Broker Check

Investor Fee Schedule

Brokerage Trading Fees/ Commission Schedule Clearing through Pershing LLC

Standard Brokerage Commissions

Equities and Exchange-Traded Funds (ETF)

  • Domestic Buy/Sell Under $5/share:  $25 + $.05/sh (Max $200)
  • Domestic Buy/Sell $5/share or Greater:  $25 + $.05/sh
  • International Buy/Sell:  $75 + $.05/sh

Mutual Funds

  • Buy/Sell:  See Prospectus1
  • Exchange:  $3 per event
  • Systematic Exchange:  $3 per event

Options

  • $30 + $1/contract

Fixed Income - Primary Issues

  • Bonds (Corporate, Treasury, Municipal):  Varies1
  • Certificate of Deposit:  Varies1
  • Unit Investment Trust:  Varies1

Fixed Income - Secondary Issues

  • Bonds (Corporate, Treasury, Municipal):  0% - 2.5% 2
  • Zero Coupon Bonds:  0% - 1% 2
  • Certificate of Deposit:  0% - 2.5% 2

Fee Plus Transaction Charge Program

Equities and Exchange-Traded Funds (ETF)

  • Domestic Buy/Sell Under $5/share:  $25 + $.02/sh (Max $200)
  • Domestic Buy/Sell $5/share or Greater:  $25 + $.02/sh
  • International Buy/Sell:  $75 + $.02/sh

Mutual Funds

  • Buy/Sell:  $20 per event
  • Exchange:  $3 per event
  • Systematic Exchange:  $3 per event

Options

  • $30 + $1/contract

Fixed Income - Primary Issues

  • Bonds (Corporate, Treasury, Municipal):  $40 + $1/bond
  • Certificate of Deposit:  $40 per event
  • Unit Investment Trust:  $40 per event

Fixed Income - Secondary Issues

  • Bonds (Corporate, Treasury, Municipal):  $40
  • Zero Coupon Bonds:  $40
  • Certificate of Deposit:  $40

Other Programs

Standard Fee-Based Program, Low-Minimum Fee-Based Program 3, Lockwood-Sponsored Program

Trading transaction fees/commissions do not apply.  However, other fees may apply.  Associated Trading, Maintenance, and Termination Fees for details.

COD Accounts

  • $25 flat for sell orders (equities only)
  • Buy orders not permitted

Associated Trading Fees

  • Trade Confirmation Service Charge:  $4
  • Margin Extension Fee (Reg T):  $20
  • Paper Surcharge (Physical delivery of trade confirmations.  Not applicable for accounts enrolled in e-delivery):  $1.25
  • SEC Transaction Fee:  pass-thru

Commission varies by fund family or offering.  See prospectus or offering circular for details.

For Zero Coupon bonds, based on time period and principal invested.

For all bonds other than Zero Coupon bonds, based on face value of the transaction.

Low Minimum Fee-Based Program is retired as of June 30, 2020.


Maintenance and Termination Fees

Retail (Non-Retirement) Account

  • Inactivity (does not apply to Fee-Based accounts)
    • Mixed Asset Accounts:  $40 annually
    • Mutual Fund Only Accounts:  $12 annually
  • Account Close/Termination:  N/A
    • Termination fees do not apply to non-retirement accounts.  Fees do apply to accounts closing as a result of a full outgoing transfer.
    • Outgoing Transfer - Full and Close (entire account):  $100

Retirement Account

  • IRA Maintenance
    • Mixed Assets:  $50 annually starting with first anniversary
    • Mutual Fund Only:  $12 annually starting with first anniversary
  • Account Close/Termination:  $95 upon closing
  • SARSEP/Prototype SEP/Simple IRA/Qualified Retirement Plan Maintenance:  $50 at account setup, and annually thereafter
  • Change from a Mixed Asset to a Mutual Fund Only IRA:  $50 one-time event
  • QRP and 403(b)(7) Loans:  $50 per event

Asset Custody and Miscellaneous Processing Items

Limited Partnerships, Private Placements, and other Special Products

  • Subscription, Redemption, and Re-registration:  $50 per event, per position
  • Special Product Administration Fee - Registered Securities:  $35 annually on or around April 1 (per position for previous calendar year as well as upon transfer out)
  • Special Product Administration Fee - Unregistered Securities:  $125 annually on or around April 1 (per position for previous calendar year as well as upon transfer out)
  • Outgoing Transfer of Special Product - Registered Securities:  $35 per position, per event, for previous AND current calendar year
  • Outgoing Transfer of Special Product - Unregistered Securities:  $125 per position, per event, for previous AND current calendar year
  • Document Review to Determine Eligibility for Custody:  $300 per review, regardless of outcome
  • IRA 990-T UBTI Tax Return Filing:  $200 per return filed, regardless of tax liability
  • Physical Private Placement Settlement Fee:  $500 per settlement

Checking Services

  • Corestone Checking (for non-retirement accounts).  Annual and other fees may apply.  See Corestone Checking Fee Schedule.
  • Resource Checking (for IRA accounts).  No annual Fee applies.  Other fees may apply.  See Resource Checking Fee Schedule.

Custody & Transfer

  • Legal, GNMA, and Restricted Items:  $100 per transfer + transfer agent charges
  • Accomodation Transfer:  $75 per event
  • Register & Ship:  Not Available
  • DRS Transfer (Outgoing):  $30 per event
  • DRS Transfer (Incoming) aka Direct Registration Fee (select Transfer Agents):  $15 per event
    • As of the date of this fee schedule, includes Computershare, Wells Fargo, and Registrar and Transfer Company.  Transfer Agents subject to change without notice.
  • Stock Certificate Deposit (name(s) on certificate matches account title):  No Fee
  • Stock Certificate Deposit (name(s) on certificate do not match account title):  $100 per CUSIP
  • Stock Certificate - Foreign Securities:  $75 + Safekeeping per CUSIP 

Dividend Reinvestment:  $1 per event

Margin Extension (Reg T):  $20 per extension

Overnight Courier:

  • Standard Delivery:  $12 per event
  • Saturday Delivery:  $18 per event

Paper Surcharge (trade confirmation and account statement):  $1.25 per physical delivery

  • Not applicable if account is enrolled in e-delivery

Reorganization - voluntary:  $45 per event

Safekeeping, Domestic & Foreign:  $2 per position, per month

Wired Funds:  $30 per event

Tax-Lot and Portfolio Evaluation Services:

  • Cost Basis tracking in Retirement Accounts (Optional):  $12 at setup, and annually thereafter
  • Costs Basis tracking in Retail (non-retirement) accounts (not optional):  $12 at account setup, and annually thereafter
    • Does not apply to fee-based accounts
  • Online Performance Package:  $36 at account setup, and annually thereafter
  • Portfolio Performance Package w/ Quarterly Reports - Basic Package:  $75 at setup, and annually thereafter
  • Portfolio Performance Package with Quarterly Reports - Full Package:  $125 at setup, and annually thereafter

It is important to understand that we do have additional choices for resolving unsatisfied obligations.  Like many other securities brokers, we reserve the right to sell or otherwise use assets in an account to discharge any obligations the account owner(s) may have to us (including un-matured and contingent obligations), and to do so without further notice of demand.  For example, if you have bought securities but have not paid for them, we may sell them ourselves and use the proceeds to settle the purchase.


Subject to change without notice.

Updated 9/24/2019