Broker-Dealer Market Share by Assets

Note: This is an extended analysis from a previous post, which focuses on auditor market concentration among broker-dealers during the 2017 fiscal year.

In our previous post, Auditor Market Share among Broker-Dealers, we discussed the auditor market share of broker-dealers simply by the number of clients audited. In this post, we’ll break down market share by total assets.

Total assets provide insight into the size of a company, as it helps measure a company’s liquidity. The five largest broker-dealer firms in our population, in terms of total assets, are all audited by PricewaterhouseCoopers; the largest, Goldman Sachs & Co. LLC, has $453.9 billion in assets.

A little over 10% of the total population has more than $50 million in total assets; the Big Four audits 71.8% of this subset. 

PwC has 79 broker-dealer clients with greater than $50 million in assets, followed by KPMG and Ernst & Young, each with 74 clients.

The three largest non-Big Four firms in this subset are RSM, EisnerAmper and Ryan & Juraska with 27, 13, and 11 clients, respectively.

Roughly 90% of the broker-dealer population has less than $50 million in total assets; the Big Four audits 10.8% of this subset. 

Breard & Associates, with 134 clients, has the most clients within this population, followed by KPMG, PwC, EY, Withum, and Ohab & Company.

PwC, KPMG, and EY have a balanced allocation of clients: PwC has 79 broker-dealer clients with total assets over $50 million and 98 clients with assets under $50 million. KPMG has 74 clients with over $50 million in assets and 104 clients under $50 million in assets.  Ernst & Young has 74 clients with over $50 million assets and 94 clients with less than $50 million assets.

Although the Big Four dominate the market among larger broker-dealers (in terms of assets), competition seems to be more balanced among the smaller broker-dealers.

Stay tuned for our next analysis that breaks down broker-dealer market share by revenue.


Audit Analytics maintains an Other Independent Audit (OIA) database for almost 1,000,000 non-public entities, including auditor tracking for broker-dealers, investment advisers, benefit plans and more.

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