Top clearing and custody firms for financial advisers
InvestmentNews gathers client and asset data to assemble company rankings
CLEARING FIRMS Listed by reported number of broker-dealer clients
| Firm | Address | Phone/website | # of clients | % change vs. 2018 | Contact | Phone/email |
|---|---|---|---|---|---|---|
| Pershing | One Pershing Plaza, Jersey City, NJ 07339 | (800) 445-4467 pershing.com |
625 | -4.40% | Michael Row Chief relationship officer |
(800) 445-4467 |
| RBC Correspondent Services | 60 S. Sixth St., Minneapolis, MN 55402 | (612) 371-2711 rbccorrespondentservices.com |
190 | -0.50% | Greg Plifka Director, business development |
(888) 524-9800 [email protected] |
| Hilltop Securities Inc. | 1201 Elm St., Dallas, TX 75270 | (800) 678-3792 hilltopsecurities.com |
149 | -2.60% | Lana Calton Senior managing director, head of clearing |
(214) 859-9228 [email protected] |
| First Clearing | One North Jefferson Ave., St. Louis, MO 63103 | (888) 322-2532 firstclearing.com |
68 | -1.40% | Peter C. Sheehan Senior vice president |
(410) 329-1459 [email protected] |
| Apex Clearing Corp. | 350 North Saint Paul St. #1300, Dallas,TX 75201 | (214) 765-1010 apexclearing.com |
63 | 7.90% | Michael Lanyon Head of digital wealth sales |
(214) 765-1066 [email protected] |
| Raymond James & Associates Inc. | 880 Carillon Parkway, St. Petersburg, FL 33716 | (727) 567-3990 raymondjamesclearing.com |
42 | 2.40% | Robb Combs Director, custody and clearing division |
(813) 541-0340 [email protected] |
| Axos Clearing | 1299 Farnam St., Suite 800, Omaha, NE 68102 | (800) 811-3487 axosclearing.com |
N/D | N/A | Michael Scaplen Senior VP, sales and relationship management |
(732) 635-2490 [email protected] |
| Fidelity Clearing & Custody Solutions | 200 Seaport Blvd., Boston, MA 02210 | (877) 262-5950 clearingcustody.fidelity.com |
N/D* | N/A | John Phillips EVP, head of broker-dealer and bank sales |
(617) 563-2253 [email protected] |
| Merrill Lynch Professional Clearing Corp. | 1 Bryant Park, New York, NY 10036 | (646) 743-0110 broadcort.com |
N/D | N/A | Vito Laurenzano Director |
(646) 743-1246 [email protected] |
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 $2.3 trillion in assets. Firm did not break out custody clients from clearing clients.
Source: InvestmentNews Research
WHERE THE LARGEST INDIE B-Ds CLEAR Clearing firms used by the independent broker-dealers with the most revenue
| IBDs | 2018 Total firm(s) used | 2018 Total Revenue ($M) |
|---|---|---|
| LPL Financial | Self-clearing | $5188.40 |
| Ameriprise Financial Services Inc. | Self-clearing | $4804 |
| Raymond James Financial Services Inc. | Self-clearing | $2410 |
| Commonwealth Equity Services | Fidelity Clearing & Custody Solutions, Pershing | $1,425.3 0 |
| Northwestern Mutual Investment Services dba Commonwealth Financial Network | Pershing | $1219.50 |
| MML Investors Services | Fidelity Clearing & Custody Solutions | $1126.60 |
| AXA Advisors | LPL Financial | $913.80 |
| Cambridge Investment Research Inc. | Fidelity Clearing & Custody Solutions, Pershing | $906.70 |
| Securities America Inc. | Charles Schwab, Fidelity Clearing & Custody Solutions, Pershing, TD Ameritrade | $803.5 0 |
| Lincoln Financial Network | Fidelity Clearing & Custody Solutions | $782.40 |
| Cetera Advisor Networks | N/A | $619.50 |
| Royal Alliance Associates Inc. | Fidelity Clearing & Custody Solutions, Pershing | $603.90 |
| Kestra Financial Inc | Fidelity Clearing & Custody Solutions | $549.20 |
| Waddell & Reed Financial Advisors | Pershing | $522.80 |
| Voya Financial Advisors Inc. | Pershing | $458.80 |
| SagePoint Financial Inc. | Fidelity Clearing & Custody Solutions, Pershing | $405.70 |
| Woodbury Financial Services | Fidelity Clearing & Custody Solutions, Pershing | $373.60 |
| Securian Financial Services Inc. | Pershing | $368.60 |
| Cetera Advisors | Pershing | $367.40 |
| Cetera Financial Institutions | Self-clearing | $340.70 |
Revenue figures as of firm’s year-end. N/A = not available. Source: InvestmentNews Research.
