First Clearing

Correspondent Clearing Servicesfirstclearing.com

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

Correspondent clearing services
Broker-dealer custody
Wealth management technology
Registered investment advisor services
Advisor workstation platform

Where First Clearing is headquartered

Location

Headquarters

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 offering

Core 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 profile

Named customers2 records

Segments3 records

Ideal customer profiles3 records

First Clearing technology and API

Technology

Technology 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 signal

Partnerships

Three partnerships are on record, tiered core and flagship.

FactsetcoreTechnology or IntegrationFactset 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.
InvestCloudcoreTechnology or IntegrationInvestCloud 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 CapitalflagshipChannel Partner/ Reseller/ DistributorThurston 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 assessment

Direct 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 compliance and trust

Trust signal

Compliance2 records

First Clearing financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First Clearing leadership team

Management profile

Number of profiles

Profiles1 record

First Clearing funding detail

Funding detail

Funding 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 investment

M&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?

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.