Top 10 Fastest-Growing Independent Brokerages 2026

Ten independent brokerages in the IBD Elite study reported revenue increases of at least 15% for 2025. The gains reflected higher asset values, mergers and acquisitions, and advisor recruiting and retention across the independent brokerage channel.

Among the fastest-growing firms were large brokerages LPL Financial, Cambridge Investment Research and Northwestern Mutual, and midsize firms including Arkadios Capital, Prospera Financial Services, IFP and Arete Wealth. Market appreciation raised asset values, which increased fee income and in some cases generated additional client referrals. Deal activity and advisor hiring also contributed to top-line gains.

LPL’s expansion included major acquisitions, among them Commonwealth Financial Network, and recruiting wins such as Prudential Advisors, which added to the firm’s revenue growth. Several midsize firms reported growth tied to successful recruiting and smaller-scale acquisitions.

Mike Byrnes, founder of Byrnes Consulting, called higher asset values “probably the number one thing” behind the industry’s revenue increases and noted that rising markets often produce more referrals from satisfied clients. He also pointed to marketing tactics, such as short social media videos that help potential clients form an initial connection with advisors, as a way firms can strengthen revenue performance over time.

Omaha-based Stevens Capital Partners more than tripled client assets over three years to roughly $800 million and recently acquired a tax firm. Founder David Stevens said the firm employs nine different growth strategies and focuses on service differentiation early in client relationships to accelerate referrals, noting many recommendations arrive in the first month after onboarding.

Industry advisers warned that reliance on market appreciation or heavy deal activity can expose firms to weaker revenue if markets decline or M&A slows. A market downturn, however, can also prompt some self-directed investors to seek professional advice and lead some clients to change advisors.

Large brokerages in the ranking emphasized scale and resources when marketing to prospects, while smaller and often family-owned firms positioned themselves as more personal alternatives. The IBD Elite ranking orders companies by the percentage increase in annual revenue between 2025 and 2024, based on figures reported by the firms; the study relies on self-reported metrics.