First Clearing
- Company typePrivate
- Founded1980
- HeadquartersSt Louis, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What First Clearing does
First Clearing is a US correspondent clearing firm that provides custody, clearing infrastructure, technology, and operational support to independent broker-dealers and registered investment advisors (RIAs). The company is a trade name of Wells Fargo Clearing Services, LLC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company, headquartered at 1 North Jefferson, St. Louis, Missouri. First Clearing does not serve retail investors directly; all services are delivered through B-D and RIA partners across the United States.
First Clearing firmographics
Firmographics- Name
- First Clearing
- Legal name
- Wells Fargo Clearing Services, LLC
- Website
- https://firstclearing.com
- Company type
- Private
- Founded year
- 1980
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
First Clearing industry classification
Industry- Product category
- Correspondent Clearing Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Securities Clearing & Custody Services (DVP/RVP, Safekeeping) (FSABAJAD)
- akta.pro secondary industries
- Clearing & Settlement Operations (Post-Trade) (FSACALAC), Clearing & Settlement Operations Services (FSAFALAB)
Keywords
Where First Clearing is headquartered
LocationHeadquarters
- HQ city
- St Louis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
First Clearing business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Correspondent Clearing Services: First Clearing operates as a premier clearing provider offering correspondent services to broker-dealers and registered investment advisors. The company provides clearing infrastructure, custody, and operational support in exchange for fees from its brokerage and advisory firm clients.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Broker-Dealer clearing relationship |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
First Clearing product offering
Product offeringCore offering
First Clearing is a correspondent clearing firm that provides broker-dealers and registered investment advisors with clearing and custody infrastructure, custody and operational support, the Advisor Gateway integrated advisor workstation, Brokerage APIs for third-party integration, brokerage cash services, and access to investment research from Wells Fargo Investment Institute. Services are offered exclusively to broker-dealers and RIAs and are not provided to the general public.
Product overview
First Clearing operates as a premier clearing firm providing a unified platform of clearing and custody services backed by Wells Fargo & Company. The core offering centers on Advisor Gateway, a fully integrated single sign-on advisor workstation that connects real-time market data, planning solutions, portfolio management, CRM, trading tools, and reporting. This platform is complemented by Brokerage Cash Services (BCS) for integrated banking and cash management features including mobile deposits, wire transfers, digital wallets, and margin lines of credit. Investment Solutions provides research-driven guidance through Wells Fargo Investment Institute and specialized investment teams. Planning & Products delivers advisory offerings including separately managed accounts, mutual fund portfolios, and Personalized UMA. The Brokerage APIs enable third-party integrations for client data, portfolio positions, and transaction processing. Together, these components form an end-to-end wealth management platform serving independent broker-dealers and registered investment advisors.
Differentiator
Problem solved
Functional benefit
Brands
- Advisor Gateway: A fully integrated, single sign-on advisor workstation within the First Clearing platform, providing access to real-time market data, planning solutions, portfolio management, CRM, account performance tracking, trading tools, and reporting functionality.
- Brokerage Cash Services (BCS)
Products and services
- Advisor Gateway A fully integrated, single sign-on advisor workstation platform that connects real-time market data, planning solutions, portfolio management, CRM, account performance tracking, trading tools, and reporting. Designed for independent broker-dealers and RIAs to manage clients and assets through one workstation.
- Brokerage Cash Services (BCS) An optional set of cash management features for brokerage accounts that combines investing with online and mobile banking, including Zelle, mobile deposits, ATM access, digital wallet support (Apple Pay), wire transfers, margin lines of credit, and Bill Pay. Offered to clients of broker-dealers that clear through First Clearing.
- Investment Solutions Research-driven investment support providing asset allocation strategy guidance, investment research and model development, trading and capital markets expertise, and investment product analysis. Leverages insights from Wells Fargo Investment Institute (WFII) with 230+ investment professionals.
- Planning & Products Financial planning and advisory offerings providing discretionary and non-discretionary managed investment solutions, including separately managed accounts (SMAs), mutual fund portfolios, and multi-strategy programs through a Personalized UMA.
- Brokerage APIs APIs and webhooks that allow independent broker-dealers to connect Advisor Gateway to third-party tools, enabling retrieval of client and account details, portfolio security positions, and real-time transaction processing for ACH, check, and cash journal submissions on retail and IRA accounts.
Quantifiable outcome
- 230+ investment professionals providing research support
- +1 more outcomes
Companies that use First Clearing
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
First Clearing technology and API
TechnologyTechnology focussed No
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature4 records
First Clearing partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and flagship.
- FactsetcoreFactset provides real-time market data integrated into the First Clearing Advisor Gateway platform. This integration delivers up-to-date financial information to advisors using the platform, enhancing decision-making capabilities and market intelligence access.
- InvestCloudcoreInvestCloud provides portfolio management capabilities integrated into the First Clearing Advisor Gateway advisor workstation. This enables advisors to manage client portfolios, track performance, and execute trading strategies through a unified platform.
