In terms of gross revenues in the broker-dealer industry, it seems the big just keep getting bigger, according to the Financial Advisor's Annual B-D Ranking & Survey.

The list of U.S. broker-dealers that finished 2017 with the most revenues doesn't contain many surprises, as many of the dominant companies in the sector continued to grow, both organically and through acquisitions.

Adding bulk continues to be important to broker-dealers, who are striving to be cost-effective and competitive in an environment where profit margins are being squeezed and demands for client service are increasing.

Clearly, consolidation was one of the big trends among broker-dealers last year. No one expects that to change, and it is spawning recruiting opportunities.

In February, LPL Financial officially completed its purchase of assets from those broker-dealers formerly under the umbrella of National Planning Holdings. That deal set off a scramble by competitors to grab NPH-affiliated reps. According to its latest disclosures, LPL expected to get about 70% of NPH reps’ production, which would be just near the range of what the firms expected according to terms of the deal. The deal required LPL to begin contingency payments if it retained 72% of production.

Also in February, Cetera Financial Group confirmed that it had retained Goldman Sachs to support a “capital structure review” process and identify future strategies. That news, of course, led to speculation that Cetera would be put up for sale.

“Independent advisors are anxious about the future right now,” said Securities America CEO Jim Nagengast. “Advisors want two key things from the firms that support them right now: the stability to help them plan ahead for their clients and practices, and the personal touch that assures them they won’t be just another number.”

The following broker-dealers, in ascending order, registered the largest revenues at the end of 2017:

10. Securities America
$637.3 million

Securities America had assets under management of $86.8 billion and 2,506 producing reps in 2017, each grossing an average of $280,496 with payouts of up to 95 percent.