Broker Dealers

SPECIALIZED NEEDS AND SERVICES FOR THE BROKER-DEALER INDUSTRY

The broker-dealer industry has become increasingly complex as new rules and regulations are issued to combat illegal activities and regulate rogue brokers. Broker-dealer institutions now face unprecedented regulation. Unfortunately, this affects every broker-dealer, large and small.  As a result, those in the industry have specialized needs which require the right level and caliber of support to meet today’s challenges and remain in a position of strength for tomorrow. Today, brokers and dealers need accurate and experienced guidance to navigate the current environment. WithumSmith+Brown (Withum) has been registered with the PCAOB since its inception. Having a qualified reputable firm like Withum can benefit broker-dealers in many ways, including its reputation and standing with customers, regulators, financial institutions and institutional investors.

Withum’s Financial Services group includes an elite group of broker-dealer specialists who dedicate considerable resources to keep our clients ahead of the curve on all audit, tax and compliance issues.  We provide timely and valuable information which enables you to make informed decisions that put you in a position of strength.

Providing the highest quality service requires committing professionals that have the relevant experience and background to properly service broker-dealers. Our experienced professionals are up-to-the-minute on all matters affecting the Public Company Accounting Oversight Board (PCAOB), SEC, FINRA, National Futures Association, Commodity Futures Trade Commission and other regulatory organizations.

Our focus on broker-dealers permits us to conduct both audit and tax procedures efficiently and effectively. Since we audit and provide tax services to many broker-dealers annually, we have the expertise to develop and maintain highly trained staff and advanced methodologies for the benefit of our clients.

Withum currently services approximately 80 brokers and dealers across business line from boutique start-ups to large firms. Our broker-dealer depth of knowledge consists of everything form small merger and acquisition ships to large clearing firms. Our expertise enables us to become a proactive proponent for our clients, as we recognize business needs and problems on a real-time basis. We consider it our job to keep abreast of the latest news in your highly regulated world to ensure you are protected by assessing the impact of ever growing regulations.

Our responsiveness is second to none with a practice leader a mere phone call away. Whether you are that small start-up or a larger firm with hundreds of registered representatives our clients rely on us for focused services that are tailored to their specific needs. Withum professionals retain active in the financial services community where several members of our firm sit on various New York State Society Committees including the Stock Brokerage Committee, Investment Companies Committee and many others.

Withum offers a full range of accounting, auditing and tax services addressing the specific needs of securities brokers and dealers. Our specialists can provide:

  • Annual audit of the financial statements required by Rule 17a-5, including a review of your exemption report and your SIPC Agreed Upon Procedures Report
  • Monthly financial statements and calculation of net capital, if permitted
  • Initial capitalization, if permitted
  • Organizational and tax structures, if permitted
  • Regulatory filings, if permitted
  • Proactive tax planning and compliance
  • Assistance with designing and implementing compliance procedures, if permitted
  • Assistance with FINRA and SEC examinations and compliance, if permitted
  • Non-attest internal control consulting and remediation services, if permitted
  • Consultation on financial reporting and operational issues, if permitted

Our Team

Jay C. Shepulski
Jay C. Shepulski
Kenneth J. DeGraw
Kenneth J. DeGraw
Philip Antico
Philip Antico
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals.