The Solari Report / 2018 Annual Wrap Up / Part One T o p B r o k e r - D e a l e r s The f o l l o w i n g t a b l e s h o w s t h e t o p 1 5 b r o k e r - d e a l e r s b a s e d o n t h e i r a s s e t s u n d e r m a n a g e m e n t i n 2 0 1 8 . The s e a r e t h e fi r m s t h a t p l a y a n i m p o r t a n t r o l e i n h e l p i n g U . S . g o v e r n m e n t - i s s u e d s e c u r i t i e s t o b e d i s t r i b u t e d f r o mt h e p r i m a r y b r o k e r s t h a t c o n t r a c t d i r e c t l y w i t h t h e F e d e r a l R e s e r v e B a n k a l l t h e w a y d o w n t h e i n v e s t m e n t c h a i n t o s m a l l r e t a i l i n v e s t o r s a s w e l l a s l a r g e r , c o m m e r c i a l p u r c h a s e r s . Wh e r e a s t h e v e r y l a r g e b r o k e r s t h a t t r a d e d i r e c t l y w i t h t h e F e d e r a l R e s e r v e B a n k a r e c a l l e d “ p r i m a r y d e a l e r s , ” t h e s e s m a l l e r fi r m s a r e t y p i c a l l y r e f e r r e d t o a s “ s e c o n d a r y d e a l e r s . ” Company Headquarters Assets Under Mgmt ($B) Market Capitalization ($M) LTM Revenue ($M) Trailing P/E Fidelity Investments USA-MA-Boston $6,850 NA NA NA Charles Schwab USA-CA-San Francisco $1,850 $63,066 $9,500 20.2x Wells Fargo Advisors USA-CA-San Francisco $1,600 $230,373 $85,920 11.3x TD Ameritrade USA-NE-Omaha $1,300 $30,515 $5,340 20.0x 2 0 6