Independent brokerages recorded notable gains in 2024, with several firms outpacing their peers in Financial Planning's annual IBD Elite study.
Across the 38 participating firms, the study observes that rising asset values, elevated interest rates, and M&A activity helped drive a median 17 percent increase in annual revenue. Collectively, the channel brought in more than $50 billion in 2024, a 15 percent increase from the prior year, according to Financial Planning. Industry leader LPL Financial also landed on the fastest-growing list following its acquisitions of Atria Wealth Solutions and Commonwealth Financial Network.
While consolidation continues to push the largest firms higher, midsize players are carving out competitive advantages, as reported by Financial Planning.
Financial Planning reports that the competition for top advisor talent has intensified, with all 38 firms in the study reporting growth in 2024.
The 10 fastest-growing independent brokerages in 2024 include:
- Kingswood Capital Partners — $61.3M revenue, 53.53% growth
- Arkadios Capital — $138.4M revenue, 41.31% growth
- Principal Securities — $484.9M revenue, 29.01% growth
- Harbour Investments — $104M revenue, 27.15% growth
- Park Avenue Securities — $472.4M revenue, 27.01% growth
- Integrity Alliance — $43.8M revenue, 26.82% growth
- J.W. Cole Financial — $270.4M revenue, 23.84% growth
- Prospera Financial Services — $135M revenue, 23.24% growth
- LPL Financial — $12.39B revenue, 23.2% growth
- Packerland Brokerage Services — $45.4M revenue, 23.12% growth
According to Financial Planning, the rankings reflect both the momentum of major consolidators and the rising influence of midsize firms positioning themselves with niche strategies in a crowded marketplace.
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