Pennsylvania

Broker-dealer firm disciplinary records from FINRA BrokerCheck

Data updated July 2026

Pennsylvania at a glance

As of July 2026, Pennsylvania registers 81 broker-dealer firms on FINRA BrokerCheck - 39 carry a clean record and 517 disclosures are on file statewide.

81
registered firms
39
with a clean record (Grade A)
517
total disclosures statewide
6.4
disclosures per firm (avg)
81
Registered Firms
39
Clean Record (Grade A)
517
Total Disclosures
6.4
Avg Disclosures / Firm

How Pennsylvania ranks

A state's raw firm count and its disciplinary clean-record rate measure two different things, and they do not always move together. A jurisdiction can host a large number of broker-dealer firms simply because it is a major financial hub, while a smaller state with far fewer registered firms can post a cleaner disciplinary record in relative terms, or vice versa. Comparing both rankings side by side, rather than looking at either figure in isolation, gives a fuller picture of what is actually happening on the ground in a given state.

By firm count, Pennsylvania is #9 of 56 states and territories. By clean-record rate (Grade A share, among the 33 states with at least 10 registered firms, a floor that keeps a state with only a handful of firms from swinging to an extreme rate on a tiny sample), it ranks #24 of 33. These ranks diverge notably -- a larger firm footprint here does not translate into a proportionally cleaner record. Neither ranking implies wrongdoing on its own; always review an individual firm's own size-normalized grade before drawing a conclusion about it specifically.

Grade Distribution

How Pennsylvania's 81 graded broker-dealers split across the size-normalized A-F safety scale.

A, clean (39)39 firmsB, low (28)28 firmsC, typical (8)8 firmsD, elevated (3)3 firmsF, heaviest (3)3 firms
Grade breakdown of 81 graded firms headquartered in Pennsylvania

Firms by Disclosure Count

# Firm DisclosuresOfficesGrade
1 Janney Montgomery Scott LLC Philadelphia 120 211 C
2 Susquehanna Securities, LLC Bala Cynwyd 60 3 F
3 Vanguard Marketing Corporation Malvern 59 173 C
4 Susquehanna Investment Group Bala Cynwyd 42 3 D
5 Global Execution Brokers, LP Bala Cynwyd 32 1 F
6 Transamerica Financial Advisors, LLC Philadelphia 22 343 B
7 PNC Wealth Management LLC Pittsburgh 19 1,662 B
8 Hornor, Townsend & Kent, LLC Conshohocken 17 307 B
9 D & D Securities, Inc. Philadelphia 16 1 F
10 SAL Equity Trading, GP Bala Cynwyd 16 2 D
11 Newedge Securities, LLC Pittsburgh 14 127 B
12 PNC Capital Markets LLC Pittsburgh 13 31 C
13 Nasdaq Execution Services, LLC Philadelphia 10 3 C
14 Lincoln Investment Fort Washington 7 594 B
15 Keystone Trading Partners Wayne 6 1 D
16 J.A.K. Securities, Inc. Philadelphia 5 1 C
17 Federated Securities Corp. Pittsburgh 4 234 B
18 Fortune Financial Services, Inc. Monaca 4 190 B
19 Hartford Funds Distributors, LLC Wayne 4 4 C
20 J. Alden Associates, Inc. Wayne 4 9 B
21 SEI Investments Distribution Co. Oaks 4 4 C
22 Trustmont Financial Group, Inc. Greensburg 4 52 B
23 Cresap, Inc. Radnor 3 6 B
24 Delaware Distributors, L.P. Philadelphia 3 7 B
25 HCC Securities Group, Inc Jenkintown (Montgomery) 3 2 B
26 Lincoln Financial Distributors, Inc. Radnor 3 12 C
27 Brinker Capital Securities, LLC King of Prussia 2 3 B
28 Directed Services LLC West Chester 2 3 B
29 Girard Investment Services, LLC Souderton 2 5 B
30 Grant Williams L.P. Philadelphia 2 2 B
31 Largo Trading, L.P. Merion Station 2 1 B
32 Marathon Trading Group LLC Wayne 2 2 B
33 Revl Securities, LLC Philadelphia 2 3 B
34 American Financial Associates, Inc. Easton 1 2 B
35 Beaconsfield Financial Services, Inc. Canonsburg 1 12 B
36 Fund Investors, Inc. Ebensburg 1 2 B
37 Heritage Financial Systems, LLC Malvern 1 2 B
38 Hunter Associates LLC Pittsburgh 1 6 B
39 MID Atlantic Clearing & Settlement Corporation Pittsburgh 1 1 B
40 Nestlerode & LOY, Inc. State College 1 3 B
41 Quoin Capital LLC Philadelphia 1 4 B
42 SLD America Equities, Inc. West Chester 1 4 B
43 3ICO Securities LLC Conshohocken 0 3 A
44 Aberdeen Fund Distributors, LLC Philadelphia 0 5 A
45 Agile Trading Technologies, LLC Bryn Mawr 0 3 A
46 ALP Financial Group LLC Greentown 0 3 A
47 Axcelus Financial Distribution Company Philadelphia 0 3 A
48 BA Securities, LLC W. Conshohocken 0 79 A
49 Bancroft Capital, LLC Fort Washington 0 8 A
50 Bryant Park Capital Securities, Inc. Blue Bell 0 2 A

