TD Ameritrade Institutional attracted 348 breakaway brokers in 2011, a nearly 20 percent increase from the previous fiscal year. The increase in breakaway brokers moving from full-commission firms to TD Ameritrade Institutional is driven by a continuing trend of investors choosing to work with independent registered investment advisers and brokers seeking the stability of the RIA channel amid regulatory uncertainty.

"According to a recent survey released by TD Ameritrade Institutional, the top reason investors choose to work with an RIA is that, as fiduciaries, RIAs are required to offer advice that is in the best interest of their clients," says Tom Nally, managing director of institutional sales for TD Ameritrade International. "The survey results support what we see as a long-term trend of investors seeking objective advice. Brokers recognize the movement and are following investors to the independent RIA channel."

TD Ameritrade's Advisor Index Survey found RIAs continue to grow and take market share from traditional full-commission firms. The majority of new RIA assets, 55 percent, are coming from traditional full-commission firms. Nine in 10 RIAs reported an increase in clients or that their client base has remained steady over the past six months.