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Wall Street News

Top 15 Broker-Dealer Firms in 2018

February 25, 2019

[Image:  Nat'l Assoc. of Investment Companies] 


A broker-dealer processes orders for clients but also executes trades for its own benefit. In other words, it is a broker when it trades for clients, and it is a dealer when it buys and sells for itself. There are 2 types of broker-dealers:

  • a wirehouse, or a firm that sells its own products to customers.
  • an independent broker-dealer that sells products from outside sources.


Out of the roster of more than 3,700 broker-dealers (according to FINRA), Investopedia has compiled the top 15 broker-dealer firms as of October 2018 based on assets under management (“AUM”). The site opted not to rank B/D’s by the number of advisors in the firm because this figure does not reveal how much money the firm handles.


Top 15 Broker-Dealers 2018

Fidelity Investments

$6.85 trillion

Charles Schwab

$1.85 trillion

Wells Fargo Advisors

$1.6 trillion

TD Ameritrade

$1.3 trillion

Edward Jones

$1.10 trillion

Raymond James Financial

$754 billion

AXA Advisors

$665 billion

LPL Financial

$669 billion

Ameriprise Financial

$485 billion


$209 billion

Commonwealth Financial Network

$156 billion

Northwest Mutual Inv. Services

$132 billion

Cambridge Investment Research

$99 billion

Securities America

$86 billion

Waddell & Reed

$80.2 billion

[As of October 28, 2018]