Prospera Financial Services Inc.
Prospera Financial Services Inc.
Clearing firm: First Clearing LLC, Pershing LLC
No. advisers: 129
AUM: $8,700,000,000
Year founded: 1982
Year end: June 30
No. of retail offices: 85
For More Information
| CEO | David W. Stringer, Tim Edwards, David Stringer | |
| Top Executive | Tim Edwards | |
| Recruiting Contact | Tim Edwards (972) 581-3007 Kim C Utz (972) 581-3010 | |
| Compliance Contact | Tarah M. Williams (972) 581-3015 Robert Coulter (972) 581-3066 | |
| Marketing Contact | Tarah M. Williams (972) 581-3015 | |
| Technology Operations Contact | Tarah M. Williams (972) 581-3015 | |
Recruitment & Staffing
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| No. of reps | 129 | 129 | 127 |
| No. of reps, male | 113 | 114 | 110 |
| No. of reps, female | 16 | 15 | 17 |
| No. of producing reps | 129 | 129 | 127 |
| No. of producing reps, male | 113 | 114 | 110 |
| No. of producing reps, female | 16 | 15 | 17 |
| No. of reps producing $100K-$499K /year | 66 | 73 | 78 |
| No. of reps producing $500K+ /year | 47 | 40 | 29 |
| No. of CFPs | 22 | 13 | 11 |
| No. of full-time employees | 61 | 61 | 59 |
| No. of fee-based advisers served | 129 | 129 | 127 |
| Average payout per rep, per year | $545,852 | $476,074 | $458,225 |
| Avg. annual production of top 20% reps | $1,106,330 | $1,088,272 | $1,066,446 |
| Total payout, per year | 0 | 0 | 0 |
| Cost of E&O insurance per rep, per year | 4188 | 3588 | 3588 |
| Affiliation fees charged per rep, per year | 1800 | 1800 | 1800 |
| Affiliation fee coverage | training and continuing education, compliance approved email, network security tools, access to the firm's intranet, commission reporting, annual conference content, compliance audits, required mailings, etc. | training and continuing education, compliance approved email, network security tools, access to the firm's intranet, commission reporting, annual conference content, compliance audits, required mailings | training and continuing education, compliance approved email, network security tools, access to the firm's intranet, commission reporting, annual conference content, compliance audits, required mailings |
| $0-$249,999 | $250K-$499,999 | $500K-$749,999 | $750K-$999,999 | $1,000,000+ | |
|---|---|---|---|---|---|
| Mutual funds | 86%-90% | 86%-90% | 86%-90% | 90%-92% | 92%-99% |
| Insurance | 86%-90% | 86%-90% | 86%-90% | 90%-92% | 92%-99% |
| Variable annuities | 86%-90% | 86%-90% | 86%-90% | 90%-92% | 92%-99% |
| Limited parterships | 86%-90% | 86%-90% | 86%-90% | 90%-92% | 92%-99% |
| Securities | 86%-90% | 86%-90% | 86%-90% | 90%-92% | 92%-99% |
| Required minimum production | $300,000 | ||||
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total revenues | $70,414,959 | $57,580,023 | $54,156,438 |
| Commission revenues | $25,203,450 | $22,644,880 | $23,988,270 |
| Securities revenues | $9,617,409 | $7,244,016 | $9,383,293 |
| Securities revenues: Stocks | $3,053,343 | $2,544,708 | $2,880,010 |
| Securities revenues: Bonds | $4,726,719 | $2,706,417 | $4,791,681 |
| Securities revenues: ETFs | — | — | — |
| Securities revenues: Other | $1,837,347 | $1,992,891 | $1,711,602 |
| Mutual fund revenues | $6,342,193 | $6,191,104 | $6,835,337 |
| Annuities revenues | $8,109,261 | $8,199,692 | $7,002,315 |
| Annuities revenues: Fixed | $529,469 | $17,346 | $134,628 |
| Annuities revenues: Variable | $7,579,792 | $8,182,346 | $6,867,687 |
| Annuities revenues: Other | — | — | — |
| Insurance revenue | $329,325 | $449,050 | $256,691 |
| Insurance revenues: Life | $127,792 | $302,873 | $229,482 |
| Insurance revenues: Disabilities | — | — | — |
| Insurance revenues: LTC | — | — | — |
| Insurance revenues: Other | $201,533 | $146,176 | $27,209 |
| Alternative revenues | $603,318 | $416,060 | $294,419 |
| Alternative revenues: Hedge funds | — | — | — |
| Alternative revenues: Managed futures | $199,435 | $105,130 | $10,899 |
| Alternative revenues: Private placements | — | — | — |
| Alternative revenues: REITs | $403,883 | $250,880 | $109,120 |
| Alternative revenues: Other | — | $60,050 | $174,400 |
| Other commission revenues | $201,944 | $144,959 | $216,215 |
| Fee revenues | $36,643,467 | $30,718,720 | $26,514,253 |
| Fee revenues: Rep-managed accounts | $34,953,409 | $30,625,336 | $25,348,661 |
| Fee revenues: Firm-managed accounts | — | — | — |
| Fee revenues: Outside-managed accounts | — | — | — |
| Fee revenues: Other | $1,690,058 | $93,384 | $1,165,592 |
| Total revenues: Other | $8,568,042 | $4,216,423 | $3,653,915 |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total account assets | $8,800,000,000 | $8,700,000,000 | $7,700,000,000 |
| Fee-based assets | $3,500,000,000 | $2,700,000,000 | $2,500,000,000 |
| Fee-based assets: Clearing firm | $3,500,000,000 | $2,700,000,000 | $2,500,000,000 |
| Fee-based assets: Advisory firm platforms | — | — | — |
| Fee-based assets: Third-party money managers | — | — | — |
| Fee-based assets: Other | — | — | — |
| Total account assets: Other | $5,300,000,000 | $6,000,000,000 | $5,200,000,000 |
| Average assets per rep | $68,217,054 | $67,441,860 | $60,629,921 |
| 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 | Process direct business, CRM system, data aggregation, etc. | ||
| Software Offered | |||
| Account aggregation software | eMoney 360 (eMoney Advisor) Envestnet Built in house/Proprietary |
||
| Compliance software | Built in house/Proprietary | ||
| CRM | Salesforce CRM (Salesforce.com) | ||
| Document management | LaserApp (LaserApp Software Inc.) Salesforce files |
||
| Financial planning | eMoney360 (eMoney Advisor) MoneyGuidePro (PIEtech Inc.) Thomson One Wealth Management (Thomson Reuters) |
||
| Portfolio management | First Clearing Platform | ||
| Portfolio rebalancing | First Clearing UWP | ||
| Robo-advice | |||
| Offers robo-advisory platform? | N | ||
| If not, when plans to offer a robo-platform | 1-2 years | ||
| 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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