Our broker/dealer operates as a correspondent clearing client of National Financial Services LLC. (“NFS”). NFS provides our clients with a complete range of services and technologies. NFS holds our customer assets, provides our customers with statements and confirmations, clears our customer and proprietary trades, and provides us full access to their equity and fixed-income trading desks and research products.
The majority of the work that we do through our broker/dealer for individual accounts is in a typical brokerage firm relationship where we hold the client’s assets (at NFS) and work in consultation with the client by supplying them with a range of investment ideas for which we earn commissions when they are acted upon. We hold discretion over a limited number of our clients' brokerage accounts.
We believe that NFS's research and trading capabilities set us apart from the majority of other financial services companies. Although in most cases we utilize NFS's trading desks to buy and sell securities, as an independent broker/dealer we have the advantage of being able to transact with any firm’s trading desk in search of a better purchase or selling price for a client. Our cost structure allows us to trade at competitive commissions rates.
Our broker/dealer research effort is extremely comprehensive. Beyond being able to provide our clients with the best ideas and strategies that NFS's analysts have to offer, we have access to other brokerage firms' research product by virtue of the close relationship between our investment advisory and our broker/dealer.
Disclosures for the purposes of the Securities Investors Protection Act and the financial responsibility rules of the SEC www.sec.gov, our broker/dealer clients are deemed to be customers of NFS as Westport Capital Markets’ clearing agent.
As it does for all member firms, SIPC provides each of our client accounts with $500,000 of insurance, $100,000 of which protects cash. www.sipc.org.
It is the expressed policy of Westport Capital Markets not to pay third party brokers for order flow. Westport Capital Markets may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements.