First Clearing* is our chosen provider for clearing services for our clients. With a deep heritage in the full-service brokerage business, and their affiliation with one of the nation's strongest financial services companies, First Clearing* provides us with access to a wide range of resources to help meet our clients' needs.
Brokerage assets are safe-kept at First Clearing*. First Clearing* provides quality securities-execution and brokerage-clearance services to Wells Fargo Advisors, as well as other securities firms throughout the United States. First Clearing* is also a member of the New York Stock Exchange, NASDAQ, and other major exchanges.
First Clearing* provides E.K. Riley with access to the products, services, and platforms used by the registered representatives of Wells Fargo Advisors. This includes both brokerage capabilities and fee-based advisory services. This industry leading support also includes financial planning tools, research, alternative services, banking services, investment strategies, marketing support, and full-service desktop technology.
On occasion, First Clearing* may offer a product that E.K.Riley does not offer. By request, E.K.Riley will evaluate those products for approval. Please ask us if a particular program is of interest to you.
First Clearing* is a member of the Securities Investor Protection Corporation (SIPC), a nonprofit,
Congressionally chartered membership corporation created in 1970. SIPC protects clients against the custodial risk of a member investment firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client in accordance with SIPC rules. (Note that SIPC coverage is not the same as, nor is it a substitute for, FDIC deposit insurance; securities purchased through First Clearing* are not FDIC-insured.) For more information about SIPC, please visit sipc.org.
Excess Coverage Maintained by First Clearing*
Above and beyond SIPC coverage, First Clearing* maintains additional insurance coverage through
Lexington Insurance Company, an AIG Company (referred to here as “Lexington”). For clients who have received the full SIPC payout limit, First Clearing’s* policy with Lexington provides additional coverage above the SIPC limits for any missing securities and cash in client investment accounts up to a firm aggregate limit of $1 billion (including up to $1.9 million for cash per client). In other words, the aggregated amount of all client losses covered under this policy is subject to a limit of $1 billion with each client covered up to $1.9 million for cash.
About Lexington Insurance Company
Lexington Insurance Company is the leading U.S.-based surplus lines insurer. For more information about Lexington, please visit lexingtoninsurance.com.
The Limits of SIPC and Lexington’s Insurance Coverage
Please note that coverage provided by SIPC and Lexington does not protect against the loss of market value of securities. All coverage is subject to the specific policy terms and conditions.
FDIC Insurance Limits
Current FDIC insurance covers a depositor for $250,000, but through our convenient, automated service you get even more protection. At First Clearing*, cash deposits are covered by FDIC insurance for a total of at least $1,000,000 if you enrolled in our Bank Deposit Sweep Program.* Through this program, uninvested cash balances (principal and interest) are automatically deposited, or “swept,” into four affiliate banks. Depositors are covered for up to $250,000 per owner at the first affiliate bank plus $250,000 per account in each of the two additional affiliate banks – quadruple the coverage you would receive at one bank.
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