Account Protection
Shareholders Service Group is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members. Customers are afforded the benefits under the Securities Investor Protection Act of 1970. SIPC provides protection up to a $500,000 limit, of which $250,000 may be for cash balances. More information is available at www.sipc.org.
In addition to SIPC protection, SSG provides its brokerage customers with excess of SIPC coverage from Lloyd’s of London, www.lloyds.com This additional coverage only becomes available in the event SIPC coverage is depleted. Total aggregate additional coverage protection available through Lloyd’s of London is $1 billion. This is the maximum additional coverage protection available in the brokerage industry. Within the $1 billion in aggregate excess of SIPC protection, there is no per account dollar limit on coverage of securities. There is a per account limit of $1.9 million on coverage of cash. Neither SIPC nor excess of SIPC coverage protects against the decline in the market value of securities or losses incurred while broker dealer remains in business.
Shareholders Service Group uses the clearing and custody services of Pershing, which provides brokerage clearing and asset custody services to firms collectively totaling more than $1 trillion in client assets. Pershing is owned by The Bank of New York Mellon, the world’s largest custodian with over $30 trillion in assets.
RIA that Opened a New Firm
I am very pleased that I found SSG when I was selecting a custodian. Even when my practice was newly established and I was just beginning to build my AUM, the staff at SSG gave me very personalized service and attention. As my practice has grown and the custody services have become more complex, I’ve found that the superb service is matched by the depth of expertise. The hallmark of the service that SSG provides is that SSG actually cares about helping us as advisors succeed in providing great service to our clients.