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Our Strategic Partner

Royal Alliance has been in the business as an independent broker-dealer for more than two decades. Their reputation is the result of their open-architecture model and commitment to leading edge technology and superior service. Royal Alliance’s trademark is a culture defined by personal relationships with their advisors that is based on mutual trust, loyalty and integrity, which in turn allows the advisors to focus on what they do best – help their clients achieve their financial goals. The firm has more than $41 billion in total account assets and more than 2,000 affiliated independent financial advisors*. Royal Alliance is a registered broker-dealer and a registered investment advisor.

*As of February 14, 2012

Pershing LLC

“Understanding the Protection of Client Assets”?

Pershing LLC has been a leading global provider of financial business solutions for over 70 years and serves many of the world’s most respected financial organizations, remaining committed to the safekeeping, servicing, segregation and reporting of assets held in custody.

Financial Strength—December 31, 2011

Pershing’s core financial strength provides the foremost measure of the protection of assets held in our custody. Our parent company, BNY Mellon, is a leading provider of financial services for institutions, corporations and high-net-worth individuals. Pershing’s financial strength does not protect against loss due to market fluctuation.

Pershing

$952 billion in assets held in custody

BNY Mellon

$25.8 trillion in assets under custody and administration 
$1.26 trillion in assets under management 
Ranked Safest Bank in the U.S.

For the third consecutive year, Global Finance magazine has rated BNY Mellon as the safest bank in the U.S. in its latest annual survey of the “World’s 50 Safest Banks.” BNY Mellon came in at 24 in the global ranking.

Evaluation and Segregation of Assets

As required, Pershing segregates investor assets, which are fully paid-for, from its own assets. Therefore, in the unlikely event of the financial failure of Pershing, investors' fully paid-for assets will remain separate from Pershing's own assets.

SIPC® Coverage

Pershing is a member of the Securities Investor Protection Corporation (SIPC®).

As a result, securities in client accounts are protected up to $500,000 (including a maximum of $250,000 for claims for uninvested cash awaiting reinvestment). For details, please see www.sipc.org

Please note that SIPC does not protect against loss due to market fluctuation

Excess of SIPC Coverage Led by Lloyd's

In addition to SIPC protection, Pershing provides coverage in excess of SIPC limits from certain underwriters at Lloyd's in conjunction with another commercial insurance company.1 The current excess of SIPC insurance program is valid through December 10, 2012.

The excess of SIPC coverage provides the following protection for assets held in custody by Pershing and its London-based affiliate, Pershing Securities Limited:

An aggregate loss limit of $1 billion for eligible securities—over all client accounts 
A per-client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion:

An excess of SIPC claim would only arise when Pershing failed financially and client assets for covered accounts, as defined by SIPC (for Pershing LLC accounts) or the Financial Services Compensation Scheme (FSCS) (for Pershing Securities Limited accounts), cannot be located due to theft, misplacement, destruction, burglary, robbery, embezzlement, abstraction, failure to obtain or maintain possession or control of client securities, or to maintain the special reserve bank account required by applicable rules.

The leaders of the excess of SIPC coverage program are certain underwriters of the Lloyd's insurance market. Lloyd's currently holds A+ ratings from Fitch Ratings and Standard & Poor's® (S&P®), and an A rating from A.M. Best. These ratings are based on the financial strength of the company and are subject to change by the rating agencies at any time.2

Neither SIPC protection nor the additional excess of SIPC insurance policy protect against loss due to market fluctuation of investments.

For more information about Lloyd’s, please see www.lloyds.com

1 Pershing’s excess of SIPC insurance coverage is provided by certain underwriters at Lloyd’s insurance market ($950M) and Axis Specialty Europe Ltd.($50M). Neither SIPC protection nor the additional excess of SIPC insurance policy protect against loss due to market fluctuation of investments.

2 Credit ratings as of December 16, 2011.

© 2012 Pershing LLC. Pershing LLC, member FINRA, NYSE, SIPC, is a subsidiary of The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners.