A broker-dealer, or brokerage firm, buys and sell securities on behalf of a client. Brokerage firms must register with the SEC (the US Securities and Exchange Commission) and join a self-regulating organization such as FINRA (the Financial Industry Regulatory Authority).
Ellevest isn’t a broker-dealer. The broker-dealer for Ellevest Digital and Premium portfolios is Goldman Sachs Custody Solutions, and the broker-dealer for Ellevest Private Wealth portfolios is Schwab.
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