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Broker-dealers are at the heart of the securities and derivatives trading process. [1] Although many broker-dealers are "independent" firms solely involved in broker-dealer services, many others are business units or subsidiaries of commercial banks, investment banks or investment companies.
This is known as a "Captive Platform" which many dually registered or "Hybrid" advisors are affiliated with. Only "Independent RIAs" (those not affiliated with (or restricted by) a broker dealer) can be considered true fiduciaries. In 2012, suitability and "know your customer" (KYC) rules will expand with FINRA rule 2111.
LPL Financial Holdings Inc. (commonly referred to as LPL Financial) was founded in 1989 and is considered the largest independent broker-dealer in the United States. As of 2021 the company had more than 17,500 financial advisors, [4] over US$1 trillion in advisory and brokerage assets, [5] and generated approximately $10.3 billion in annual revenue for the 2023 fiscal year. [6]
Some state laws and broker/dealer policies also require the Series 63 examination (known as the Uniform Securities Agent State Law Exam). [ citation needed ] [ 1 ] A registered representative ("RR" or "rep" or "broker") is authorized to sell a large array of securities such as stocks, bonds, options, mutual funds, limited partnership programs ...
While Osaic was initially a network of independent broker-dealers, in 2023, the company began the process to integrate all the firms under the Osaic brand and service platform. The remaining broker-dealers that will be integrated in 2024 include American Portfolios, Lincoln Financial Advisors, and Triad Advisors.
Ameriprise Financial Services, a financial planning and retail distribution subsidiary, is a registered broker-dealer and registered investment adviser. It has an integrated model of comprehensive and personalized financial planning, diversified product manufacturing and affiliated and unaffiliated distribution through its network of financial ...
trading and principal investments (broker-dealer activities, including proprietary trading ("dealer" transactions) and brokerage trading ("broker" transactions)). [6] In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, which was repealed in 1999.
The number of independent broker-dealer firms has declined from 1175 in 2007 to 819 in 2018, while RIA firms have grown from 9,538 to 15,645 over the same time period. [9] As of 2016, the largest IBD firm by revenue was LPL Financial followed by Ameriprise Financial and Raymond James Financial . [ 10 ]