News, Vision & Voice for the Advisory Community


After growing to near $100 billion in custody, Apex Clearing strikes 'IPO' deal to raise 'up to' $1 billion to disrupt existing RIA custody

The Dallas turnaround project is now valued near $5 billion after its assets in custody jumped from $30 billion in 2017 under care of Pershing and Morningstar RIA defectors.

Author Oisin Breen February 23, 2021 at 3:27 AM
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Joanna Coles: This is an amazing company ... a top team with none of the Silicon Valley swagger technology teams sometimes exude.

RIA Custodians

Jeff Spears

Jeff Spears

February 23, 2021 — 5:05 PM
My old firm met Apex when we added reps from ThinkEquity. My memories are they have good client contracts.


February 23, 2021 — 6:21 PM
Jeff, Good for clients, good for Apex or good all-around?


February 23, 2021 — 8:04 PM
Apex Clearing by far is the lowest cost provider in the clearing space, and that's the only reason the upstart fintech are with them, needing to make the model work on low margins. As with most things in life, you get what you pay for. In spite of the way they market themselves, the reality is that most of Apex is built on old technology that is antiquated and highly strained at the moment under the weight of the massive growth being seen by the likes of Webull, Sofi, Public, and others. There are outages of some kind almost daily. The CEO used to send out apologies and provide assurances that things will get better, but he seems to have given up on doing that. It can take hours for a new account to be opened. There are days that it is impossible to get through by phone to a "department" that is staffed by one or two people. I can only hope they use the proceeds from this SPAC to invest heavily in their infrastructure.


March 30, 2021 — 11:29 PM
I see (Apex) does not have much diversity. I hope they change that in the future.

Related Moves

April 5, 2024 at 1:48 AM

Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one

The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says

October 11, 2022 at 12:40 AM

Tricia Rothschild is out at Apex in run-up to $4.7 billion IPO as an ex-Goldman exec assumes her day-to-day role and two ringers fill big jobs

The ex-Morningstar exec leaves president role after one year as ex-Google and ex-Nasdaq talents step into new CTO and CMO posts.

July 14, 2021 at 7:04 PM

Tom Valverde is out at Apex, leaving Tricia Rothschild to take the reins as RIA chief, for now

The former Pershing and Fidelity sales czar confirmed he left Apex 'voluntarily' Feb. 25 amid a flurry of no comments.

February 26, 2021 at 10:53 PM

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