Results for "clearing firms"

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RBC, City National deal marries bank and brokerage

January 23, 2015

In what is one of the largest deals among so-called regional wealth management firms since Raymond James Financial Services Inc.'s $1.2 billion purchase of Morgan Keegan & Co. in 2012, Royal Bank of Canada is buying Los Angeles-based City National...

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...

Clearing firms ranked by broker-dealers served

August 13, 2014

Firm Address City, State Zip Phone Website # of clients % change Primary contact for B-Ds Phone/ e-mail Pershing LLC 1 Pershing Plaza Jersey City, NJ 07399 (201) 413-2000 811 -3.3% Michael B. Row (Managing director)

RCAP, Pershing locked in negotiations over clearing agreement

August 10, 2014

Clearing giant Pershing and RCS Capital Corp., with a brand-new network of 9,000 registered representatives and advisers, are locked in negotiations with millions of dollars on the line. RCS Capital's network of broker-dealers, which it built...

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,...

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,...

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...

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...

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

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...

The largest clearing firms for broker-dealers

July 15, 2012

   Rank Firm Website # of clients % change vs. 2011 Contact Phone Email 1 Pershing LLC 831 -0.6% James T. Crowley, managing director (201) 413-2564 2 National Financial Services LLC

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...

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...

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