Westminster Financial Companies, Inc. is a financial servicing holding company with its headquarters located in the Dayton suburb of Vandalia, Ohio. Westminster operates through its three wholly owned subsidiaries:
- Westminster Financial Advisory Corporation, a SEC Registered Investment Advisory Firm
- Westminster Financial Agencies, Inc., a licensed insurance general agency
- Westminster Financial Securities, Inc., a FINRA member, full service broker dealer
Each operating subsidiary provides middle and back office services to employee and independent contractor representatives/advisors and branch office organizations. These services consist generally of sales and sales management, portfolio management services, recruiting, accounting, business processing and regulatory and compliance management. Other non-affiliated financial institutions (such as other broker dealers and investment advisors) contract for a variety of services such as securities trading, asset custody, reporting and fee processing.
Westminster Financial Companies competes in the independent and regional broker dealer and investment advisory marketplace. Westminster is able to effectively compete for the attention and loyalty of advisors based on a number of key attributes:
- Ownership commitment and dedication
- Experienced management
- Efficient and cost-effective operations
- Highly competitive clearing relationship
- Boutique approach to relationships
Westminster has developed an experienced and capable Investment and Financial Operations staff. The team delivers a flexible “a’ la carte” menu of support and service solutions to a diverse customer base. This approach allows for a tailored, result driven deployment of the firm’s internal and external resources that is “bottom up” and informed by the needs of the customer, not the needs of the platform. It requires close relationships with key constituencies and broad knowledge of product and service alternatives and their application.
Westminster supports employee and independent contractor advisors as well as institutional customers. Each requires a different type of support model from a sales, operations, and financial perspective. The firm is adept at delivering support in a manner that is informed by and responsive to these differences.
While providing flexible and responsive boutique level investment services, Westminster supports representatives, advisors and clients with the industry’s most robust level of clearing, custody, technology and asset protection services. Westminster’s relationship with its clearing firm, Pershing LLC, (link to “Partners”) has been carefully developed over nearly 20 years. Pershing is a subsidiary of BNY Mellon, the nation’s oldest continuously operating bank and one of the world’s leading providers of securities services. Pershing has $988.8 billion (as of March 31, 2010) in assets held in custody. Its parent, the Bank of New York Mellon Corporation, has $25.5 trillion in assets under custody and administration.
Westminster’s proven ability to leverage this key relationship and focus the impressive resources made available by Pershing truly sets the firm apart from many of its competitors. This leverage is manifested by long-term relationships with key managers, a thorough understanding of the available product and service offerings and a highly competitive clearing contract.