Inside Pennsylvania's Broker-Dealer Landscape

Pennsylvania has 81 actively registered broker-dealer firms in FINRA's public register, of which 39 (48.1%) carry a clean Grade-A record with no reportable BrokerCheck disclosures.

The state's aggregate disciplinary footprint totals 517 disclosures on BrokerCheck, averaging 6.4 per firm. Grade distribution across Pennsylvania's broker-dealers: 39 graded A, 28 graded B, 8 graded C, 3 graded D, and 3 graded F. That means 48.1% of graded firms hold an A and 7.4% fall into the D or F bands.

Grades reflect our internal model weighing disclosure volume against firm size and scope; they are editorial signals, not FINRA ratings. Disclosure totals on BrokerCheck represent reported events, not proven violations, large multistate firms headquartered in Pennsylvania will naturally carry more disclosures than small single-office firms. This page is informational only and is not financial, legal, or investment advice. Before hiring any Pennsylvania advisor, confirm the firm's current record at FINRA BrokerCheck and review the specific representative's individual CRD report.

Frequently asked questions

How many broker-dealer firms are registered in Pennsylvania?
Pennsylvania has 81 actively registered broker-dealer firms on FINRA BrokerCheck, of which 39 (48.1%) hold a clean Grade-A record with no reportable disclosures.
Which Pennsylvania broker-dealer has the most FINRA disclosures?
Among firms registered in Pennsylvania, Janney Montgomery Scott LLC carries the most reported BrokerCheck disclosures (120 across 211 branch offices). Disclosure totals reflect reported events, not proven violations, larger firms naturally carry more. Always review the specific records on FINRA BrokerCheck.
How are PlainAdvisorCheck safety grades calculated?
Grades are size-normalized: a firm's weighted disclosure load is divided by its branch-office footprint, then ranked within its size class. Firms with zero disclosures earn an A regardless of size. Grades are editorial signals, not FINRA ratings. See our methodology for the exact formula.
Is this official Pennsylvania broker data?
Yes. All firm records come from FINRA BrokerCheck and the SEC Investment Adviser Public Disclosure (IAPD) - the official public registries for U.S. broker-dealers. PlainAdvisorCheck aggregates and size-normalizes them; the underlying records are public domain.
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Read our methodology - how this data is sourced, computed, and verified.

Related

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Data sourced from official FINRA BrokerCheck and SEC EDGAR enforcement records. See our methodology for details. Retrieved and formatted by PlainAdvisorCheck Editorial

Every figure on PlainAdvisorCheck is rendered directly from FINRA BrokerCheck and SEC IAPD disciplinary records, no number is typed in by an editor. This page draws directly on SEC/FINRA regulatory filing data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.