Reinventing the broker-dealer advice model

Transcription

1 Advice 2.0: Reinventing the broker-dealer advice model An industry perspective by Sanjiv Mirchandani The broker-dealer industry has entered a period of profound change, one characterized by fundamental shifts in investor and advisor demographics and attitudes and in the very nature of the advice model itself. Success in this environment may require a very different approach to meet the needs of the new investor. We re moving to a world where specialization, teams, and technology will play a more important role. As a result, the delivery of advice may need to evolve in order to take advantage of the opportunities presented by a new generation of investors. Components of an Advice 2.0 Model Have a clear strategy Embrace the changing investor Attract and engage the right advisors Harness technology Drive operational excellence I believe firms can revolutionize their advice model by creating an Advice 2.0 model that focuses on the five key areas outlined in this paper. Broker-dealers may, as a result, be able to offer scalable, repeatable advice via a personal relationship with an advisor and better address the changing needs of today s investor.

2 The broker-dealer industry is in a period of historic change, marked by fundamental shifts in investor and advisor demographics and attitudes. The traditional business model is undergoing a significant evolution, driven by a wave of investors known as Validators, who desire the expertise of an advisor but who also want to be copilot of their own financial accounts using online technology. The emergence of Validators as a large investor segment presents an opportunity for broker-dealers to leverage one of their critical advantages: the relationship between advisors and their clients. Using a combination of online tools and advisors, broker-dealers can enable Validators to remain hands-on and stay more actively involved with their money. Validators want the best of both worlds: the benefits of financial guidance coupled with the comfort of being in the driver s seat. They gather their own information, make their own decisions, and seek validation from experts. By evolving their advice model, broker-dealers may be able to help their advisors to more effectively meet this opportunity. In this paper, I provide some considerations for firms on how they can attempt to capitalize on these marketplace changes and turn challenges into opportunities for driving the success of their business. A wounded investor Five years after the financial crisis, the stock market is in the midst of a bull market. As of this writing, the S&P 500 Index has more than doubled its value from its March 2009 low and recently hit its highest level in five years. Many investors, however, have sat on the sidelines. In fact, according to the Investment Company Institute, investors have withdrawn a net $138 billion from U.S. stocks during this same period, marking the first time since 1981 that investors have pulled money from U.S. stock funds for more than a year at a time. 1 Wary investors have limited their stock holding despite the market s gains. According to Federal Reserve data, stocks and stock mutual funds now make up just 37.9% of the average U.S. household s financial assets, down from 50.5% in % Stocks and mutual funds now make up just 37.9% of the average U.S. household s financial assets. 2 A closer look reveals an investor scarred by the Great Recession and one that can aptly be described as wounded. The broader loss of trust in the stock market began with the dot-com bust and was quickly followed by a parade of accounting scandals that continued to erode investor confidence. More recently, lingering anxiety over the U.S. debt situation, a low interest rate environment, and slow job growth have contributed to greater investor skepticism. Jittery investors seem to be one more headline away from bolting the market altogether. Many of today s investors have soured on stocks, remaining notably risk averse and investing conservatively. Stocks have been strong in 2013, but it s too soon to say how long this rotation into equities will last. 2

3 This change in investor attitudes goes beyond demographics and reflects a more powerful psychographic profile. Painful investor memories tend to take a long time to fade, so getting investors back into the market could take years. Emergence of the Validators Historically, investors could generally choose one of two models. They could either do it themselves using online tools and a discount broker or mutual fund company, or they could work with an advisor on whom they relied for advice, planning, and investment selection. These models were driven by two very distinct investor personas: Delegators who want their advisor to handle everything, and Do-it- Yourselfers, who make and implement investment decisions on their own without the help of an advisor. Today, I am seeing a significant convergence of the two models, driven by investors known as Validators. Validators desire the expertise of an advice relationship but are no longer comfortable handing over complete control. They want the best of both worlds: the benefits of financial guidance coupled with the comfort of Many of today s investors have soured on stocks, remaining notably risk averse and investing conservatively. being in the driver s seat. They gather their own information, make their own decisions, and seek validation from experts. Cerulli estimates that Validators have emerged as the largest group, comprising 48% of U.S. investors. The number of Delegators investors who consider themselves dependent on an advisor has held relatively stable at 24%, while the number of investors who consider themselves Self-Directed stands at 28%. 3 Among affluent investors with more than $1 million in investable assets, Validators still comprise a hefty 44% of the population. 4 U.S. investors Validators 48% Self- Directeds 28% Delegators 24% Source: Retail Investor Product Use 2013: Impact of Change in Investor Risk Appetite, Cerulli Quantitative Update. Discount brokers have responded by offering a Do-It-Yourself 2.0 (DIY 2.0) model that uses a mix of robust online tools coupled with access to representatives. As a result, the discounters grew their retail investor assets almost twice as fast as the wirehouse and independent broker-dealer channels from 2008 to

