You Need to Know
Who We Are
Securities Service Network, Inc. and its subsidiaries (SSN) operate as a broker dealer, registered investment advisor and insurance agency. This gives our affiliated advisors the opportunity to provide a broad range of investment options to investors. Our affiliated advisors are not employees of SSN, rather they choose to affiliate with SSN as independent contractors. This frees our advisors to choose the most suitable solutions without having the conflict of quotas or other employer/employee influences that could impede their relationships with investors.
Listed below is a brief description of each company and its purpose. The majority of our affiliated advisors offer a variety of investment products and services, which often requires them to be a combination of registered representative, investment advisor representative and insurance agent.
Securities Service Network, Inc.
Securities Service Network, Inc. (SSN) is an independent broker-dealer. A broker dealer can be defined as a person or company in the business of buying and selling securities—stocks, bonds, mutual funds, and certain other investment products—on behalf of its customers (as broker), for its own account (as dealer), or both. SSN is registered with the SEC (Securities Exchange Commission) and a member of FINRA (Financial Industry Regulatory Authority).
We are not Wall Street. We are not involved in investment banking, nor do we manufacture products. Our representatives are not put in a position of having to choose an SSN created product. They have access to one of the broadest selections of products in the investment industry.
When you invest with your financial advisor, your assets are not held by your advisor or by Securities Service Network. They are either held directly with the specific product company (mutual fund, insurance company, etc.) or held in a brokerage account at one of our clearing firms, National Financial Services LLC, a Fidelity Investments company and Pershing LLC, a subsidiary of Bank of New York Mellon Corporation.
Individuals affiliated with SSN are known as registered representatives. Individual registered representatives must register with FINRA, pass a qualifying examination, and be licensed by each state in which they conduct business. The products they offer investors depend on the type of licenses they hold with FINRA. When investors work with a representative, the representative generally receives a commission from the product company for the purchase of the security.
SSN is regulated by FINRA. You can obtain background information on SSN and any affiliated representative – including registration, licensing and disciplinary history – by visiting FINRA BrokerCheck.
SSN is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
SSN Advisory Inc.
SSN Advisory, Inc. is our Registered Investment Advisor. An Investment Advisor is a person or company who is paid for providing advice about securities to their clients. In addition to providing individually tailored investment advice, some investment advisors manage investment portfolios. Others may offer financial planning services or, if they are properly licensed, brokerage services (such as buying or selling stock or bonds)—or some combination of all these services.
In an advisory relationship, the advisor receives a fee for their services instead of a commission. This can be a flat fee, an hourly fee or a percentage based on assets under management. The investor and their advisor will establish a fee schedule when accounts are established.
SSN Advisory, Inc. is regulated by the SEC. You can get background information by visiting the SEC’s Investment Advisor Public Disclosure database.
Network Agency Inc.
So that our advisors can offer annuities and insurance, we are also licensed as an insurance agency. Every state, along with the District of Columbia and U.S. territories, has an insurance commission that licenses insurance agents and insurance companies who do business in that jurisdiction. You can contact your state insurance commissioner by visiting the Web site of the National Association of Insurance Commissioners (NAIC) at www.naic.org. If an insurance agent offers products that are considered securities—such as variable annuity contracts or variable life insurance policies—the agent must also be licensed as a registered representative and comply with FINRA rules.
Annuity and insurance sales typically generate a commission to be paid to the insurance agent. If the annuity or insurance policy is included in an advisory relationship, the investor may be paying fees to the advisor rather than a commission.
What is a clearing firm?
SSN has partnered with third-party firms for the clearing and custody of securities transactions – National Financial Services LLC, a Fidelity Investments company, and Pershing LLC, a subsidiary of Bank of New York Mellon Corporation. Both are members of the Securities Investor Protection Corporation (SIPC) and the New York Stock Exchange (NYSE).Their role of as custodian is the execution, clearance, and settlement of securities transactions, preparing and sending periodic statements of your account and transaction confirmations, and the custody (or safekeeping), receipt, and delivery of funds and securities.
To learn more about National Financial, please visit www.mybrokerageinfo.com
To learn more about Pershing, please visit http://www.pershing.com/for_investors.html