The largest clearing firms for broker-dealers

Ranked by number of broker-dealer clients

Jul 15, 2012 @ 12:01 am

  
Rank Firm Website # of clients % change vs. 2011 Contact Phone Email
1 Pershing LLC pershing.com 831 -0.6% James T. Crowley, managing director (201) 413-2564 brokerage.info@pershing.com
2 National Financial Services LLC nationalfinancial.com 276 -5.2% Joe Kelly, head of sales (617) 563-8738 joseph.kelly.nf@fmr.com
3 J.P. Morgan Clearing Corp. jpmorgan.com/bds 238 12.8% Curt Richmond, managing director (212) 552-1765 curt.richmond@jpmorgan.com
4 Broadcort & Merrill Lynch Professional Clearing Corp. broadcort.com 214 -16.1% Michael Bird, managing director at Broadcort; Gary Yetman, managing director at MLPro (646) 855-3507; (646) 743-1222 m.bird@baml.com; gary.yetman@baml.com
5 RBC Correspondent Services* rbc-cs.com 180 5.9% Craig Gordon, director (612) 371-7776 craig.gordon@rbc.com
6 Wedbush Securities Inc. wedbush.com 160 0.0% Sean Thompson, senior vice president of advanced clearing services (213) 688-4567 sean.thompson@wedbush.com
7 Southwest Securities Inc. swsclearing.com 157 -4.8% Anton Berends, head of clearing services (214) 859-9310 aberends@swst.com
8 Goldman Sachs Execution and Clearing LP** gsec.com 150 -14.3% Kyle Czepiel, managing director (212) 357-2802 kyle.czepiel@gs.com
9 Sterne Agee Clearing Inc. sterneagee.com 112 1.8% Dennis Ferguson, vice chairman (800) 264-4863 dferguson@sterneagee.com
10 First Clearing LLC firstclearing.com 90 -3.2% David L. Williams, managing director (888) 322-2532 david.l.williams@firstclearing.com
11 FirstSouthwest Co. firstswclearing.com 80 6.7% Joseph Turk, regional vice president; Paul Bashus, regional vice president (917) 206-3667; (866) 299-8755 joe.turk@firstsw.com; paul.bashus@firstsw.com
12 Legent Clearing LLC legentclearing.com 73 -8.8% Steve Dripchak, vice president of sales (866) 770-0218 steve.dripchak@legentclearing.com
13 Raymond James & Associates Inc. raymondjames.com/clearing 39 2.6% Robb Combs, director of correspondent services (727) 567-3990 robb.combs@raymondjames.com
14 LPL Financial Custom Clearing Services lpl.com 5 -28.6% David Akellian, executive vice president and head of custom clearing services (858) 450-9606 ext. 6865 david.akellian@lpl.com
In June, Apex Clearing agreed to acquire the correspondent and customer accounts and contracts of the securities division within Penson's U.S. broker-dealer subsidiary, Penson Financial Services Inc. Apex declined to participate in the survey. As of June 30. *On March 2, RBC Correspondent Services acquired Mesirow Financial Inc.'s clearing business. Number of clients reflects acquisition. **Number of clients is a company estimate Source: InvestmentNews Data

Featured video

INTV

Advisers beware: tax law has unintended consequences

Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.

Recommended Video

Path to growth

Latest news & opinion

Relying on trainees, Merrill Lynch boosts adviser headcount in 2017

Questions remain about long-term effectiveness of wirehouse's move away from recruiting experienced brokers.

Supreme Court review of SEC judges could roil pending cases

But long-term, the agency may get around questions of constitutionality by changing the way it brings on administrative law judges.

Lightyear Capital takes 50% stake in $9 billion HPM Partners

Private equity backing could fuel acquisitions by the large RIA.

Tax reform: 7 essential strategies for financial advisers

While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses.

Tax law: Everything advisers need to know about the pass-through provision

The provision is tricky, but could provide advisers and business-owner clients with sizable tax savings.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print