Broker-dealers come in all shapes and sizes. While the industry spotlight often falls on mega-platforms, some of the most advisor-centric and operationally agile B-Ds are running teams of 25 to 50 employees.

 These firms punch well above their weight: advising billions in assets, operating multi-state advisor networks, and adopting sophisticated technology stacks. In this post, we spotlight 10 B-Ds verified through AdvizorPro's database, ranked by number of employees. 

For a broader look at scale across the broker-dealer channel, explore our ranking of the largest independent broker-dealers.

*All key insights are based on data as of April 27th 2026

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American Independent Securities Group

49 Employees  |  $986.3M AUM

Based in Eagle, Idaho, American Independent Securities Group is a hybrid broker-dealer and registered investment advisor established in 2005. The firm supports independent financial advisors and their practices across a wide national footprint, with a focus on alternative investments, financial planning, and tax-advantaged strategies for entrepreneurs and high-net-worth clients.

Key Insights

• The firm's 49 employees support a network of 56 registered representatives across 42 branch offices, one of the widest advisor footprints among firms in this size range.
• Total AUM reached $986.3M, growing 63% year-over-year, with RBC ($636.2M) and AssetMark ($250.3M) as primary custodians.
• The tech stack includes Salesforce for CRM, Envestnet as the managed accounts platform, and Broadridge, DocuSign, FIS, and Nitrogen for operations and risk analysis.
• American Independent serves 8,770 advisory clients with an average account size of $224,933, reflecting a broad retail and mass-affluent client base.
• Services extend across financial planning, pension consulting, portfolio management, and selection of other advisors, covering most of the advisory spectrum for its affiliated reps.

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Ashton Thomas Securities

46 Employees  |  $1.86B AUM

Headquartered in Rochester, New York, Ashton Thomas Securities is a dually registered hybrid broker-dealer established in 1985 (formerly Excel Securities). The firm now serves as the broker-dealer platform for Ashton Thomas Private Wealth, an Arax advisory firm, offering affiliated advisors access to securities brokerage, financial planning, and investment management across a national advisor base.

Key Insights

• Ashton Thomas Securities operates with 46 employees and 87 registered representatives across 23 branch locations, reflecting strong rep productivity relative to staff size.
• The firm oversees $1.86B in total AUM, with 96.9% of assets managed on a discretionary basis and Pershing serving as the sole custodian.
• AUM grew 8% year-over-year, with high-net-worth clients accounting for 55.2% of advisory assets across 301 accounts.
• Investment offerings span alternatives, 1031 exchanges, cryptocurrency, and private credit, reflecting a sophisticated product menu for affiliated advisors.
• The tech stack includes FIS, NetXInvestor, and WordPress, supporting a predominantly equity-oriented managed portfolio model.

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Centennial Securities Company

45 Employees  |  $1.34B AUM

Headquartered in Grand Rapids, Michigan, Centennial Securities Company is a dually registered broker-dealer and investment advisor founded in 1985. The firm provides financial planning, portfolio management, and advisory services to individuals, institutions, and retirement plans across a multi-state network of independent advisors.

Key Insights

• Centennial Securities operates with 45 employees supporting 42 registered representatives across 8 branch offices.
• Total AUM reached $1.34B, growing 16% year-over-year, with custodial relationships across RBC, Charles Schwab, and Fidelity.
• The firm uses Envestnet as its managed accounts platform, with FMG Suite and Nitrogen rounding out its technology stack for advisor productivity and risk analysis.
• Centennial serves approximately 5,040 advisory clients, placing it among the broader-reach B-Ds in this employee tier.
• Founded in 1985 and continuously active for four decades, Centennial's long track record reflects operational durability and sustained advisor loyalty across its network.

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DMK Advisor Group

42 Employees  |  $84M AUM

Based in Lutz, Florida, DMK Advisor Group is a dually registered broker-dealer and investment advisor established in 1996. The firm focuses on personalized financial planning and investment management for individuals and small businesses, with a strong orientation toward high-net-worth clientele and a fully discretionary advisory model.

Key Insights

• DMK Advisor Group maintains 42 employees and 41 registered representatives across 11 branch offices, supporting a coast-to-coast advisor presence including Puerto Rico.
• The firm manages $84M in AUM, with 100% of assets managed on a discretionary basis, reflecting a fully advisory-model approach to client wealth management.
• High-net-worth clients account for 65.76% of advisory assets, pointing to a concentrated wealth management focus within a smaller overall AUM base.
• AUM grew 5% year-over-year, with 298 advisory clients served as of the most recent filing.
• Operational for nearly three decades, DMK has built a regionally focused, advisor-driven model that prioritizes client relationships and planning quality over scale.

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Sage, Rutty & Co.

36 Employees  |  $3.46B AUM

Founded in 1981 and headquartered in Rochester, New York, Sage, Rutty & Co. is an independently owned, dually registered broker-dealer and investment advisor with deep roots in the Western New York market. The firm serves retail and institutional clients through comprehensive financial planning, investment management, estate planning, and legacy planning services. As featured in FA Magazine's Independent Broker-Dealer Survey 2026, mid-size B-Ds like Sage Rutty are among the most closely watched firms for distribution teams evaluating advisor access.

Key Insights

• Sage Rutty operates with 36 employees and 54 registered representatives across 2 branch locations, achieving significant AUM scale with a lean team structure.
• Total AUM reached $3.46B, reflecting 15% year-over-year growth, with SEI serving as the primary custodian and Orion, PONTERA, and SEI Investments as managed accounts platforms.
• The firm serves 8,673 advisory clients, with 80% individual retail clients and 15% high-net-worth households, reflecting a genuinely broad-based client franchise.
• The tech stack includes Carta, Constant Contact, FIS, MailChimp, and WordPress, combining operational infrastructure with active client communication tools.
• Sage Rutty also offers educational seminars and newsletter publications, positioning the firm as an advisor-education-focused operation with strong long-term client retention.

