As part of our commitment to continuously improve the products and services we offer, we are pleased to announce our new strategic clearing arrangement with Pershing LLC (Pershing), which will be effective for customers on or before January 15. The clearing agent handles certain record keeping and operational services, such as trade executions and settlement and custody of securities and cash balances, and is an important part of the services that we provide to you.
What this means for you:
The transfer to Pershing will strengthen our ability to serve you and enable us to offer you some new benefits and services, including:
- Lower transaction and processing fees, and faster processing of orders
- Increased investment opportunities and new product offerings
- Easy-to-read statements and year-end reports including gain/loss summaries on the positions you hold in your brokerage account
The transition will occur after the close of business on Friday 12th January at no cost to you. You do not need to do anything for the transfer to occur.
Please be assured that this change does not affect the value or integrity of your assets.
- Neighborly is compliant with Securities and Exchange Commission (SEC) Regulation S-P (Privacy of Consumer Financial Information) in connection with the transfer of your account to Pershing.
- Although your account number will change, your account will continue to be served by the same team of representatives.
- For the months your account is active up to and including January 2017, you will receive two statements: one from Hilltop Securities showing your account holdings transferring out, which means you will see zero balances, and another from Pershing showing your assets transferring in. You will also receive two Form 1099s for 2017 in January of 2018.