- Thurston CapitalflagshipThurston Capital completed the transition of its acquired subsidiary PEAK Reps and affiliates to First Clearing for clearing services. This milestone marks full integration of PEAK Reps into Thurston Capital's independent model, reinforcing strategic alignment established since the November 2024 acquisition. The relationship aims to enhance Thurston's ability to provide an advisor-centric platform.
Scale indicators1 record
Recent moves6 records
Expansion highlights4 records
First Clearing competitors and assessment
Company assessmentDirect peers
- Pershing (BNY Mellon): Pershing is the largest US correspondent clearing firm, serving independent broker-dealers, RIAs, and advisors with clearing, custody, technology, and practice management solutions—directly competing with First Clearing in the same go-to-market motion.
- Fidelity Clearing & Custody Solutions: Fidelity Clearing & Custody Solutions provides custody, clearing, brokerage, and technology services to RIAs and broker-dealers—mirroring First Clearing's product set including integrated advisor workstations and research access.
- Raymond James & Associates: Raymond James operates a correspondent clearing and custody platform for independent broker-dealers and RIAs, including advisor technology, research, and lending solutions—all core to First Clearing's value proposition.
- LPL Financial: LPL Financial is the largest independent broker-dealer and a major custodian of RIA assets, providing clearing, technology (ClientWorks), and integrated practice resources to thousands of independent advisors—directly comparable to First Clearing's correspondent model.
- Cetera Financial Group: Cetera is a leading network of independent broker-dealers and RIAs offering clearing, custody, technology, and advisor support. Cetera's multi-firm model competes head-on with First Clearing for transitioning advisors and broker-dealers.
- RBC Clearing & Custody: RBC's clearing and custody division provides correspondent services to independent broker-dealers and RIAs, including technology platforms and lending solutions—directly comparable in size and target segment to First Clearing.
Broad incumbents
- Charles Schwab (Advisor Services): Following the TD Ameritrade acquisition, Schwab operates the largest US advisor custody and clearing franchise with deep RIA technology (Schwab Advisor Center). It competes for the same independent advisor base First Clearing targets, but at meaningfully greater scale.
- Wedbush Securities: Wedbush provides correspondent clearing, custody, and prime brokerage services to introducing broker-dealers and RIAs, overlapping with First Clearing's correspondent offering but typically serving a smaller client footprint.
- StoneX: StoneX offers correspondent clearing, custody, and securities services to broker-dealers and RIAs through its Global Payments and Securities segments, competing for similar client profiles albeit with broader commodities and FX capabilities.
- Goldman Sachs Custody & Clearing Services: Goldman Sachs provides custody and clearing solutions to RIAs and broker-dealers as part of its Transaction Banking franchise, competing for the upper end of the institutional RIA market that First Clearing also targets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
First Clearing social profiles
Digital presenceFirst Clearing compliance and trust
Trust signalCompliance2 records
First Clearing financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Clearing leadership team
Management profileNumber of profiles
Profiles1 record
First Clearing funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Clearing M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Clearing
What does First Clearing do?
First Clearing is a correspondent clearing firm that provides broker-dealers and registered investment advisors with clearing and custody infrastructure, custody and operational support, the Advisor Gateway integrated advisor workstation, Brokerage APIs for third-party integration, brokerage cash services, and access to investment research from Wells Fargo Investment Institute. Services are offered exclusively to broker-dealers and RIAs and are not provided to the general public.
Is First Clearing a public or private company?
First Clearing is a private company. It is classified as corporate owned and is currently operating.
When was First Clearing founded?
First Clearing was founded in 1980. It employs 1,001 to 5,000 people.
Where is First Clearing based?
First Clearing is headquartered in St Louis, United States, in the North America region.
How does First Clearing make money?
One revenue line is on record: correspondent Clearing Services.
Who are First Clearing's main competitors?
Direct peers on record are Pershing (BNY Mellon), Fidelity Clearing & Custody Solutions, Raymond James & Associates, LPL Financial, Cetera Financial Group and RBC Clearing & Custody. Broad incumbents are Charles Schwab (Advisor Services), Wedbush Securities, StoneX and Goldman Sachs Custody & Clearing Services.
Does First Clearing have an API?
Yes. First Clearing offers APIs and webhooks that allow independent Broker-Dealers to connect Advisor Gateway to third-party tools they already use. The APIs enable: (1) seamless retrieval of client and account details including customer name, brokerage account attributes, account information, available funds and other key details for all brokerage accounts; (2) streamlined access to portfolio security positions providing asset name, asset type, symbol, CUSIP, number of shares, journal eligibility, and other key indicators on security holdings; (3) transacting asset movement and obtaining real-time transaction status, enabling ACH, check and cash journal transaction submissions for both retail and IRA accounts with real-time transaction status tracking. Developer documentation is at www.firstclearing.com/technology.
What industry is First Clearing in?
First Clearing's product category is Correspondent Clearing Services. Its primary akta.pro industry code is FSABAJAD, Securities Clearing & Custody Services (DVP/RVP, Safekeeping), with a secondary code of FSACALAC, Clearing & Settlement Operations (Post-Trade). Its NAICS code is 522320 and its SIC code is 6211.