landscape where smaller players grow alongside industry giants.

Below are the top 10 fastest-growing independent brokerages in wealth management, prepared by Financial Planning, ranked by percentage growth in revenue:

Arkadios Capital

Total Revenue: $97.9 million
Revenue Growth: 23.76%

Cetera Financial Group and Avantax

Total Revenue: $3.95 billion
Revenue Growth: 18.03%

LPL Financial

Total Revenue: $10.05 billion
Revenue Growth: 16.88%

Northwestern Mutual

Total Revenue: $2.50 billion
Revenue Growth: 13.51%

Level Four Financial

Total Revenue: $60.6 million
Revenue Growth: 12.13%

Commonwealth Financial Network

Total Revenue: $2.29 billion
Revenue Growth: 10.20%

MassMutual's MML Investors Services

Total Revenue: $1.73 billion
Revenue Growth: 9.63%

Raymond James Financial Services

Total Revenue: $3.92 billion
Revenue Growth: 9.07%

Cambridge Investment Research

Total Revenue: $1.59 billion
Revenue Growth: 8.23%

LaSalle St. Securities

Total Revenue: $58 million
Revenue Growth: 7.41%

As the independent brokerage channel continues to evolve, these firms are poised to remain key players, whether through growth, mergers, or sustainable business practices.

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