Photo Gallery: Five Top Independent Broker/Dealer Leaders on the Industry's Biggest Challenges

Adam Antoniades

President and CEO, First Allied Securities Inc.

Headquarters: San Diego, Calif.

Established: 1994

Number of producing advisors: 840

Total firm AUM: $24.4 billion

“New regulations seemingly enter our business daily with little or no retraction of similar rules that may already be in place…”

Read more from our Q&A with Adam Antoniades.

Scott Curtis

President, Raymond James Financial Services

Headquarters: St. Petersburg, Fla.

Established: 1974

Number of producing advisors: 3,200

Total firm AUM: $150.1 billion (as of 2011, source: Cerulli Associates)

“One of these days interest rates are going up. Clients with too much of their assets in longer-duration fixed income funds are unfortunately in for a very rude awakening…”

Jennie Devlin

COO (and mother of Eva Thorsell, born October 2011) Cantella & Co.

Headquarters: Boston

Established: 1952 by the son of a Sicilian immigrant

Number of producing advisors: 201

Total firm AUM: $3.9 billion in AUM; consult on over $5 billion in 401(k) plans

“We dance with many, but marry few. We have no interest in “whale hunting” or taking unnecessary risks…”

Thomas H. Oliver

President and CEO, United Planners Financial Services of America

Headquarters: Scottsdale, Ariz.

Established: 1987

Number of producing advisors: 333

Total firm AUM: $8.5 billion

“Broker/dealers must prepare themselves to satisfy a seemingly new regulator, the Department of Labor….”

Amy Webber

President and COO, Cambridge Investment Research

Headquarters: Fairfield, Iowa

Number of producing advisors: Over 2,100

Total firm AUM: $43.9 billion

“The dramatic increase in rules around disclosure is a burden to broker/dealers and advisors. More regulation does not automatically translate into real and meaningful protection for the public…”