I am trying to get my head around this. The following firm states that they are associated LPL: www.cornerstone-advisory.com             I get how LPL is acting as a corporate RIA here and they are operating under them. What I do not understand is how this 2015 BD ranking rates LPL as #1 broker dealer: www.fa-mag.com/userfiles/2015_FA_Issues/April_2015/BrokerDealer_Survey/BD2015Ranking_expand1.pdf

Is the cornerstone advisory group I used as an example a hybrid RIA since they are working for an RIA that is a BD as well? DO all the large Independent broker dealers considered RIAs as LPL is?

www.wealthmg.com        This is another example. The fine print at the bottom states that they use APFS products but state their own name as who is the provider of financial advice. They also have a whole host of states that they can operate in, which is typical of firms operating under an independent BD.

Any assistance is greatly apprecaited!