Texas

Broker-dealer firm disciplinary records from FINRA BrokerCheck

Data updated July 2026

Texas at a glance

As of July 2026, Texas registers 189 broker-dealer firms on FINRA BrokerCheck - 110 carry a clean record and 764 disclosures are on file statewide.

189
registered firms: 110
with a clean record (Grade A): 764
total disclosures statewide: 4.0
disclosures per firm (avg)

189

Registered Firms

110

Clean Record (Grade A)

764

Total Disclosures

4.0

Avg Disclosures / Firm

How Texas 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, Texas is #5 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 #19 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 Texas's 189 graded broker-dealers split across the size-normalized A-F safety scale.

Grade breakdown of 189 graded firms headquartered in Texas

Firms by Disclosure Count

#	Firm	Disclosures	Offices	Grade
1	Charles Schwab & Co., Inc. Westlake	318	1,403	C
2	Hilltop Securities Inc. Dallas	78	87	C
3	Apex Clearing Corporation Dallas	57	6	F
4	Sanders Morris LLC Houston	21	5	C
5	Valic Financial Advisors, Inc. Houston	20	450	B
6	Kestra Investment Services, LLC Austin	16	713	B
7	Momentum Independent Network Inc. Dallas	13	131	B
8	Prospera Financial Services, Inc. Dallas	13	171	B
9	Capis Dallas	9	14	B
10	Reef Securities, Inc. Richardson	9	2	C
11	First Command Brokerage Services, Inc. Fort Worth	8	250	B
12	Level Four Financial, LLC Dallas	8	78	B
13	Natalliance Securities, LLC Austin	8	14	B
14	First Dallas Securities Incorporated Dallas	7	3	C
15	Global Financial Services, L.L.C. Houston	7	3	C
16	Monex Securities, Inc. Houston	7	4	B
17	Cobra Trading, Inc. Carrollton	6	2	C
18	Frost Brokerage Services, Inc. San Antonio	6	45	B
19	GBM International, Inc. Houston	6	2	C
20	Invesco Capital Markets, Inc. Houston	6	7	B
21	Worth Financial Group Inc. Dallas	6	13	B
22	First Western Securities, Inc. Hurst	5	13	B
23	Kershner Securities, LLC Austin	5	2	C
24	Signal Securities, Inc. Fort Worth	5	31	B
25	Texakoma Financial, Inc. Plano	5	2	C
26	TZ Clear LLC Dallas	5	2	C
27	Usaa Investment Services Company San Antonio	5	92	B
28	Westmoreland Capital Corporation Fort Worth	5	3	B
29	Alterna Securities, Inc. Houston	4	3	B
30	Banorte Securities International, Ltd. Houston	4	3	B
31	D.H. Hill Securities, LLLP Kingwood	4	16	B
32	Rhodes Securities, Inc. Ft Worth	4	6	B
33	Capital Hill Group, Inc. Austin	3	2	B
34	Invesco Distributors, Inc. Houston	3	35	C
35	Investors Brokerage of Texas, Ltd. Waco	3	3	B
36	M. E. Allison & Co., Inc. San Antonio	3	4	B
37	MDB Capital Addison	3	2	B
38	Midland Securities, Ltd Dallas	3	3	B
39	OLD Slip Capital Management, Inc. Plano	3	2	B
40	PH Partners, LLC Austin	3	2	B
41	Share Financial Services, Inc. Addison	3	3	B
42	Tpeg Securities, LLC Southlake	3	2	B
43	Usca Securities LLC Houston	3	7	B
44	Waterford Capital, Inc. Addison	3	2	B
45	Wilson Parker Connally Stephenson Inc Fort Worth	3	2	B
46	Commerce Securities Corporation Houston	2	2	B
47	Crescent Securities Group, Inc. Plano	2	7	B
48	Crossmark Distributors, Inc. Houston	2	2	B
49	LEO Brokerage, LLC Hurst	2	7	B
50	Municipal Capital Markets Group, Inc. Dallas	2	5	B

Inside Texas's Broker-Dealer Landscape

Texas has 189 actively registered broker-dealer firms in FINRA's public register, of which 110 (58.2%) carry a clean Grade-A record with no reportable BrokerCheck disclosures.

The state's aggregate disciplinary footprint totals 764 disclosures on BrokerCheck, averaging 4.0 per firm. Grade distribution across Texas's broker-dealers: 110 graded A, 66 graded B, 12 graded C, 0 graded D, and 1 graded F. That means 58.2% of graded firms hold an A and 0.5% 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 Texas 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 Texas 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 Texas?

Texas has 189 actively registered broker-dealer firms on FINRA BrokerCheck, of which 110 (58.2%) hold a clean Grade-A record with no reportable disclosures.

Which Texas broker-dealer has the most FINRA disclosures?

Among firms registered in Texas, Charles Schwab & Co., Inc. carries the most reported BrokerCheck disclosures (318 across 1,403 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 Texas 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.

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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

Compiled by PlainAdvisorCheck Editorial, Financial Advisor Discipline Editorial Team

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.