CUSTODIANS Listed by reported number of RIA custody clients
| Firm | Phone/website | Head of RIA custody business | # of clients | % change vs. 2018 | Assets under custody ($M) | % change vs. 2018 | Minimum assets of advisers |
|---|---|---|---|---|---|---|---|
| Schwab Advisor Services 211 Main St., San Francisco, CA 94105 |
(877) 687-4085 advisorservices.schwab.com |
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 tdainstitutional.com |
Tom Nally President |
7,000+ | — | N/D | N/A | N/A |
| Interactive Brokers 8 Greenwich Office Park, Greenwich, CT 06831 |
(877) 442-2757 interactivebrokers.com |
Andrea Nagy Sales engineer |
4503 | 8.90% | $23,319 | 13.10% | N/A |
| SEI* One Freedom Valley Dr., Oaks, PA 19456 |
(610) 676-1000 seic.com/advisors |
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 ssginstitutional.com |
Peter Mangan CEO |
1604 | 2.20% | N/D | N/A | N/A |
| Pershing Advisors Solutions One Pershing Plaza, Jersey City, NJ 07339 |
(800) 445-4467 pershing.com |
Mark Tibergien CEO |
749 | -1.10% | $734,000 | 13.60% | $100M |
| Trade-PMR Inc. 2511 N.W. 41st St., Gainesville, FL 32606 |
(888) 579-8640 tradepmr.com |
Robb Baldwin CEO |
675 | 1.50% | N/D | N/A | N/A |
| LPL Financial 1055 LPL Way, Ft. Mill, SC 29715 |
(858) 450-9606 lpl.com |
Marc Cohen Senior vice president, strategic business development |
435 | 1.40% | $311,219 | 7.20% | N/A |
| U.S. Bank 425 Walnut St., Cincinnati, OH 45202 |
(513) 562-3621 usbank.com/itc |
Alan M. Markarian Senior vice president |
265 | 10.90% | $115,000 | 12.70% | N/A |
| ETRADE Advisor Services 7103 S. Revere Parkway, Centennial, CO 80112 |
(303) 705-6000 etrade.com/advisorservices |
Matthew Wilson Head of advisor services |
225 | 9.80% | $18,700 | 3.90% | $100M |
| National Advisors Trust Co. 800 E. 101st Terrace, Suite 300, Kansas City, MO 64131 |
(877) 527-3476 nationaladvisorstrust.com |
James A.Combs Jr. CEO and president |
214 | 8.10% | $12,000 | 0.00% | N/A |
| RBC Advisor Services 60 S. Sixth St., Minneapolis, MN 55402 |
(612) 371-2711 rbcadvisorservices.com |
Brett Thorne Head, RBC Correspondent & Advisor Services |
145 | 9.80% | $22,000 | 10.00% | N/A |
| Fidelity Clearing & Custody Solutions** 200 Seaport Blvd., Boston, MA 02210 |
(800) 735-3756 clearingcustody.fidelity.com |
David Canter Executive vice president, head of RIA Segment |
N/D | N/A | N/D | N/A | N/D |
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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