New York, New York, August 22, 2016– The reps of independent broker-dealers have spoken, choosing the 2016 Broker-Dealers of the Year in Investment Advisor magazine’s 26th annual readers’ poll.


The four independent Broker-Dealers of the Year are Lion Street Financial; The Investment Center; American Portfolios, and Cambridge Investment Research.


“Independent broker-dealers are facing business and especially regulatory headwinds from the Department of Labor’s fiduciary rule,” said Jamie Green, editor of Investment Advisor. “Yet these firms are earning the loyalty of their representatives day in and day out as shown by the high rankings they were given by their fiercely independent reps.”


In the annual balloting overseen by Investment Advisor’s editorial staff, nearly 1,500 credentialed representatives of independent broker-dealers voted online at As has been the case each year since 1991, those BDs that receive the highest average rating from their reps are named Broker-Dealers of the Year in four divisions based on their number of producing reps.


The leaders of the 2016 Broker-Dealers of the Year gathered in Chicago in August to discuss how they are responding to the DOL fiduciary rule, who they are recruiting and where digital advice platforms fit into their business plans.


The results of that candid discussion will constitute the cover story in the September 2016 issue of Investment Advisor, and in additional written and visual content on


The 2016 Broker-Dealers of the Year:


Division IV (more than 1,000 representatives): Cambridge Investment Research. Led by Chairman and CEO Eric Schwartz and based in Fairfield, Iowa, Cambridge has now won nine times over the past 26 years.


Division III (500 to 999 reps): American Portfolios Financial Services Inc. Led by CEO, CIO and President CEO Lon Dolber, Holbrook, New York-based American Portfolios is a repeat winner of this award.


Division II (200 to 499 reps): The Investment Center. Led by President and CEO Ralph DeVito, Bedminster, New Jersey-based The Investment Center has now won seven times over the 26 years that voting has taken place.


Division I (up to 199 representatives): Lion Street Financial. Led by President John Burmeister, Austin, Texas-based Lion Street is a first-time winner after only six years of existence.


About Investment Advisor

Now in its 36th year of serving the investment, analysis and practice management needs of independent and independent-minded advisors, Investment Advisor magazine is a key franchise within the ThinkAdvisor Network of ALM.


For more information, visit the 2016 Broker-Dealers of the Year home page on


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Media Contact:
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