Broker- clearing & custody

[MCN]

Hi,

 

One issue that concerns me is the safety of my broker/ custodian. I've recently been informed by my broker that they are changing their clearing and custody provider from Pershing (who i understand to be rock solid) to another smaller company. I'm not too happy about this and would prefer to remain with someone like Pershing and simply change broker, however Pershing are unable to provide me with a list of their broker clients.

 

Calling brokers to ask which custody provider they use is a bit time consuming. Does anyone know how to find brokers who use one of the larger custodians such as Pershing, BBH etc?

 

Thank you

 

 

 

 

 

[MCN]

Nobody has any thoughts on this?

 

 

[mysticdrew]

I'll be honest, I've never given this any thought ever.

 

Is there any particular reason why this concerns you so much?

[boilermaker75]

MCN,

 

I have never thought about this either. I have accounts at Schwab and Interactive Brokers; I have no idea who they use as  clearing and custodian provider. Maybe I need to find out? May I ask who your current broker is who made the switch?

 

Thanks,

 

Boiler

[jasonfx]

I have started a direct relationship with Morgan Stanley that may also work for you.  To discuss more, please feel free to PM me for contact information if you're interested.