Top clearing and custody firms for financial advisers

InvestmentNews gathers client and asset data to assemble company rankings

Aug 7, 2017 @ 11:15 am

By InvestmentNews Research and Ellie Zhu

CLEARING FIRMS
Listed by reported number of broker-dealer clients
Firm Phone/website # of clients % change vs. 2016 Contact Phone/email
Pershing (800) 445-4467 714* -3.90% Michael Row (800) 445-4467
One Pershing Plaza, Jersey City, NJ 07399 pershing.com/who-we-serve/broker-dealers Managing director, global client relationships N/D
Hilltop Securities Inc. (877) 797-6613 178 -1.10% Lana Calton (214) 859-9228
1201 Elm St., Dallas, TX 75270 hilltopsecurities.com Managing director, head of clearing lana.calton@hilltopsecurities.com
RBC Correspondent Services (888) 665-7630 178 0.00% Greg Plifka (888) 524-9800
60 S. Sixth St., Minneapolis, MN 55402 rbccorrespondentservices.com Director, business development greg.plifka@rbc.com
Wedbush Securities Inc. (213) 688-8000 100 0.00% Sean Thompson (213) 688-4578
1000 Wilshire Blvd., Los Angeles, CA 90017 wedbush.com Senior vice president sean.thompson@wedbush.com
COR Clearing (800) 811-3487 80 -1.30% Michael Scaplen (732) 635-2490
1299 Farnam St. Ste. 800, Omaha, NE 68102 corclearing.com Senior VP, sales and relationship management michael.scaplen@corclearing.com
First Clearing (888) 322-2532 69 0.00% David L. Williams (888) 322-2532
One North Jefferson Ave., St. Louis, MO 63103 firstclearing.com Managing director david.l.williams@firstclearing.com
INTL FCStone Financial Inc. (561) 544-7611 45 4.40% Roger Shaffer (561) 544-7611
708 Third Avenue, 15th Floor, New York, NY 10017 ifcs.co/custody-clearing Managing director custodyclearing@intlfcstone.com
Raymond James & Associates Inc. (727) 567-3990 39 -4.90% Tom Parr (630) 841-3149
880 Carillon Parkway, St. Petersburg, FL 33716 raymondjames.com/clearing Manager, business development tom.parr@raymondjames.com
Fidelity Clearing & Custody Solutions** (877) 262-5950 N/D N/A John Phillips (617) 563-2253
200 Seaport Blvd., Boston, MA 02210 clearingcustody.fidelity.com EVP, head of broker-dealer and bank sales john.d.phillips@fmr.com
Merrill Lynch Professional Clearing Corp. & Broadcort (646) 743-0110 N/D N/A Vito Laurenzano (646) 743-1246
1 Bryant Park, 6th floor, New York, NY 10036 bofaml.com/en-us/content/solutions-for-financing-and-clearing.html Director
As of May 31. N/A = not available. N/D = not disclosed. *Clients as of year-end 2016. **As of March 31, Fidelity Clearing and Custody had 3,850 total clients and $1.8T in assets. Firm did not break out assets from RIA custody clients and assets from clearing clients. Source: InvestmentNews Data

WHERE THE LARGEST INDIE B-Ds CLEAR
Clearing firms used by the independent broker-dealers with the most revenue
Clearing firm2016 Total firm(s) usedRevenue ($M)
1 LPL FinancialSelf-clearing$3,977.40
2 Ameriprise Financial Services Inc.Self-clearing$3,945.00
3 Raymond James Financial Services Inc.Self-clearing$1,790.20
4 Commonwealth Financial NetworkNational Financial Services*, Pershing$1,068.70
5 Wells Fargo Advisors Financial NetworkFirst Clearing$910.80
6 Lincoln Financial Network National Financial Services, Pershing$826.30
7 AXA AdvisorsLPL Financial$727.50
8 Cambridge Investment Research Inc.National Financial Services, Pershing$711.50
9 Securities America Inc.National Financial Services, Pershing$535.70
10 Cetera Advisor NetworksPershing$519.50
11 Waddell & Reed Financial AdvisorsPershing$487.40
12 Royal Alliance Associates Inc.National Financial Services, Pershing$466.80
13 Kestra FinancialNational Financial Services$423.10
14 Voya Financial Advisors Inc.Pershing$393.70
15 National Planning Corporation (NPC) Pershing$376.80
16 MML Investors ServicesNational Financial Services$367.60
17 Signator Investors Inc.National Financial Services, Pershing$357.30
18 Securion Financial Services Inc.N/A$325.60
19 HD Vest Investment ServicesN/A$316.60
20 SagePoint Financial Inc.National Financial Services, Pershing$307.60
Revenue ­figures as of ­ firms' year-end. N/A = not available. *National Financial Services is part of Fidelity Clearing & Custody Solutions. Source: InvestmentNews Data Data

