Custody of Assets

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Custody of Assets

The Safety and Security of Your Money

Nothing is more important to the safety and security of your assets than who holds them and who provides the money movement and trade clearing operations of those funds.  In the financial industry, this is called the Custodian of the Accounts.  That custodian function can be handled by the same firm as your advisor, as most big bank and brokerage firms are, or by an independent third party custodian whose sole function is the safety, security and transaction execution for your accounts.

An independent third party custodian is the highest level of security for investors.

This is important. We have seen, as recently as the financial crisis of 2008 or the Wells Fargo account manipulation scandal, that size and reputation alone is not sufficient security for clients.  Firms that combine the custody function with trading, market making and other individual and institutional brokerage activity (as all the big bank and brokerage firms do) are inherently more risky because of their lending, trading and other brokerage activity, which are the primary sources of their earnings. The best level of security is an independent, third party custodian whose primary corporate activity is the custody of client assets and one in which you have a separate and distinct relationship from your advisor.

As a member of Advisory Services Network, LLC. Sound Advice Financial can choose from several different independent third party custodians that provide:

  • Financial strength with the safekeeping, segregation and reporting capabilities of global client assets.
  • Global clearing and settlement in equities, fixed income, ETFs, annuities and more.
  • Easy and user-friendly access your accounts
  • Comprehensive tools to manage and report on your assets’ performance

Sound Advice Financial’s preferred custodian is Pershing Advisor Solutions, a BNY Mellon company.

For more information on Pershing please see the following links.

Click here to download the PAS Strength and Stability PDF

Click here to download the PAS Working Behind the Scenes PDF