Industry Insights

Industry Insights: Industry Players by Advisor Headcount

Industry Insights: Industry Players by Advisor Headcount

When first starting out in the industry, you may be curious about which firms are the dominant players. Sure, you are probably familiar with the big names like Merrill Lynch and Wells Fargo, but quantifying their role – and impact – in the market is a bit different.

There are a variety of ways to measure market position, of course. Today we look at how firms stack up by advisor headcount.

Total advisor estimates vary rather widely. Cerulli Associates estimates there are around 300,000 financial advisors in the United States. Michael Kitces recently explained why this figure is likely overstated with a more meaningful figure around 80,000.

Regardless, below are a handful of the better-known firms and their respective advisor headcounts to provide a general lay of the land:

17,355 – Merrill Lynch.
16,109 – LPL Financial.
16,000 – Edward Jones.
15,712 – Morgan Stanley.
14,400 – Wells Fargo.
9,931 – Ameriprise.
9,000 – Mass Mutual.
7,800 – Raymond James.
7,500 – Charles Schwab.
6,822 – UBS.
5,507 – J.P. Morgan.
2,244 – Stifel.
1,800 – Waddell & Reed.
1,800 – RBC Wealth Management.
1,237 – Fisher Investments.
1,048 – Cetera Advisors.
922 – Vanguard Personal Advisor Services.
900 – XYPN Network.
592 – Edelman Financial Engines.

 

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