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

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 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 Managing director, head of clearing
RBC Correspondent Services (888) 665-7630 178 0.00% Greg Plifka (888) 524-9800
60 S. Sixth St., Minneapolis, MN 55402 Director, business development
Wedbush Securities Inc. (213) 688-8000 100 0.00% Sean Thompson (213) 688-4578
1000 Wilshire Blvd., Los Angeles, CA 90017 Senior vice president
COR Clearing (800) 811-3487 80 -1.30% Michael Scaplen (732) 635-2490
1299 Farnam St. Ste. 800, Omaha, NE 68102 Senior VP, sales and relationship management
First Clearing (888) 322-2532 69 0.00% David L. Williams (888) 322-2532
One North Jefferson Ave., St. Louis, MO 63103 Managing director
INTL FCStone Financial Inc. (561) 544-7611 45 4.40% Roger Shaffer (561) 544-7611
708 Third Avenue, 15th Floor, New York, NY 10017 Managing director
Raymond James & Associates Inc. (727) 567-3990 39 -4.90% Tom Parr (630) 841-3149
880 Carillon Parkway, St. Petersburg, FL 33716 Manager, business development
Fidelity Clearing & Custody Solutions** (877) 262-5950 N/D N/A John Phillips (617) 563-2253
200 Seaport Blvd., Boston, MA 02210 EVP, head of broker-dealer and bank sales
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 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 $1.8T in assets. Firm did not break out assets from RIA custody clients and assets from clearing clients. Source: InvestmentNews Data
Clearing firms used by the independent broker-dealers with the most revenue
Clearing firm2016 Total firm(s) usedRevenue ($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

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
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 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 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 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 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 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 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 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 President
LPL Financial (800) 877-7210 Matthew Enyedi 426 9.50% 164,000.00 24.20% $25M
75 State St., Boston, MA 02109 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 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 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 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 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 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


What do you think?

View comments

Recommended for you

Featured video


The #MeToo movement and the financial advice industry

Attendees at the Women to Watch luncheon commend the #MeToo movement for raising awareness about the issue of sexual harassment and bringing women together.

Latest news & opinion

SEC forging ahead on fiduciary rule despite DOL rule decision in 5th Circuit

Chairman Jay Clayton says 'the sooner the better' when asked when an SEC fiduciary rule will be ready.

What the next market downturn means for small RIAs

Firms that have enjoyed AUM growth because of the runup in stocks may find it hard to adjust to declining revenues if the market suffers a major correction.

DOL fiduciary rule likely to live on despite appeals court loss

Future developments will hinge on whether the Labor Department continues the fight to remake the regulation its own way.

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

Groups on both sides of the fiduciary debate had plenty to say.

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

In split decision, judges say agency exceeded authority.


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 It'll help us continue to serve you.

Yes, show me how to whitelist

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


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print