There are various types of national Broker dealers (BDs) and Registered Investment Advisors (RIAs) including:
- Wire Houses and Employee Based –Reps are employees rather than independent contractors.
- Insurance – Also employee based, this group has emerged from traditional life insurance agencies.
- Independents – Advisors are independent contractors.
- Specialty Groups – Some are BDs, some are RIAs and other are just groups that have emerged to focus on supporting DC plan advisors.
Broker Dealers/Advisory Firms (48) | |
National (Employee) 9 | |
Ameriprise | Raymond James* |
Baird | RBC |
Edward Jones | UBS |
Merrill Lynch | Wells Fargo Advisors* |
Morgan Stanley | *Both Indy & Employee |
Insurance 8 | |
AXA | Northwestern Mutual |
John Hancock | NYLife |
Lincoln | Princor |
MassMutual | |
Independents 18 | |
AIG | Janney |
Advisor Group | Kestra |
Calton | LPL |
Cambridge | M Financial |
Cetera | National Planning |
Commonwealth | Securities of America |
First Allied | Stifel Nicolaus |
Hilliard Lyons | United Planners |
IFG | Voya |
Specialty Groups 13 | |
Bukaty | Lockton |
Cafaro Greenleaf | NFP |
CapTrust | Pensionmark |
Centurion | RBG |
Gallagher | Sageview |
GRP | Sheridan Road |
IFP |