The following table shows the top 15 broker-dealers based on their assets under management in 2018. These are the firms that play an important role in helping U.S. government-issued securities to be distributed from the primary brokers that contract directly with the Federal Reserve Bank all the way down the investment chain to small retail investors as well as larger, commercial purchasers. Whereas the very large brokers that trade directly with the Federal Reserve Bank are called “primary dealers,” these smaller firms are typically referred to as “secondary dealers.”

CompanyHeadquartersAssets Under Mgmt ($B)Market Capitalization ($M)LTM Revenue ($M)Trailing P/E
Fidelity InvestmentsUSA-MA-Boston$6,850NANANA
Charles SchwabUSA-CA-San Francisco$1,850$63,066$9,50020.2x
Wells Fargo AdvisorsUSA-CA-San Francisco$1,600$230,373$85,92011.3x
TD AmeritradeUSA-NE-Omaha$1,300$30,515$5,34020.0x
Edward JonesUSA-MO-Des Peres$1,100NANANA
Raymond James FinancialUSA-FL-Petersburg$754$11,139$7,27013.5x
AXA AdvisorsEU-France-Paris$665$47,909$135,6567.9x
LPL FinancialUSA-MA-Boston$669$6,029$1,72016.1x
Ameriprise FinancialUSA-MN-Minneapolis$485$16,480$12,8109.9x
VoyaUSA-NY-New York$209$6,893$8,520NA
Commonwealth Financial NetworkUSA-MA-Waltham$156NANANA
Northwestern Mutual Inv. ServicesUSA-WI-Milwaukee$132NANANA
Cambridge Investment ResearchUSA-IA-Fairfield$99NANANA
Securities AmericaUSA-NE-La Vista$86NANANA
Waddell & ReedUSA-KS-Overland Park$80$1,378$12,8107.7x

Financial data shown represent the valuation and revenue of the broker-dealers’ parent company, which may be engaged in other lines of business besides the brokerage of government securities.
LTM stands for last twelve months.

Financial data from Morningstar Inc., as of January 17, 2019