Top 25 Independent Broker/Dealers 2013

Independent broker/dealers have continued to struggle over the last couple years, as low interest rates put pressure on revenues while higher technology and regulatory costs keep margins tight. Larger firms have taken advantage of the opportunity, scooping up small b/ds to build scale and add to their existing ranks. These 25 firms, ranked by 2012 headcount, are the largest of the bunch. (Some, to be sure, include small performers in the insurance brokerage sector.)