Clearing firm: National Financial Services LLC, Pershing LLC
No. advisers: 1,308
AUM: $36,206,132,796
Year founded: 1958
Year end: Dec. 31
Recruitment & Staffing
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| No. of reps | 799 | 1,308 | 1,579 |
| No. of reps, male | 583 | 701 | 867 |
| No. of reps, female | 216 | 607 | 712 |
| No. of producing reps | 651 | 698 | 856 |
| No. of producing reps, male | 517 | 563 | 707 |
| No. of producing reps, female | 134 | 135 | 149 |
| No. of reps producing $100K-$499K /year | 282 | 292 | 382 |
| No. of reps producing $500K+ /year | 115 | 119 | 141 |
| No. of CFPs | 0 | 0 | 0 |
| No. of full-time employees | 109 | 0 | 224 |
| No. of fee-based advisers served | 429 | 488 | 593 |
| Average payout per rep, per year | $309,145 | $277,975 | $287,539 |
| Avg. annual production of top 20% reps | $2,503,888 | $2,087,067 | $2,002,518 |
| Total payout, per year | $178,022,236 | $201,253,712 | $247,354,401 |
| Cost of E&O insurance per rep, per year | — | — | $2,542 |
| Affiliation fees charged per rep, per year | — | — | $1.255 |
| Affiliation fee coverage | — | — | — |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total revenues | $237,146,541 | $289,124,260 | $305,578,221 |
| Commission revenues | $89,243,546 | $116,845,041 | $137,824,668 |
| Securities revenues | $3,527,588 | $3,548,259 | $4,718,397 |
| Securities revenues: Stocks | $3,371,706 | $3,321,952 | $4,718,397 |
| Securities revenues: Bonds | $155,882 | $226,308 | $327,398 |
| Securities revenues: ETFs | — | — | — |
| Securities revenues: Other | 0 | 0 | 0 |
| Mutual fund revenues | $31,732,648 | $38,317,314 | $44,700,291 |
| Annuities revenues | $49,547,358 | $69,327,746 | $78,890,779 |
| Annuities revenues: Fixed | $1,755,094 | $2,809,720 | $1,209,792 |
| Annuities revenues: Variable | $42,588,001 | $54,287,523 | $63,961,502 |
| Annuities revenues: Other | $5,204,264 | $12,230,503 | $13,719,485 |
| Insurance revenue | $3,132,296 | $2,656,479 | $4,459,857 |
| Insurance revenues: Life | $3,132,296 | $2,656,479 | $4,459,857 |
| Insurance revenues: Disabilities | 0 | 0 | 0 |
| Insurance revenues: LTC | 0 | 0 | 0 |
| Insurance revenues: Other | 0 | 0 | 0 |
| Alternative revenues | $777,216 | $1,871,728 | $3,289,927 |
| Alternative revenues: Hedge funds | — | — | — |
| Alternative revenues: Managed futures | — | — | — |
| Alternative revenues: Private placements | $606,468 | $1,529,079 | $2,648,933 |
| Alternative revenues: REITs | — | — | — |
| Alternative revenues: Other | $170,748 | $342,649 | $640,994 |
| Other commission revenues | $526,441 | $1,123,515 | $1,765,416 |
| Fee revenues | $104,875,683 | $109,708,680 | $108,596,387 |
| Fee revenues: Rep-managed accounts | $85,826,450 | $88,506,056 | $85,420,607 |
| Fee revenues: Firm-managed accounts | — | — | — |
| Fee revenues: Outside-managed accounts | $19,049,234 | $21,202,624 | $23,175,780 |
| Fee revenues: Other | — | — | — |
| Total revenues: Other | $43,027,311 | $62,570,539 | $59,157,168 |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total account assets | $36,684,546,348 | $36,206,132,796 | $34,624,724,025 |
| Fee-based assets | $15,034,520,736 | $13,441,801,762 | $11,977,372,624 |
| Fee-based assets: Clearing firm | — | — | — |
| Fee-based assets: Advisory firm platforms | $12,054,095,201 | $10,394,623,040 | $9,661,209,954 |
| Fee-based assets: Third-party money managers | $2,980,425,535 | $3,047,178,721 | $2,316,162,670 |
| Fee-based assets: Other | — | — | — |
| Total account assets: Other | $21,650,025,612 | $22,764,331,034 | $22,647,351,401 |
| Average assets per rep | $45,913,074 | $27,680,530 | $21,928,261 |
| Social Media & Mobile | |||
| Allows advisers to use social media | Y | ||
| Social media sites allowed | Facebook | ||
| Dedicated mobile application for advisers? | Y | ||
| Primary purpose of mobile application | Client and contact management. Also have mobile solution for account opening and VA straight through processing. | ||
| Software Offered | |||
| Account aggregation software | Albridge Wealth Reporting (Albridge, an affiliate of Pershing) | ||
| Compliance software | Protegent Surveillance (SunGard Data Systems Inc.) RegEd |
||
| CRM | Salesforce CRM (Salesforce.com) | ||
| Document management | Docupace ePacs (Docupace Technologies Inc.) | ||
| Financial planning | — | ||
| Portfolio management | Albridge Wealth Reporting (Albridge, and affiliate of Pershing) Envestnet (Envestnet) |
||
| Portfolio rebalancing | Advisor Rebalancing (Envestnet/Tamarac) | ||
| Robo-advice | |||
| Offers robo-advisory platform? | N | ||
| If not, when plans to offer a robo-platform | 0-6 months | ||
| Robo-advice services offered | — | ||
| How robo-platform developed | — | ||
| Charge for robo-advisory services? | — | ||
- Notes
- N/A = Not available
- N/D = Not disclosed
- — = Information not available or not disclosed
All 2011-2016 recruitment and staffing data is as of Dec. 31 in the calendar year displayed. Prior year recruitment and staffing data is as of Sept. 30. All financial figures are for firms' year end, unless noted.
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