Top clearing and custody firms for financial advisers

InvestmentNews gathers client and asset data to assemble company rankings

Aug 17, 2019 @ 6:00 am

By Ellie Zhu

Listed by reported number of broker-dealer clients
FirmPhone/website# of clients% change vs. 2018ContactPhone/email
One Pershing Plaza, Jersey City, NJ 07339
(800) 445-4467
625-4.40%Michael Row
Chief relationship officer
(800) 445-4467
RBC Correspondent Services
60 S. Sixth St., Minneapolis, MN 55402
(612) 371-2711
190-0.50%Greg Plifka
Director, business development
(888) 524-9800
Hilltop Securities Inc.
1201 Elm St., Dallas, TX 75270
(800) 678-3792
149-2.60%Lana Calton
Senior managing director, head of clearing
(214) 859-9228
First Clearing
One North Jefferson Ave., St. Louis, MO 63103
(888) 322-2532
68-1.40%Peter C. Sheehan
Senior vice president
(410) 329-1459
Apex Clearing Corp.
350 North Saint Paul St. #1300, Dallas,TX 75201
(214) 765-1010
637.90%Michael Lanyon
Head of digital wealth sales
(214) 765-1066
Raymond James & Associates Inc.
880 Carillon Parkway, St. Petersburg, FL 33716
(727) 567-3990
422.40%Robb Combs
Director, custody and clearing division
(813) 541-0340
Axos Clearing
1299 Farnam St., Suite 800, Omaha, NE 68102
(800) 811-3487
N/DN/AMichael Scaplen
Senior VP, sales and relationship management
(732) 635-2490
Fidelity Clearing & Custody Solutions
200 Seaport Blvd., Boston, MA 02210
(877) 262-5950
N/D*N/AJohn Phillips
EVP, head of broker-dealer and bank sales
(617) 563-2253
Merrill Lynch Professional Clearing Corp.
1 Bryant Park, New York, NY 10036
(646) 743-0110
N/DN/AVito Laurenzano
(646) 743-1246
As of May 31, 2019. N/A = not available. N/D = not disclosed.
*As of June 30, 2019, Fidelity Clearing & Custody had 3,950 total clients and $2.3 trillion in assets. Firm did not break out custody clients from clearing clients.
Source: InvestmentNews Research
Clearing firms used by the independent broker-dealers with the most revenue
IBDs2018 Total firm(s) used2018 Total Revenue ($M)
1LPL Financial Self-clearing$5,188.40
2Ameriprise Financial Services Inc.Self-clearing$4,804.00
3Raymond James Financial Services Inc.Self-clearing$2,410.00
4Commonwealth Equity ServicesFidelity Clearing & Custody Solutions, Pershing $1,425.3

5Northwestern Mutual Investment Services dba Commonwealth Financial NetworkPershing$1,219.50
6MML Investors ServicesFidelity Clearing & Custody Solutions$1,126.60
7AXA Advisors LPL Financial$913.80
8Cambridge Investment Research Inc.Fidelity Clearing & Custody Solutions, Pershing$906.70
9Securities America Inc.Charles Schwab, Fidelity Clearing & Custody Solutions, Pershing, TD Ameritrade$803.5

10Lincoln Financial NetworkFidelity Clearing & Custody Solutions$782.40
11Cetera Advisor NetworksN/A$619.50
12Royal Alliance Associates Inc.Fidelity Clearing & Custody Solutions, Pershing$603.90
13Kestra Financial IncFidelity Clearing & Custody Solutions$549.20
14Waddell & Reed Financial AdvisorsPershing$522.80
15Voya Financial Advisors Inc.Pershing$458.80
16SagePoint Financial Inc.Fidelity Clearing & Custody Solutions, Pershing$405.70
17Woodbury Financial ServicesFidelity Clearing & Custody Solutions, Pershing$373.60
18Securian Financial Services Inc.Pershing$368.60
19Cetera AdvisorsPershing$367.40
20Cetera Financial InstitutionsSelf-clearing$340.70
Revenue figures as of firm's year-end. N/A = not available. Source: InvestmentNews Research
Market share, by number of clients, among the top three clearing firms used by the largest independent broker-dealers in 2016 and previous years
Percentages based on number of clearing firms specified by independent broker-dealers each year. Source: InvestmentNews Research
Listed by reported number of RIA custody clients
FirmPhone/websiteHead of RIA custody business# of clients% change vs. 2018Assets under custody ($M)% change vs. 2018Minimum assets of advisers
Schwab Advisor Services
211 Main St., San Francisco, CA 94105
(877) 687-4085
Bernie Clark
Executive vice president and head of Schwab Advisor Services
7,600+--$1,555,000 5.20%N/A
TD Ameritrade Institutional
One Plaza Four A, Jersey City, NJ 07311
(800) 934-6124
Tom Nally
Interactive Brokers
8 Greenwich Office Park, Greenwich, CT 06831
(877) 442-2757
Andrea Nagy
Sales engineer
4,5038.90%$23,319 13.10%N/A
One Freedom Valley Dr., Oaks, PA 19456
(610) 676-1000
Wayne Withrow
Executive vice president and unit head, SEI Advisor Network
1,735*-1.00%$26,700 -3.60%N/A
Shareholders Service Group
9845 Erma Road, San Diego, CA 92131
(800) 380-7370
Peter Mangan
Pershing Advisors Solutions
One Pershing Plaza, Jersey City, NJ 07339
(800) 445-4467
Mark Tibergien
749-1.10%$734,000 13.60%$100M
Trade-PMR Inc.
2511 N.W. 41st St., Gainesville, FL 32606
(888) 579-8640
Robb Baldwin
LPL Financial
1055 LPL Way, Ft. Mill, SC 29715
(858) 450-9606
Marc Cohen
Senior vice president, strategic business development
4351.40%$311,219 7.20%N/A
U.S. Bank
425 Walnut St., Cincinnati, OH 45202
(513) 562-3621
Alan M. Markarian
Senior vice president
26510.90%$115,000 12.70%N/A
ETRADE Advisor Services
7103 S. Revere Parkway, Centennial, CO 80112
(303) 705-6000
Matthew Wilson
Head of advisor services
2259.80%$18,700 3.90%$10M
National Advisors Trust Co.
800 E. 101st Terrace, Suite 300, Kansas City, MO 64131
(877) 527-3476
James A.Combs Jr.
CEO and president
2148.10%$12,000 0.00%N/A
RBC Advisor Services
60 S. Sixth St., Minneapolis, MN 55402
(612) 371-2711
Brett Thorne
Head, RBC Correspondent & Advisor Services
1459.80%$22,000 10.00%N/A
Fidelity Clearing & Custody Solutions**
200 Seaport Blvd., Boston, MA 02210
(800) 735-3756
David Canter
Executive vice president, head of RIA Segment
As of May 31, 2019. N/A = not available. N/D = not disclosed.
*As of Aug. 6, 2019
**As of June 30, 2019, Fidelity Clearing & Custody had 3,950 total clients and $2.3 trillion in assets. Firm did not break out custody clients from clearing clients.
Source: InvestmentNews Research


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