Broker/Dealers and Custodians Most common custodians for RIAs % of Advisers Using Each 2017 Fidelity (NFS) Schwab LPL Financial TD Ameritrade Pershing, LLC Matrix Wells Fargo State Street Vanguard Wilmington Trust UBS Prudential Financial Exeter Trust Co. NFP Securities, Inc. J.P. Morgan Primary benefits received from custodians 2017 Trading platform Online access to trust reporting Retirement specialists Robust trust and trading reports Plan distribution processing (to plans) Trading alerts Other Custodian adds no value Adviser ratings of their custodians 2017 Excellent Good Satisfactory Poor 31% 2016 24% 47% 56% 20% 17% 2% 2016 55% 47% 38% 23% 29% 29% 22% 20% 14% 11% 13% 10% 12% 17% 17% 15% 2016 30% 24% 30% 26% 17% 29% 16% 11% 12% 9% 10% 7% 9% 5% 8% 8% 6% 5% 4% 3% 3% 3% 2% 5% 4% 5% 2% n/a 5% 2% Morgan Stanley Smith Barney LPL Financial Merrill Lynch NFP Securities, Inc. UBS Financial Services Wells Fargo Advisors (First Clearing LLC) CapFinancial Commonwealth Financial Networks MML Investors Raymond James Financial Services, Inc. Cambridge Investment Research M Holdings Securities Most common broker/dealers 2017 2016 29% 15% 19% 28% 7% 4% 5% 4% 3% 6% 3% 2% 2% 2% 2% 1% 2% 1% 2% 1% 1% 1% 1% 1% Primary benefits received from broker/dealers 2017 Compliance oversight Technology/IT support Brand name recognition Investment due diligence Wealth management support Co-fiduciary support Marketing support Retirement plan expertise Participant education materials/support Retirement income projection tools Retirement plan search Lead generation/Referrals Broker/dealer adds no value Adviser ratings of their broker/dealers 2017 Excellent Good 3% Satisfactory Poor 2016 46% 44% 27% 39% 22% 14% 4% 3% 2016 70% 79% 54% 58% 50% 45% 48% 33% 46% 41% 42% 17% 37% 46% 34% 23% 29% 42% 18% 21% 17% 34% 10% 39% 12% 6% planadviser.com november-december 2017 | 51http://www.planadviser.com