Broker/Dealers and Custodians Most Common Custodians for RIAs % of Firms Using Each 2019 Fidelity Investments (NFS*) Charles Schwab Vanguard TD Ameritrade Wilmington Trust Matrix Prudential Financial Wells Fargo J.P. Morgan Pershing, LLC LPL Financial State Street Other custodians *National Financial Services LLC Primary Benefits Received From Custodians % of Advisers Using Each 2018 2019 Trading platform Online access to trust reporting Robust trust and trading reports Plan distribution processing (to plans) Retirement specialists Trading alerts Other benefits Custodian adds no value Adviser Ratings of Their Custodians 2019 Excellent Good Satisfactory Poor 2018 23% 24% 57% 53% 17% 22% 3% 1% 48% 47% 31% 24% 18% 24% 17% 16% 14% 22% x8% 10% 19% 13% 27% 24% 47% 45% 21% 18% 16% 15% 14% 14% 6% 6% 5% 2% 17% Primary Benefits Received From Broker/Dealers 2019 Compliance oversight Technology/IT support Co-fiduciary support Brand name recognition Investment due diligence Wealth management support Marketing support Participant education materials/support Retirement plan expertise Retirement income projection tools Retirement plan search Lead generation/referrals Broker/dealer adds no value Adviser Ratings of Their Broker/Dealers 2019 Excellent Good Satisfactory Poor 2018 41% 46% 39% 42% 9% 3% 2018 91% 85% 63% 62% 63% 44% 61% 52% 61% 52% 61% 55% 59% 45% 59% 39% 54% 40% 41% 23% 41% 30% 26% 19% 9% 7% Morgan Stanley Smith Barney LPL Financial UBS Financial Services Merrill Lynch NFP Securities, Inc. Triad Advisors, Inc. Cetera Advisor Networks Charles Schwab Lincoln Investment Planning Pensionmark Securities TD Ameritrade Other broker/dealers Most Commonly Used Broker/Dealers % of Advisers Using Each 2018 2019 33% 19% 17% 16% 15% 8% 4% 4% 4% 2% 5% 2% 1% 8% 2% <1% 2% 6% 2% 2% 2% 2% 17% 33% 20% 0% planadviser.com November-December 2019 | 29http://www.planadviserdigital.com/planadviser/november_december_2019/TrackLink.action?pageName=29&exitLink=http%3A%2F%2Fplanadviser.com