Broker/Dealers and Custodians Most Common Custodians for RIAs % of Firms Using Each 2019 2020 Fidelity Investments (NFS*) Charles Schwab Vanguard Wilmington Trust Matrix Prudential Financial TD Ameritrade J.P. Morgan Wells Fargo State Street LPL Financial Pershing, LLC Other custodians *National Financial Services LLC Primary Benefits Received From Custodians % of Advisers Using Each 2019 Trading platform Online access to trust reporting Plan distribution processing (to plans) Comprehensive trust and trading reports Retirement specialists Trading alerts Other benefits Custodian adds no value Adviser Ratings of Their Custodians 2019 Excellent Good Satisfactory Poor 2020 23% 21% 57% 60% 17% 19% 1% 3% Adviser Ratings of Their Broker/Dealers 2019 Excellent Good Satisfactory Poor 2020 41% 38% 39% 48% 14% - - 2020 48% 44% 31% 32% 17% 23% 18% 22% 14% 15% 11% 8% 19% 16% 27% 25% Wealth management support Brand name recognition Investment due diligence Marketing support Co-fiduciary support Participant education materials/support Retirement plan expertise Retirement plan search Retirement income projection tools Lead generation/referrals Broker/dealer adds no value 61% 60% 61% 59% 61% 57% 59% 51% 63% 50% 59% 50% 54% 46% 41% 33% 41% 30% 26% 23% 3% 9% 47% 49% 45% 46% 21% 32% 16% 28% 15% 27% 14% 14% 18% 14% 6% 13% 14% 12% 8% 2% 5% 7% 6% 6% 17% 37% Primary Benefits Received From Broker/Dealers 2019 Compliance oversight Technology/IT support 63% 2020 91% 83% 78% Morgan Stanley Smith Barney LPL Financial UBS Financial Services Cetera Advisor Networks Merrill Lynch Triad Advisors, Inc. Pensionmark Securities Charles Schwab Lockton Financial Advisors NFP Securities, Inc. Wells Fargo Other broker/dealers Most Commonly Used Broker/Dealers % of Advisers Using Each 2019 2020 33% 28% 17% 21% 15% 11% 5% 5% 4% 2% 1% 1% 1% 1% 2% 4% 4% 2% 2% - 4% - 17% 24% 20% planadviser.com November-December 2020 | 23http://www.planadviser.com