What Ceros Financial Services does

Ceros Financial Services, LLC is a privately held, FINRA/SIPC-member broker-dealer headquartered in Rockville, Maryland, with a secondary office in Norwalk, Connecticut. The company was acquired by DGB in June 2019 and operates as the central brokerage platform for a network of commonly held affiliates including Advisors Preferred (SEC-registered investment adviser and mutual fund advisor), AtCap Partners (SEC-registered investment adviser), Innovation X Advisors (private markets and unicorn ecosystem), and Ceros Capital Markets (capital markets and investment banking). The firm serves primarily fee-only RIAs, hybrid advisors, and corporate RIAs that require back-office infrastructure, custody access, compliance supervision, and trading execution without operating their own broker-dealer.

Ceros delivers its services through an integrated platform offering RIA custody, hybrid advisor supervision, corporate RIA support, mutual fund advisory and distribution (via Advisors Preferred), and an outsourced trade desk providing agency-focused execution across liquidity providers, ECNs, and domestic and foreign exchanges. The technology backbone relies on Fidelity Clearing & Custody Solutions (FCCS) and National Financial Services LLC (NFS) for clearing and custody, Axos Clearing as an additional clearing partner, the Wealthscape investor portal for client account access, and Envestnet for turnkey asset management platform (TAMP) capabilities. Revenue is generated through commissions on securities transactions, advisory fees on fee-based accounts, mutual fund distribution/12b-1 fees, and trade desk outsourcing fees.

The company follows a sales-led, consultative go-to-market model targeting mid-market RIAs through referrals, industry relationships, and its affiliated entity network. Pricing is not publicly disclosed. Following DGB's acquisition, revenue grew from $6.5 million (2019) to more than $103 million (2025) — a 17x increase at approximately 60% CAGR — while AUM/AUA grew from $3.8 billion to more than $11 billion at a CAGR exceeding 25%.

Name

Ceros Financial Services

Legal name

Ceros Financial Services, LLC

Website

https://cerosfs.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Ceros Financial Services is a privately held, FINRA/SIPC-member broker-dealer serving fee-only RIAs, hybrid advisors, and corporate RIAs with custody, clearing, compliance, trading, and back-office infrastructure built on Fidelity/NFS technology, operating a network of affiliated RIA, mutual fund, and capital markets entities.

Ownership category

akta.pro rank

Product category

Broker-Dealer and RIA Custody Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Investment Advice (6282)

akta.pro primary industry

Fund Custody & Transfer Agency Services (FSACAHAG)

Keywords

• Broker-dealer services
• RIA custody platform
• Mutual fund distribution
• Outsourced trade execution
• Wealth management platform

Headquarters

HQ city

Rockville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Others

Revenue model

1. Brokerage and Commission Revenue: Ceros serves as a full-service broker-dealer (member FINRA/SIPC), earning commissions on securities transactions, options, ETFs, mutual funds, and other investment products executed through its platform on behalf of advisor clients.
2. Investment Advisory Fees: Through affiliated SEC-registered investment advisers (Advisors Preferred, AtCap Partners), Ceros earns advisory fee revenue from fee-based accounts, managed portfolios, and turnkey asset management platform (TAMP) services.
3. Mutual Fund Distribution: Ceros performs distribution services for Advisors Preferred funds and unaffiliated mutual funds, earning distribution/12b-1 fees and potentially revenue share arrangements.
4. Trade Desk and Outsourcing Fees: The outsourced trade desk provides agency-focused execution services to portfolio managers, mutual funds, and advisors for a fee, including access to liquidity providers, ECNs, exchanges, and pre/post-market trading.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Ceros Financial Services is a full-service broker-dealer and boutique RIA platform that provides financial advisors with custody, trade execution, compliance supervision, back-office administration, and access to investment instruments and retirement programs. Its service lines include RIA custody, hybrid advisor support, corporate RIA solutions, mutual fund advisory and distribution through affiliated Advisors Preferred, an outsourced trade desk, and turnkey asset management platform integration with Envestnet. The platform is built on Fidelity Clearing & Custody Solutions infrastructure, with National Financial Services LLC and Axos Clearing providing clearing and order routing.