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Harbor Investment Advisory

35 Employees  |  $6.87B AUM

Based in Lutherville, Maryland, Harbor Investment Advisory is a dually registered broker-dealer and investment advisor established in 2010. The firm specializes in serving high-net-worth individuals, charitable organizations, and institutional clients, with a particular strength in managing complex, large-balance portfolios across a premium-tier client base.

Key Insights

• Harbor Investment Advisory employs 35 professionals who collectively oversee $6.87B in AUM, one of the highest AUM-per-employee ratios among B-Ds in this size range.
• AUM grew 14% year-over-year, with Pershing ($3.7B) and BNY Mellon serving as primary custodians.
• Charitable organizations account for 40.31% of the firm's advisory assets, reflecting a deep institutional and philanthropic client focus that differentiates Harbor from most retail-oriented peers.
• The firm's average account size is approximately $1.94M, among the highest in this cohort, reflecting a premium wealth management clientele.
• Technology infrastructure includes Black Diamond and Envestnet for portfolio management, Global Relay for compliance communications, and NetXInvestor and WordPress for advisor and client engagement.

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Carter, Terry & Company

33 Employees  |  $104M AUM

Founded in 1988 and headquartered in Atlanta, Georgia, Carter, Terry & Company is a full-service broker-dealer and registered investment advisor offering securities brokerage, investment banking, and asset management services. The firm serves retail investors, high-net-worth clients, retirement plans, and corporate accounts across the Southeast and beyond.

Key Insights

• Carter, Terry & Company maintains 33 employees and 32 registered representatives across 4 branch locations, operating as a boutique full-service platform with investment banking capabilities alongside advisory services.
• The firm manages $104M in total AUM, with 86.8% of assets managed on a discretionary basis and RBC serving as the sole custodian.
• High-net-worth clients represent 78.4% of advisory assets (60 accounts), with the remaining balance held by individual investors, retirement plans, and corporate accounts.
• The average account size is $618,891, consistent with a premium-tier, relationship-driven service model focused on personalized wealth management.
• Established for more than 35 years, Carter Terry offers estate planning, portfolio construction, and insurance services in addition to its investment banking practice, giving affiliated advisors a broad product menu.

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B.B. Graham & Company

32 Employees  |  $321.6M AUM

Founded in 1997 and headquartered in Orange, California, B.B. Graham & Company is a dually registered broker-dealer and investment advisor serving individual investors and high-net-worth clients across a broad national network. The firm offers asset management, estate planning, financial planning, insurance, retirement plan consulting, and pension consulting services.

Key Insights

• B.B. Graham operates with 32 employees and 81 registered representatives across 29 branch offices, one of the widest branch-to-employee ratios in this cohort.
• Total AUM reached $321.6M as of March 2026, with an average account size of $753,279 and 427 advisory clients served across the network.
• High-net-worth clients account for 75.4% of advisory assets (104 accounts), with 323 individual investor accounts comprising the remaining balance.
• The technology stack includes ADP, FIS, and WordPress, with custodial services provided by RBC, Citibank, SEI, and TIAA-CREF.
• Portfolio allocation is equity-oriented, with approximately 71% in exchange-listed equities, 18% in public funds, and 9% in cash as of the most recent filing.

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Thoroughbred Financial Services

31 Employees  |  $4.04B AUM

Based in Brentwood, Tennessee, Thoroughbred Financial Services is an independent, full-service broker-dealer and registered investment advisor established in 1999. The firm operates satellite offices in Columbia, Jackson, and Knoxville, Tennessee, and serves a select clientele of successful businesses and professionals through comprehensive financial consulting and planning services.

Key Insights

• Thoroughbred Financial operates with 31 employees and 44 registered representatives across 5 branch offices in Tennessee.
• Total AUM reached $4.04B, growing 18% year-over-year, with Fidelity ($3.99B) as the primary custodian and Envestnet as the managed accounts platform.
• The firm serves 3,567 advisory clients with an average account size of approximately $558,000, reflecting a successful and affluent client base concentrated in the Southeast.
• Discretionary accounts represent 5,736 of 6,789 total accounts, indicating a predominantly advisory-model practice with strong client trust in delegated management.
• Established in 1999 and now managing over $4B with a 31-person team, Thoroughbred demonstrates strong operational leverage and an efficient advisor model built over 25 years of independent operation.

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American Investors Company

30 Employees  |  $578M AUM

Founded in 1972 and headquartered in San Ramon, California, American Investors Company is one of the longest-operating independently held broker-dealers in the San Francisco Bay Area. The firm provides full-service securities brokerage and investment advisory services to retail investors, high-net-worth clients, charitable organizations, and corporate accounts across a wide geographic footprint.

Key Insights

• American Investors Company maintains 30 employees and 51 registered representatives across 36 branch offices, one of the widest branch networks relative to staff size among firms featured here.
• The firm manages $578M in total AUM, with custodial relationships split between Charles Schwab ($397M) and Fidelity ($181M).
• 778 advisory clients are served with an average account size of approximately $378,000, reflecting a broad mix of retail and affluent individual investors.
• Technology infrastructure includes WordPress, with a multi-state registration footprint supporting advisors across the western United States and beyond.
• With more than five decades of continuous operation, American Investors Company carries one of the longest track records of any B-D in this employee tier, a testament to sustained advisor loyalty and operational consistency.

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