4 29% 68% 36% Seismic demographic changes Shifting demographics are another significant force affecting the advisor industry as the baby boomers ( Boomers ) begin to retire and start a long cycle that will continue through Matures 40M 17% of investors Age: 68+ boomers 75M 31% of investors Age: gen x/y 127M 52% of investors Age: Source: Cogent Research and U.S. Census Bureau, Instead of focusing exclusively on Boomers, advisors will need to address needs across multiple demographic groups: helping younger Boomers save for retirement and retiring Boomers switch to decumulation, helping the Mature generation transfer assets to its heirs, and addressing the investing needs of key market segments, including Gen X/Y and female investors. Gen X/Y investors come of age The Gen X/Y segments now comprise over half the total population in the United States. 5 Many were just beginning to invest when the recession and market decline hit. As a result, they tend to exhibit a low tolerance for risk and avoid participating in the market to a greater extent than their parents and grandparents. 6 Gen X/Y investors are often underserved by our industry, given their lower average assets levels. But investors under the age of 55 account for approximately 40% of investable assets globally, and most of these investors will increase their investable assets by 50% over the next 10 years through gifts or inheritance. 7 Technology plays a much bigger role in the advice relationship for Gen X/Y investors. They want anytime/anywhere access to their investments 60% of those surveyed liked to access financial assets on their phone or tablet compared to 24% and 33% for older investors. 6 While they use self-service tools to check on their investments and conduct research, they want to be involved in the process and expect to work collaboratively with their advisor. 7 4 in 10 The number of women that outearn their husbands 10 Social media tools are particularly important for engaging the next generation of investors. Fidelity research shows that 34% of Gen X/Y investors felt that it was important for their advisors to have a social media presence, 7 but only 12% of financial advisors use Facebook and 6% use Twitter for professional purposes. 8 Importance Older of advisor Gen X/Y having a Generations social media presence Important/extremely important Neutral Not at all/not very important 11% 21% 68% Older Generations 34% 29% 36% Gen X/Y Important/extremely important Source: 2012 Fidelity Millionaire Outlook, March Neutral Not at all/not very important With more than five million high-networth investors currently tapping into social media for financial planning and investment research activities, 8 financial advisors who do not embrace emerging communications channels like social media may be missing out. The power of the female investor In the United States, an enormous shift of wealth to women is under way. By 2020, women are projected to control half of the wealth in the U.S. 9 One driver for this is a dramatic increase in their earning power: four in ten women outearn their husbands, which represents an increase of more than 50% from just 20 years ago Fidelity Millionaire Outlook, March Primary research study conducted by Bellomy Research, an independent third-party research firm, among U.S. mass affluent and millionaire investors via online survey during the period of March 15 29, The mass affluent group had investable assets of at least $250,000 or $100,000 if they had an annual household income of $150,000 or more, and the millionaire group had investable assets of at least $1 million; both groups investable assets were excluding workplace retirement accounts and any real estate holdings. The data reflect a margin of error of +/ 3%. 4

