Have you ever wondered what exactly happens to your funds once you’ve decided to make an investment? An advisor’s “clearing firm” may have a lot to do with the answer. Pershing, a BNY Mellon company, (member FINRA, NYSE, and SIPC)—a trusted, established, and financially stable financial services firm—provides clearing services for my practice. A clearing firm works with various financial exchanges to handle confirmation, delivery and settlement of your financial transactions.
Such firms employ technology and procedures designed to ensure that transactions are processed in a timely and efficient manner. Additionally, clearing firms prepare and send periodic account statements and transaction confirmations to investors. The SEC and FINRA, the regulatory bodies that oversee broker-dealers, also oversee clearing firms.
Pershing has been a leading global provider of financial business solutions for more than 75 years and serves many of the world’s most respected financial organizations. Your assets are not held at my firm, nor are they held at Royal Alliance. Pershing is a separate and independent entity, and a subsidiary of The Bank of New York Mellon Corporation, a leading provider of financial services for institutions, corporations and high-net worth individuals.
Pershing is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at sipc.org.