Equity Services Inc.

Equity Services Inc.

A subsidiary of National Life Group


One National Life Drive

Montpelier, VT 05604

(800) 344-7437


Clearing firm: National Financial Services LLC

No. advisers: 512

No. franchises: 32

AUM: $10,031,000,000

Year founded: 1968

Year end: Dec. 31

No. of retail offices: 29

For More Information

CEOAta Azarshahi
Recruiting ContactJeff Wood
(802) 229-7489

Lou Martinez
(802) 229-7457

John Keenan
Compliance ContactGreg Teese
(802) 229-7437
Marketing ContactJeff Wood
(802) 229-7489
Technology Operations ContactRichard Whalen
(802) 229-7147

Recruitment & Staffing

2020 2019 2018
No. of reps506512535
No. of reps, male
No. of reps, female
No. of producing reps506512535
No. of producing reps, male
No. of producing reps, female
No. of reps producing $100K-$499K /year150161126
No. of reps producing $500K+ /year201318
No. of CFPs000
No. of full-time employees505050
No. of fee-based advisers served437411410
Average payout per rep, per year000
Avg. annual production of top 20% reps000
Total payout, per year000
Cost of E&O insurance per rep, per year1900$1,900
Affiliation fees charged per rep, per year15001,500
Affiliation fee coverageCore Technology: Brokerage platform, electronic new business processing and recordkeeping, texting solution, marketing tools, social media archiving & monitoring, product research & due diligence.Core Technology: Brokerage platform, electronic new business processing and recordkeeping, marketing tools, social media archiving & monitoring, product research & due diligence.
$0-$249,999 $250K-$499,999 $500K-$749,999 $750K-$999,999 $1,000,000+
Mutual funds 55-84% 85 85 85 85
Insurance 55-84% 85 85 85 85
Variable annuities 55-84% 85 85 85 85
Limited parterships 55-84% 85 85 85 85
Securities 55-84% 85 85 85 85
2020 2019 2018
Total revenues$56,000,000$57,600,000$53,800,000
Commission revenues$23,700,000$25,200,000$36,000,000
Securities revenues$647,000$494,000$470,000
Securities revenues: Stocks
Securities revenues: Bonds
Securities revenues: ETFs
Securities revenues: Other
Mutual fund revenues$3,100,000$3,000,000$3,000,000
Annuities revenues$19,000,000$21,500,000$23,500,000
Annuities revenues: Fixed
Annuities revenues: Variable$19,000,000
Annuities revenues: Other$4,000,000
Insurance revenue
Insurance revenues: Life
Insurance revenues: Disabilities
Insurance revenues: LTC
Insurance revenues: Other
Alternative revenues
Alternative revenues: Hedge funds
Alternative revenues: Managed futures
Alternative revenues: Private placements
Alternative revenues: REITs
Alternative revenues: Other
Other commission revenues
Fee revenues$18,800,000$18,000,000$18,000,000
Fee revenues: Rep-managed accounts
Fee revenues: Firm-managed accounts
Fee revenues: Outside-managed accounts
Fee revenues: Other
Total revenues: Other000
2020 2019 2018
Total account assets$11,500,000,000$10,031,000,000$8,200,000,000
Fee-based assets$2,900,000,000$2,400,000,000$2,000,000,000
Fee-based assets: Clearing firm
Fee-based assets: Advisory firm platforms
Fee-based assets: Third-party money managers
Fee-based assets: Other
Total account assets: Other000
Average assets per rep$22,727,273$19,591,797$15,327,103
  • N/A = Not available
  • N/D = Not disclosed
  • — = Information not available or not disclosed

All 2011-2016 recruitment and staffing data is as of Dec. 31 in the calendar year displayed. Prior year recruitment and staffing data is as of Sept. 30. All financial figures are for firms' year end, unless noted.

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