MOST POPULAR
Market share, by number of clients, among the top three clearing firms used by the largest independent broker-dealers in 2016 and previous years
Percentages based on number of clearing firms specified by independent broker-dealers each year. *National Financial Services is part of Fidelity Clearing & Custody Solutions. Source: InvestmentNews Data

CUSTODIANS
Listed by reported number of RIA custody clients
Firm Phone/website Head of RIA custody business # of clients % change vs. 2016 Assets under custody ($M) % change vs. 2016 Minimum assets of advisers
Schwab Advisor Services (877) 687-4085 Bernie Clark 7,500 5.60% $1,356,600.00 12.50% None
211 Main St., San Francisco, CA 94105 advisorservices.schwab.com Executive vice president and head of Schwab Advisor Services
SEI* (610) 676-1000 Wayne Withrow 7,300 5.80% $58,000.00 4.30% $25M
One Freedom Valley Dr., Oaks, PA 19456 seic.com/advisors Executive vice president and unit head, SEI Advisor Network
TD Ameritrade Institutional (800) 934-6124 Tom Nally 5,000 0.00% N/D N/A None
One Plaza Four A, Jersey City, NJ 07311 tdainstitutional.com President
Interactive Brokers (877) 442-2757 Andrea Nagy 3,657 10.70% $26,000.00 107.00% $5,000
8 Greenwich Office Park, Greenwich, CT 06831 interactivebrokers.com Sales engineer
Shareholders Service Group (800) 380-7370 Peter Mangan 1,517 0.30% N/D N/A None
9845 Erma Road, San Diego, CA 92131 ssginstitutional.com CEO
Trade-PMR Inc. (888) 579-8640 Robb Baldwin 730 -25.10% N/D N/A $2.5M
2511 N.W. 41st St., Gainesville, FL 32606 tradepmr.com CEO
Pershing Advisors Solutions (800) 445-4467 Mark Tibergien 587 -0.80% $220,000.00 15.20% $100M
One Pershing Plaza, Jersey City, NJ 07339 pershing.com/who-we-serve/registered-investment-advisors CEO
Folio Institutional (703) 245-4000 Greg Vigrass 454 7.10% N/D N/A N/D
8180 Greensboro Drive, 8th Floor, McLean, VA 22102 folioinstitutional.com President
LPL Financial (800) 877-7210 Matthew Enyedi 426 9.50% 164,000.00 24.20% $25M
75 State St., Boston, MA 02109 lpl.com Executive vice president, national consulting and marketing
U.S. Bank** (513) 562-3621 Alan M. Markarian 214 -11.60% $75,000.00 -22.70% None
425 Walnut St., Cincinnati, OH 45202 usbank.com/itc Senior vice president
Trust Company of America (800) 955-7808 Joshua Pace 200 14.30% $16,000.00 14.30% $20M
7103 S. Revere Parkway, Centennial, CO 80112 trustamerica.com President and CEO
National Advisors Trust Company, FSB (877) 527-3476 James A.Combs Jr. 192 0.00% $11,574.70 17.40% None
800 E. 101st Terrace, Suite 300, Kansas City, MO 64131 nationaladvisorstrust.com CEO and president
RBC Advisor Services (888) 665-7630 Brett Thorne 106 6.00% $15,300.00 9.30% None
60 S. Sixth St., Minneapolis, MN 55402 rbc-as.com Head, RBC Correspondent & Advisor Services
Fidelity Clearing & Custody Solutions*** (800) 735-3756 David Canter N/D N/A N/D N/A N/D
200 Seaport Blvd., Boston, MA 02210 clearingcustody.fidelity.com Executive vice president, head of RIA Segment
As of May 31. N/A = not available. N/D = not disclosed. Scottrade Advisor Services declined to participate in the survey, citing its acquisition by TD Ameritrade that is expected to close in September. *SEI clients as of year-end, assets as of March 31. **2017 data includes only managers that use U.S. Bank for custody of separately managed accounts. ***As of March 31, Fidelity Clearing and Custody had 3,850 total clients and $1.8T in assets. Firm did not break out assets from RIA custody clients and assets from clearing clients. Source: InvestmentNews Data

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