| Rank | Firm | Parent company | Main phone | Website | B-D clients | % chg. vs. 2010 | Contact | Phone | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Pershing LLC | (201) 413-1000 | pershing.com | 836* | 5.3% | James T. Crowley, managing director | (201) 413-2564 | [email protected] | |
| 2 | Penson Worldwide Inc. | (214) 765-1100 | penson.com | 437 | 10.1% | Sean Malloy, senior vice president of sales and marketing | (212) 273-6835 | [email protected] | |
| 3 | National Financial Services LLC | Fidelity Investments | (877) 262-5950 | nationalfinancial.com | 267 | -11.3% | Joe Kelly, head of sales | (617) 563-8738 | [email protected] |
| 4 | Broadcort & Merrill Lynch Professional Clearing Corp. | Bank of America Merrill Lynch | (800) 246-0561 | broadcort.com | 255 | 13.8% | Michael Bird, managing director at Broadcort; Gary Yetman, managing director at MLPro | (646) 855-3507; (212) 670-5019 | [email protected]; [email protected] |
| 5 | J.P. Morgan Clearing Corp. | (212) 552-1765 | jpmorgan.com/bds | 211 | 5.5% | Curt Richmond, managing director | (212) 552-1765 | [email protected] | |
| 6 | Goldman Sachs Execution and Clearing LP | (212) 357-2266 | gsec.com | 175 | -34.0% | Kyle Czepiel, managing director | (212) 357-2802 | [email protected] | |
| 7 | RBC Correspondent Services | Royal Bank of Canada | (612) 371-7776 | rbc-cs.com | 170 | 0.0% | Craig Gordon, director | (612) 371-7776 | [email protected] |
| 8 | Southwest Securities Inc. | SWS Group Inc. | (877) 797-6613 | swsclearing.com | 165 | -9.8% | Paul Vinton, executive vice president | (877) 797-6613 | [email protected] |
| 9 | Wedbush Securities Inc. | Wedbush Inc. | (213) 688-8000 | wedbush.com | 160 | 0.0% | Jeff Martin, senior vice president of advanced clearing services | (213) 688-4567 | [email protected] |
| 10 | Sterne Agee Clearing Inc. | Sterne Agee & Leach Inc. | (561) 368-4355 | sterneagee.com | 110 | 0.0% | Dennis Ferguson, president | (800) 264-4863 | [email protected] |
| 11 | First Clearing LLC | Wells Fargo Advisors LLC | (888) 322-2532 | firstclearing.com | 93 | -13.9% | David L. Williams, managing director | (888) 322-2532 | [email protected] |
| 12 | Mesirow Financial Inc. | (312) 595-6000 | mesirowfinancial.com | 85 | 0.0% | Ruth C. Hannenberg, senior managing director | (312) 595-6239 | [email protected] | |
| 13 | Legent Clearing LLC | (877) 877-0217 | legentclearing.com | 80 | 0.0% | Ray P. Maratea, president; Steve Dripchak, vice president of sales | (630) 592-4848; (866) 770-0218 | [email protected]; [email protected] | |
| 14 | FirstSouthwest Co. | PlainsCapital Corp. | (800) 678-3792 | firstswclearing.com | 75 | 0.0% | Joseph Turk, regional vice president; Paul Bashus, regional vice president | (917) 206-3667; (866) 299-8755 | [email protected]; [email protected] |
| 15 | Raymond James & Associates Inc. | (727) 567-3990 | raymondjames.com/clearing | 38 | 0.0% | Robb Combs, director of correspondent services | (727) 567-3990 | [email protected] | |
| As of June 30. *Number of B-D clients for Pershing LLC includes introducing broker-dealer firms that transitioned from Jefferies & Co. Inc. Source: InvestmentNews | |||||||||
Recruited assets, organic growth both powered ahead
Goldman Sachs' Padi Raphael, Global Co-Head of Third-Party Wealth, said the "door is always open" regarding a potential RIA referral program, as the firm looks to serve the "mega trend" of growing wealth from independent advisors.
UBS research finds lack of planning and communication as key challenges for high-net-worth widows and next-generation women in navigating inheritances.
The proposed "all markets" fund is structured to enable quarterly redemptions, driven by investments in public equities, fixed income, and private market assets.
The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.
From direct lending to asset-based finance to commercial real estate debt.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