5 Wealth controlled by women in the U.S. $9 trillion at end of 2009 $11.7 trillion at end of 2014 (projected) 5% CAGR Leveling the Playing Field, The Boston Consulting Group, July CAGR: compound annual growth rate. The National Center for Women and Retirement Research estimates that 9 out of 10 women will be solely responsible for their finances at some point in their lives clearly an opportunity for financial advisors. 11 The good news for our industry is that women are not afraid to ask for the help of an advisor: 46% say they are likely to seek professional advice compared with just 34% of their male counterparts. 12 But they are also not afraid to take their business elsewhere if their advisor neglects to build a relationship with them: 70% of women fire their financial advisor within a year after the death of their spouse. 13 Unfortunately, the advice industry has not received high marks on working with female investors. A study by The Boston Consulting Group (BCG) found that women were more dissatisfied with the financial services industry than any other industry that affected their daily lives. Women reported being treated with disrespect and condescension, and given poor advice specifically because of their gender. 14 Reconfiguring the advice model Faced with these demographic changes and market trends, brokerdealers may want to explore reconfiguring their current model to Advice 2.0. The Advice 2.0 model outlined here may help broker-dealers supplement or potentially leapfrog DIY 2.0 by taking the core of the broker-dealer model the advisor and combining it with online tools and channel integration. Broker-dealers may, as a result, be better able to offer scalable, repeatable advice via a personal relationship, which may in turn help meet investors needs to be more involved in the relationship and visit with their money. Now may be the time to reinvent the advice model to implement Advice 2.0 and to set your firm up to capture the opportunity that appears to be unfolding. Women are not afraid to ask for the help of an advisor, but they are also not afraid to take their business elsewhere Fidelity Couples Retirement Study analyzed retirement expectations and preparedness among 648 married couples (1,296 individuals). Respondents were required to be at least 46 years old, to be married and living with their respective spouses, and to have a minimum household income of $75,000 or at least $100,000 in investable assets. Richard Day Research, Inc., an independent research firm, executed the study, which was fielded in May

6 A market in transition In addition to these dramatic demographic changes and evolving investor needs, the financial advice business is undergoing its own transformation: 1. Margins across the industry continue to be very thin. Most broker-dealers have already gone through painful exercises of taking costs out of their organizations by cutting staff and making their back office far more efficient. 2. The broker-dealer industry continues to contract and has become increasingly competitive. Since 2007, the number of firms has declined by 25%. 15 Broker-dealer profit margins 8.0% 6.0% 5.7% 3. The number of advisors is in decline. The advisor population is projected to drop to 281,000 by 2017, representing a compound annual decline of 1.8% since Like the investors they serve, advisors are aging, with 39% now age 55 or older. 17 This will require firms to help older advisors plan for succession as well as how to successfully bring on new advisors that more closely fit the new investor profile. Number of broker-dealers 5,976 4,479 Jan Sep % Decline Source: LaRoche Research September Source: LaRoche database, Numbers of advisors (K) 308 CAGR 1.8% (projected) Source: Cerulli Associates, CAGR: compound annual growth rate. Core components of the Advice 2.0 Model What may broker-dealers want to consider when shifting from the old Advice 1.0 model to the new Advice 2.0 model? Based on my experience working with hundreds of broker-dealer firms, I believe that Advice 2.0 hinges on five main areas for consideration: having a clear strategy, embracing the changing investor, attracting and engaging the right advisors, harnessing technology, and driving operational excellence. 1. Have a clear strategy No firm can be all things to all investors, and based on what I have seen with our clients, the highly successful firms are those that have clearly defined their value proposition and aligned their business to achieve it. These firms have a story about their firm that is consistent and differentiating everyone in the firm can crisply and succinctly recite their 30-second elevator pitch and persuasively express the benefits of their firm. And they promote their firm in the marketplace to create awareness and consideration. In my interactions with clients, I see four successful strategies emerging: Focused niche players who strive to do certain things very, very well; for example, building a business around helping CPAs enter the brokerage industry. 6