Product overview

Ceros Financial Services operates as a unified brokerage platform with multiple integrated service modules. The core Ceros Boutique RIA Platform serves as the central infrastructure, supported by RIA Custody, Hybrid Advisors, and Corporate RIA modules that provide back-office solutions and compliance functions. The platform extends through Mutual Fund Advisory & Distribution and Outsourced Trade Desk for investment execution, while Wealth Management services include Fee-Based Accounts, Investment Banking, and TAMPs integration with Envestnet. Affiliated sub-brands Advisors Preferred (mutual fund advisory) and Innovation X Advisors (private markets/unicorn ecosystem) complement the core offering. The platform leverages Fidelity Clearing & Custody Solutions for custody and clearing infrastructure, with National Financial Services LLC and Axos Clearing as executing brokers. SEC Rule 606 quarterly reports are publicly available for regulatory transparency.

Differentiator

Problem solved

Functional benefit

Products and services

• Ceros Boutique RIA Platform Full-service brokerage platform providing flexible, powerful, and comprehensive back-office systems and services to RIAs, with direct access to trade stocks, bonds, options, ETFs, equities, commodities, and futures, supported by advisor-branded statements and a dedicated trade desk.
• RIA Custody Comprehensive suite of back-office solutions, practice-enhancing services, access to a wide range of investment instruments and retirement programs, and advisor-branded statements delivered through Fidelity Custody & Clearing for independent RIAs.
• Hybrid Advisor Broker-Dealer Services Broker-dealer services for financial advisers who wish to offer their clients commission products in addition to advisory services through their own independent RIA, including supervision and commission processing.
• Corporate RIA Services Streamlined operations, compliance functions, and cost efficiency for advisors wanting to simplify their business structure by operating as a corporate RIA on the Ceros platform.
• Mutual Fund Advisory and Distribution Platform through Advisors Preferred that enables advisors to promote their brand, execute strategy, and access the mutual fund marketplace, with Ceros performing distribution services for affiliated and unaffiliated mutual funds.
• Outsourced Trade Desk Agency-focused trade desk providing execution services including liquidity providers, direct access to ECNs, foreign and major domestic exchanges, and pre- and post-market capabilities for portfolio managers, mutual funds, and advisors.
• Advisor Managed Fee-Based Accounts Robust investment platform and dedicated trade desk that enables advisors to manage their clients' portfolios on a fee-based basis, representing the foundational service upon which Ceros was built.
• Investment Banking Services High net worth and corporate investment banking solutions including SPVs and private placements, with a leadership team experienced in unicorn investments, delivered via Ceros Capital Markets.
• Turnkey Asset Management Platform (TAMP) Asset management platform integration with Envestnet, the market leader in the TAMP space, allowing advisors to focus on building their business and managing client relationships while outsourcing portfolio management and reporting.
• Advisors Preferred SEC-registered investment adviser and commonly held affiliate of Ceros that acts as adviser to mutual funds and provides shared trust services, with notice filings in California, Florida, Maryland, New Jersey, New York, Texas, and Puerto Rico.
• Innovation X Advisors SEC-registered investment adviser providing private markets capabilities and positioning Ceros within the unicorn ecosystem for SPVs, private placements, and alternative investment opportunities.
• Ceros Capital Markets Capital markets division providing investment banking and strategic advisory services, including SPVs, private placements, and advisory work focused on disruptive technologies and the unicorn/startup ecosystem.

Quantifiable outcome

• Revenue grew from $6.5 million (2019) to $103 million (2025), a 17x increase with ~60% CAGR.
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

Six partnerships are on record, tiered core.

