Results for "clearing firms"

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Finra fines Pershing $3 million for customer protection rule violations

December 29, 2014

The Financial Industry Regulatory Authority Inc. has fined Pershing $3 million for violating the Customer Protection Rule, which requires a certain level of funds be set aside to protect against broker-dealer misuse or insolvency. For roughly...

Fidelity Institutional weighs own robo offering

December 2, 2014

Fidelity Institutional is rapidly expanding its robo-adviser offerings and may even one day launch its own automated advice platform. The second-largest custodian to registered investment advisers, Fidelity said Tuesday it will begin offering...

Pershing affiliate Albridge in major update to wealth reporting platform

June 5, 2014

Pershing affiliate Albridge announced Thursday it has significantly changed its wealth reporting platform with improvements to reporting, analytics and workflow based on extensive conversations and testing with broker-dealers and advisers. The...

Record keeper DST getting into the clearing business

April 28, 2014

DST Systems Inc., a leading financial services technology company, is getting into the clearing business for independent broker-dealers, and has tapped an experienced industry executive to lead the effort. The company announced Monday it hired...

Schwab offers independent advisers access to hot debt market

March 17, 2014

The market for new debt is hot, and independent advisers are starting to get in on the action, according to The Charles Schwab Corp. Schwab, which recently renewed a deal with the leading book runner, JPMorgan Chase & Co., said that registered...

Clearing firm agrees to pay $1 million fine in Finra settlement

December 16, 2013

COR Clearing, formerly Legent Clearing, has been censured and fined $1 million by Finra for a variety of compliance failures involving lapses in anti-money-laundering procedures, financial reporting and supervisory obligations. COR provides...

Online investment firm SigFig steps into managing money

December 10, 2013

For the first time, an online adviser is expanding its footprint into fee-based portfolio management, heating up a battle among startup companies looking to corner the market on automated investment advice for the masses. SigFig Wealth Management,...

Where the largest indie B-Ds clear

August 11, 2013

Firm Clearing firm(s) used 2012 total revenue ($M) 1 LPL Financial LLC Self-clearing $3,582.7 2 Ameriprise Financial Services Inc. Self-clearing $2,910.0 3 Raymond James Financial Services Inc. Self-clearing $1,208.1 4 Lincoln Financial Network...

Channel changes and hybrids keep firms on their toes

August 11, 2013

Analyst Sean Daly of Cerulli Associates Inc. covers the financial advice industry as part of Cerulli's intermediary-analyst team. He tracks wirehouses, regional firms, independent broker-dealers, RIAs, dually registered investment advisers,...

Clearing firms

August 11, 2013

Firm Phone/website # of clients % change vs. 2012 Contact(s) Phone/e-mail 1 Pershing LLC (201) 413-2000 839 1.0% Michael B. Row, Managing director 2 National Financial Services LLC (877) 262-5950

Awaiting profit stream from rising rates

August 11, 2013

Clearing and custody firms, like their broker-dealer brethren, continue to struggle with negligible returns on client cash caused by record low short-term interest rates. But with long-term interest rates bumping up in June, sentiment is becoming...

Broadridge offers automated cost-basis application

August 1, 2013

A new partnership between Broadridge Financial Solutions and Scivantage will provide Broadridge clients with access to Scivantage Maxit, an automated cost-basis application. Maxit generates the cost basis of raw trade data in an IRS-friendly...

InvestmentNews launches 'The Career Center'

December 2, 2012

InvestmentNews has launched a jobs board, The Career Center, at that provides financial advisers with information about - and direct access to - employment opportunities. Using the resources of The Advisor Center,...

Pershing pushes northward

September 20, 2012

Pershing LLC has begun what it hopes will be a major push into Canada. The company announced last week that its new Canadian affiliate, Pershing Securities Canada Ltd., has become a member of the Toronto Stock Exchange. This move will let Pershing...

Making way for breakaways

July 15, 2012

One of the challenges breakaway brokers face is maintaining the commission-based business they keep when they move to a fee-based model. That's why accommodating the securities business of breakaway brokers is critical for custodial firms that...

Go global, young man

July 15, 2012

Low U.S. interest rates might be shrinking profit margins at clearing firms, but the biggest players in the industry are investing for the future. And the future is in global securities markets. “The U.S. used to represent 70% to 80% of the...

Where the largest indie B-Ds clear

July 15, 2012

   Rank Firm Clearing firm(s) used 2011 total revenue ($M) 1 LPL Financial Self-clearing $3,338.4 2 Ameriprise Financial Services Inc. Self-clearing $2,841.1 3 Raymond James Financial Services Inc. Self-clearing $1,178.1 4 Lincoln Financial...

Indie B-D market share

July 15, 2012

In 2008, the 104 independent broker-dealers surveyed this year were allowed to list more than one clearing firm. Market share is based on 127 clearing firms specified. In 2009, the 91 independent broker-dealers surveyed this year were allowed...

A lack of interest

July 15, 2012

Record-low interest rates continue to create head winds for clearing firms, which traditionally have profited from the spreads earned from holding clients' cash. Before the financial crisis, clearing firms profited handsomely from paying clients...

Politics over problem-solving needs to change: former Pres. Clinton

June 6, 2012

Politics is getting in the way of fixing the world’s problems, former President Bill Clinton said Wednesday at the Pershing LLC conference in Hollywood, Fla. But he urged financial services professionals to stay focused on solutions. Mr. Clinton...

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