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

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Where in the U.S. are RIAs growing the fastest?

InvestmentNews' deputy editor Robert Hordt talks to senior columnist Jeff Benjamin about his report on how registered investment advisers are faring in different regions of the country.

Latest news & opinion

Midwestern magic? RIA assets soared nearly 30% there last year

Theories for what's driving the growth spurt abound, but it surpassed all other regions of the country.

8 apps advisers love for getting stuff done

We reached out to advisers to find out which apps they are using to run their business more efficiently.

10 tax moves to squeeze in before the year ends

Here are some tax moves clients can still make before year-end.

Richard Neal: the new face driving retirement policy in Washington

As he becomes head of the House Ways and Means Committee, Rep. Richard Neal (D-Mass.) is poised to make some big changes.

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