• Fidelity Clearing & Custody Solutions (FCCS) / National Financial Services LLC (NFS)coreTechnology or IntegrationCeros partners with Fidelity Clearing & Custody Solutions, a Fidelity Investments company, providing advisors access to Fidelity's comprehensive clearing and custody platform. National Financial Services LLC (NFS) handles clearing and custody operations. The partnership provides products, resources, services, and technology, along with excess of SIPC coverage up to $1 billion through Lloyd's of London.
• Axos ClearingcoreTechnology or IntegrationCeros utilizes Axos Clearing as an additional clearing partner alongside NFS, routing order flow through Axos as documented in SEC Rule 606 reports. Axos provides clearing services for certain Ceros accounts and order routing.
• Advisors PreferredcoreStrategic or Co-development PartnerAdvisors Preferred, LLC is a SEC-registered investment adviser and a commonly held affiliate of Ceros Financial Services. It acts as advisor to mutual funds and provides a shared trust. Securities are offered through Ceros, and Advisors Preferred is registered in multiple states including California, Florida, Maryland, New Jersey, New York, Texas, and Puerto Rico.
• Innovation X AdvisorscoreStrategic or Co-development PartnerInnovation X Advisors is a commonly held affiliate of Ceros and was formed through the merger with Roger Monteforte, the Forte Capital Group, and the Innovation X Advisors business in mid-2022. It positions Ceros within the unicorn ecosystem and builds out private markets capabilities for clients.
• AtCap PartnerscoreStrategic or Co-development PartnerAtCap Partners, LLC is a commonly held affiliate of Ceros Financial Services and Advisors Preferred. Advisory services are offered through AtCap Partners. It is an SEC-registered investment adviser providing advisory solutions within the Ceros ecosystem.
• Ceros Capital MarketscoreStrategic or Co-development PartnerCeros Capital Markets is a related entity and commonly held affiliate of Ceros Financial Services, providing capital markets and investment banking capabilities including SPVs, private placements, and advisory services focused on the unicorn/startup ecosystem.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Cambridge Investment Research: Cambridge is a mid-to-large independent broker-dealer serving RIAs and hybrid advisors with custody, compliance, and back-office support — closely aligned with Ceros's target advisor segments and platform offering.
• Commonwealth Financial Network: Commonwealth is a privately held broker-dealer and RIA serving independent financial advisors with a boutique service model and enterprise-grade platform — closely comparable to Ceros's positioning.
• Kestra Financial: Kestra Financial is a boutique broker-dealer and RIA support platform offering custody, trading, compliance, and practice-management services to independent advisors — directly comparable to Ceros's boutique BD model with affiliated advisory and wealth management entities.
• Advisor Group: Advisor Group is a large network of independent broker-dealers serving financial advisors with custody, compliance, and wealth management solutions — competing with Ceros for the same hybrid and fee-only advisor clients.
• Cetera Financial Group: Cetera is a network of independent broker-dealers and RIAs providing custody, trading, and technology platforms to financial advisors — a larger-scale direct peer operating in the same advisor-services category as Ceros.

Broad incumbents

• LPL Financial: LPL Financial is the largest independent broker-dealer in the U.S., serving RIAs and hybrid advisors with custody, technology, and consulting — a dominant incumbent against which Ceros competes for advisor relationships.
• Fidelity Institutional Wealth Services: Fidelity Institutional provides clearing, custody, and technology to independent RIAs and broker-dealers — both a core infrastructure partner to Ceros and a broader competitor for advisor wallet share.
• Pershing (BNY Mellon): Pershing is a leading clearing and custody provider for independent broker-dealers and RIAs — analogous to Ceros's Fidelity/NFS relationship, providing clearing infrastructure to the same advisor market.
• Focus Financial Partners: Focus is a large partnership of independent wealth management firms, many of which custody assets and use broker-dealer platforms similar to Ceros — competing at the wealth management firm level rather than the BD level.

Others

• Envestnet: Envestnet is the market-leading TAMP and portfolio management platform used by Ceros advisors — an enabling technology partner and adjacent competitor in the turnkey asset management space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ceros Financial Services