Meet the Top Broker-Dealers of 2019
In the age of Amazon, the top independent BDs say putting their advisors first helps them survive and thrive.
The 2019 Broker-Dealer of the Year winners do what it takes to best serve their advisors, regardless of the challenges they face.
This certainly has been the case since (at least) 1995, when Investment Advisor began asking independent advisors for their views on the support, services and payouts they receive from their respective independent broker-dealers.
After tallying the most recent results (including some 1,400 advisor ballots), we are pleased to announce this year’s four Broker-Dealer winners:
* Division IV (more than 1,000 representatives): Cambridge Investment Research, which is led by CEO Amy Webber and based in Fairfield, Iowa; it has won the award 12 times. Years in business: 38; producing reps: 3,296; average annual gross production per rep: $280,224; 2018 BD gross revenue: $906.7 million.
* Division III (500 to 999 reps): American Portfolios Financial Services, of Holbrook, New York, led by CEO, President and CIO Lon Dolber; it has won the award five times. Years in business: 18; producing reps: 689; average annual gross production per rep: $291,910; 2018 BD gross revenue: $218.2 million.
* Division II (200 to 499 reps): The Investment Center of Bedminster, New Jersey, represented by President Ralph DeVito; it has received the award eight times. Years in Business: 33; producing reps: 241; average annual gross production per rep: $206,000; 2018 BD gross revenue: $57.5 million.
* Division I (up to 199): Prospera Financial Services of Dallas, led by David Stringer, principal and president; this is its seventh year as a winner. Years in business: 37; producing reps: 127; average annual gross production per rep: $ 458,000; 2018 BD gross revenue: $54.0 million.
As in past years, the executives of the winning BDs sat down with us in Chicago to discuss the latest competitive, regulatory and other issues.
This year, for instance, the BD leaders described the importance of innovation, and ins and outs of the Securities and Exchange Commission’s Regulation Best Interest, the future of advisory business and more.
For a rundown of their insightful comments on different topics, along with a summary of the Runners Up and Honorable Mentions in the 2019 Broker-Dealers of the Year program, click on these story links:
What Keeps the BDs of 2019 Up at Night
BDs of 2019: Lightening Round Q&A
How the BDs of the Year Are Prepping for Reg BI
What the BDs of 2019 Think of Amazon’s Impact on the Industry