Asset Custody & Safekeeping (2024)

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Safeguarding your assets

Fidelity Investments (Fidelity) is one of the world’s largest providers of financial services. For over 75 years, Fidelity has built a reputation of integrity and financial management experience.

Our custodial relationship with Fidelity provides a secure, transparent, and compliant investment experience for our clients – it not only safeguards their assets, but adds credibility and accountability which is essential for maintaining trust and adhering to regulatory standards in the industry.

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Serving in your best interest

Working with Fidelity gives Midland Wealth Management access to a wide range of products and services that can help us serve the needs of our clients and to deliver them in efficient and convenient ways.

We must meet certain reporting requirements when working with a custodian and therefore, our clients receive communications and documents directly from Fidelity.

For more information, please contact your Midland Wealth Management Advisor or complete this form.

Fidelity Investments

Investments that you entrust to our firm are placed in custody with Fidelity’s clearing firm, National Financial Services (NFS)—a Fidelity broker-dealer and one of the largest clearing providers in the industry. Fidelity provides a comprehensive custody and clearing platform, brokerage services, trading capabilities, and practice management and consulting to RIAs, including strategic acquirers and professional asset managers, as well as retirement record keepers, broker-dealer firms, banks, and insurance companies through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. In addition to providing services to third-party institutions, the NFS brokerage platform supports all the clearing and custody businesses at Fidelity, including Fidelity’s retail and capital markets businesses.

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Asset Protection

Securities in accounts carried by National Financial Services LLC (NFS), a Fidelity Investments broker-dealer, are protected in accordance with the Securities Investor Protection Corporation (SIPC) up to $500,000. The $500,000 total amount of SIPC protection includes up to $250,000 of protection on claims for cash, subject to periodic adjustments for inflation in accordance with the terms of the SIPC statute and approval by SIPC’s board of directors. NFS also has arranged for coverage above these limits. Neither coverage protects against a decline in the market value of securities, nor does either coverage extend to certain securities that are considered ineligible for coverage. For more details about SIPC or to request a SIPC brochure, visit www.sipc.org or call 202-371-8300.

“Excess of SIPC” Coverage

In addition to SIPC protection, Fidelity provides its brokerage customers with additional "excess of SIPC" coverage. The excess coverage would only be used when SIPC coverage is exhausted. Like SIPC, excess protection does not cover investment losses in customer accounts, including losses due to market fluctuation. For example, fraud claims would not be covered if the brokerage firm was still in operation. Total aggregate excess of SIPC coverage available through Fidelity's excess of SIPC policy is $1 billion. Within Fidelity's excess of SIPC coverage, there is no per customer dollar limit on coverage of securities, but there is a per customer limit of $1.9 million on coverage of cash awaiting investment. This is the maximum excess of SIPC protection currently available in the brokerage industry.

Both SIPC and excess of SIPC coverage are limited to securities held in brokerage positions, including mutual funds if held in your brokerage account and securities held in book entry form.

*Important Note: The custodial relationship with Fidelity does not apply to all Midland Wealth Management accounts.

Fidelity Investments is an independent company, unaffiliated with Midland Wealth Management. Fidelity Investments is a service provider to Midland Wealth Management. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by Midland Wealth Management and does not guarantee, or assume any responsibility for, its content. Fidelity Investments is a registered trademark of FMR LLC. Fidelity Investments provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. [eReview number 1125412.1.0]

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