7 New model creators who combine components from various models into one, such as an independent wirehouse where advisors can give clients fiduciary advice but are relieved from running a back office because of a centralized infrastructure. Adjacent business acquirers who have grown by adding complementary businesses, such as a bank broker-dealer acquiring a corporate trust and mutual fund business. Scale acquirers who have grown their footprint and gained efficiencies by combining similar businesses. Firms following these strategies tend to identify goals and have clearly defined metrics for measuring success. 2. Embrace the changing investor Success in today s advice market generally demands a deep understanding of the end investor and dealing with a markedly different generation with distinct risk tolerances and technology needs. Armed with a better understanding of the attitudes and preferences of these investors, advisors may be able to improve their approach to ensure they are positioning themselves for success. Investor 1.0 Investor 2.0 Baby Boomer Delegator Technology averse Focused on retirement readiness Traditional asset allocation Annual check-in In my view, yesterday s investor was more likely a Boomer focused on retirement with a traditional asset allocation mix and averse to using technology. He or she lets his or her advisor make the investment decisions and check in annually during a faceto-face meeting. Investor 2.0 is more likely younger, uses traditional bank products, and embraces technology to visit his or her money and participate in the investment process. Taking advantage of the Gen X/Y opportunity requires meeting the needs specific to this segment as well as overcoming their aversion to risk and their mistrust of the market. When working with this group, advisors may want to simplify the investment process, educate them about riskier investments, and leverage new technology to help increase engagement. Advisors might consider discussing more basic financial services like tuition, budgeting, and stock planning. 6 Also, advisors might consider using technology as a means to increase engagement. This could include communicating with this group through the use of technology, including smartphones, tablets, social media, text, s, webinars, and webcams. 6 Gen X/Y Validator Embraces technology Sitting on the sidelines Uses traditional bank products Wants to visit money Taking advantage of the Gen X/Y opportunity requires meeting the needs specific to this segment as well as overcoming their aversion to risk and their mistrust of the market. As mentioned earlier, female investors are a sizeable and growing segment, with their own specific investment needs. Women recognize numerous benefits of working with a financial advisor, particularly in the areas of protecting wealth, preventing mistakes, gaining peace of mind, and accessing investment opportunities. Women are more focused on holistic planning than in achieving the greatest investment return, and they are more risk averse, investing more conservatively than men; therefore, women may benefit from investment guidance. Finally, women declare greater loyalty to their advisors, with 45% likely to move assets with their advisor compared with 23% of men. 6 The bottom line is to put your advisors in the best position to prove their worth to investors. I call advisors who have proven their worth Valued Advisors. Valued Advisors have benefited from clients who are more engaged, trusting, and loyal. Our research shows that Valued Advisors also have benefited from three times the number of referrals, significantly higher share of wallet, and more clients looking to consolidate assets. Unfortunately, only 57% of investors classified their advisor as Valued. 6 7

8 The potential rewards of being a Valued Advisor 45% higher share of wallet* 57% more services used 3x the number of referrals Source: 2012 Fidelity Millionaire Outlook, March *Share of wallet is the amount of investable assets an advisor manages for a client. The definition of a Valued Advisor is evolving; it s no longer just about money management but about providing peace of mind, getting to know the client personally, and using technology to enhance the relationship, not replace it. Valued Advisors placed greater focus on long-term goals, more comprehensive planning services, and thoughtfully incorporating technology into their practice Attract and engage the right advisors I believe that the next generation of investors will consume advice differently from their parents generation, and advisors should continue to evolve to serve them. Broker-dealers who consider reorienting the focus of their advisors to support the new advice model may be better positioned to benefit the most from this shift. Advisor 1.0 Advisor 2.0 Solo practitioner Focused on stock picking and commissions Provides one-to-one advice and communication Views technology as a disintermediary In my view, advisors have historically been a rather homogenous group of solo practitioners who may have seen themselves primarily as stock pickers. They spent a lot of time meeting with clients in person and over the phone, and may not have embraced technology as a way to work with their clients. I believe the advisor of tomorrow Advisor 2.0 looks markedly different. She is increasingly likely to be female, younger, culturally diverse, and part of a team of complementary advisors who share a practice. She embraces technology not only to transact business and service clients efficiently but also to communicate and build client relationships. She has made financial planning an integral and ongoing part of her practice, is much less focused on stock-picking than her predecessors, and is more focused on asset allocation. The resulting efficiencies may enable her to devote a majority of her time to maintaining and strengthening her client relationships. Works with a team Leads with financial planning Focuses on relationships Embraces technology Driving a focused approach Reorienting your advisors focus may serve as a key to enabling Advice 2.0. Broker-dealers might first consider selecting advisors who closely fit their value proposition. Given the attractiveness of the Gen X/Y and female investor segments discussed earlier, firms might consider putting a plan in place to recruit more Gen X/Y and women advisors. Research suggests that these advisor segments may help drive firm success: According to Cerulli Associates, today s advisor is 50½ years old on average. 17 Interestingly, while Gen X/Y advisors are less satisfied than their older counterparts, they were more successful in generating higher assets under management $64 million versus $61 million for advisors age 48 and older. 18 While women are significantly underrepresented in the advisory space today, more women have been entering the field. The number of female advisors who have less than five years of experience increased by 40% from 2010 to Female advisors in our study were more successful than their male counterparts, with 2% higher assets under management, and were more satisfied The 2013 Fidelity Advisor Insights Study was an online, blind survey fielded during the period of August 8 21, Participants included 813 advisors from across multiple firm types who work primarily with individual investors and manage a minimum of $10M in individual or household investable assets. Firm types included a mix of large and small IBDs, regional broker-dealers, RIAs, insurance companies, wirehouses, and banks, with findings weighted to reflect industry composition. Bellomy Research, an independent third-party research firm, conducted the study. 8

9 Our research indicates that teamed advisors were considerably more successful than their soloist peers, earning 35% more as individuals. 18 Supporting teams and, if appropriate, fee-based products Next, firms might bear in mind the potential benefits of teaming. Our research indicates that teamed advisors were considerably more successful than their soloist peers, earning 35% more as individuals. 18 According to Cerulli Associates, teams seem to work because individual members can focus on different aspects of the client experience and provide better and more specialized services. Teaming can enable advisors to focus on their core competencies, allowing them to increase business and broaden the services they provide to clients. 19 Average compensation $ Thousands 224 Soloist +35% 303 Teamed Source: 2013 Fidelity Advisor Insights Study, August Teaming can also enable senior advisors to focus on client development while providing the opportunity for those who are less experienced to learn more about the business, how to effectively interact with clients, and how to build their network. In addition, teaming can be an effective solution for succession planning and help with business continuity as older advisors begin to retire. Using junior advisors who can double as potential future buyers of practices is also an approach that should therefore be encouraged. 19 Teaming can help with focusing on the most profitable clients, as advisors that were part of teams were more than twice as likely to ask less profitable clients to leave. 20 According to Monish Kumar from BCG, one way to encourage teaming is to help your advisors agree on what should happen if the team dissolves. This can significantly increase the instance of teaming when combined with other enabling actions. Finally, firms may want to consider supporting the move to more fee-based compensation structures, if appropriate for their clients. Today, more advisors are still predominantly commission-based (30%) vs. predominantly fee-based (25%). Advisors who were predominantly feebased, however, had 38% higher assets under management, earned 51% more in compensation, and were more satisfied than advisors who were predominantly commission-based. 18 Average assets under management $ Millions $50 Commissionbased Source: 2013 Fidelity Advisor Insights Study, August Harness technology +38% $69 Fee-based Firms may want to think about how they can help their advisors more fully embrace technology to improve engagement with clients and prospects. In the Advice 1.0 model, an advisor may have feared greater use of technology as a disintermediation threat that might make him less valuable to clients. His typical mode of client interaction was limited to faceto-face meetings and phone calls. In contrast, the advisor in the Advice 2.0 model is enabled by technology to build efficiencies into her practice and to use technology as a way to facilitate communication with and outreach to clients. Tech-savvy advisors participating in our research reported being able to spend more time with clients and focus more on value-added services instead of basic issues. 20 These tech-savvy advisors were more likely to work without paper, to use financial planning tools, and to use a mobile device, such as an ipad, to conduct mobile trading. They used 20 The 2012 Fidelity Broker and Advisor Sentiment Index was fielded through an online survey during the period of March 15 29, Participants included 1,207 advisors from across multiple firm types who work primarily with individual investors and manage a minimum of $10 million in assets under management. Firm types included a mix of large and small IBDs, regional broker-dealers, banks, wirehouses, insurance companies, and RIA firms, with findings weighted to reflect industry composition. Bellomy Research, an independent third-party research firm, conducted the study. The data reflect a margin of error of +/ 3%. 9

10 new channels of communication such as blogs, LinkedIn, Facebook, and Twitter, to engage with clients and prospects. They were more likely to encourage their clients to use online self-service tools so they could visit their money. And they seem to be using technology to their advantage: assets under management were 8% higher for this group, and they were more satisfied with the firm they work for and with their book of business. 20 The use of technology will only become more important as a driver of success given the explosive growth of mobile devices and the increased desire from both advisors and investors to be able to view their accounts and transact while out of the office. 5. Drive operational excellence Technology is not just an enabler for better client collaboration but may also be a driver of operational efficiency. To allow advisors to provide scalable advice, broker-dealers may want to consider reviewing the efficiency of their infrastructures and automating their internal processes so they are as efficient as possible. I believe that better use of technology to connect investors, advisors, and the middle office is the next frontier for efficiency improvements and potential risk reduction. Imagine a paperless office where investors, advisors, and the home office can do almost all tasks without paper. Investors access their account information online or through their mobile phone or ipad. They no longer receive paper-based statements of communications, as they ve opted for edelivery to simplify recordkeeping and reduce the threat of mail fraud. The paperless office may also increase advisor efficiency and productivity, so advisors can spend more time building their business. Their workflow is automated and standardized, with fewer clerical errors, because account openings and asset transfers are completed online with e-signatures. Advisors are able to access their book of business and place trades virtually any time and anywhere, and they re able to collaborate with their investors online. Lastly, the home office can better supervise accounts with online risk monitoring and compliance tools, allowing firms to manage their business Technology has made my financial advisor more valuable. Source: 2012 Fidelity Millionaire Outlook, March risk more efficiently and with more cost predictability, and to maintain pace with changing regulations, with the flexibility to apply their rules their way. The reality of the paperless office is not far off, and firms aspiring to this approach have the potential to enhance the advisor-client relationship while improving efficiency and reducing risk. Advice 2.0: A new advice model for a new world The world continues to evolve, and the advice business needs to move ahead with it. In this paper, I proposed a reconfiguration of the advice model to a new Advice 2.0 model that brokerdealers may want to consider. Advice 2.0 requires that brokerdealers have a clear strategy and that they bring on advisors who are a good fit with their value proposition. It requires that advisors have a deep understanding of the 48% Without Valued Advisor 76% With Valued Advisor Percentage of respondents who strongly agree or agree with statement 76%. 10

11 I believe that better use of technology to connect investors, advisors, and the middle office is the next frontier for efficiency improvements and potential risk reduction. changing needs of today s investor from both a demographic and a psychographic perspective. It requires that broker-dealers look to transform their advisor force by considering teaming to better serve clients and viewing technology as an enabler for building better client relationships. Lastly, Advice 2.0 requires that brokerdealers ensure that their advisors focus on financial planning and employ technology to help improve margins and lower risk. While it s anybody s guess what lies ahead, economic and market conditions are likely to remain challenging. I believe that the broker-dealers that are most likely to survive and thrive in this challenging environment are those that commit to making the changes these times demand. I believe Advice 2.0 may be a good place to start. 11

12 national financial 200 seaport boulevard boston, ma Despite Gains, Many Flee Stock Market, the Wall Street Journal, October 23, For Many Financial Advisers, Stocks Become a Hard Sell, the Wall Street Journal, December 10, Retail Investor Product Use 2013: Impact of Change in Investor Risk Appetite, Cerulli Quantitative Update. 4 Segmenting U.S. Investors, 2010, Forrester Research, July 19, U.S. Census Bureau, Fidelity Millionaire Outlook, March X, Y, and $: Capitalizing on the Next Wealth Boom, HNW Wealth News, January Social Media s Growing Influence Among High Net Worth Investors, Cogent Research in partnership with LinkedIn, May The Female Economy, Harvard Business Review, September Women, Money and Power, TIME, March 26, Investing Wisely: What Women Need to Know, WomensMedia.com, April 24, Spectrem Group, Study of Wealthy Women Investors, June Fidelity Couples Retirement Study, May Women Want More (in Financial Services), The Boston Consulting Group (BCG), October LaRoche Research, September Cerulli Advisor Market Sizing Cerulli Quantitative Update, Advisor Metrics Fidelity Advisor Insights Study, August Cerulli Quantitative Update, Advisor Metrics Fidelity Broker and Advisor Sentiment Index, March For investment professional use only. Not for distribution to the public as sales material in any form. The content provided herein is general in nature and is for informational purposes only. It reflects the views and opinions expressed by the author and does not necessarily represent the views of National Financial. This information is not individualized and is not intended to serve as the primary or sole basis for your decisions. You are responsible for evaluating your own practice and making appropriate decisions for your firm. Those decisions may be based on these and other factors you deem relevant. National Financial does not provide advice of any kind. The third-party companies mentioned herein are independent companies, unaffiliated with National Financial. Third-party products mentioned herein are the property of their respective owners. Third-party marks are the property of their respective owners; all other marks are the property of FMR LLC. National Financial Services LLC, Member NYSE, SIPC