Broker - Dealers

Spicer Jeffries LLP currently provides services to over 75 broker-dealers and has served over 300 broker-dealers in its history. These entities include self-clearing organizations as well as those with fully-disclosed clearing arrangements.  Our clients range in size from operations with minimal support staff to full service broker-dealers with numerous branch offices and over 700 registered representatives. Spicer Jeffries LLP is approved by the Public Company Accounting Oversight Board (PCAOB) to conduct audits of securities broker-dealers.

Audit Services

As the independent auditors of numerous broker-dealers, we are able to conduct our audits very efficiently and cost effectively. This also allows us to complete the audit on a very timely basis, which we believe is absolutely necessary in delivering our service. Spicer Jeffries LLP audit services include:

    - Thorough review of the firm's Internal Controls

    - Audit Conducted in accordance with SEC and FINRA guidelines

    - Issuance of management letter including issues such as:

  • Conversion of non allowable assets to allowable assets
  • Use of secured demand note to increase capital
  • Analysis of tax accounts to identify deferred taxes
  • Suggestions to reduce net capital charges
  • Methods to improve reserve computation allowance
  • Separation of certain activities from the broker-dealer to relieve regulatory burdens on the firm

Our broker-dealer audit clients have consisted of:

  • Carrying broker-dealers
  • Market makers
  • Introducing (fully disclosed) broker-dealers
  • Investment bankers
  • Internet brokerages
  • Foreign broker-dealers



Regulatory Consulting

Broker-dealers operate in a highly regulated environment with rules and interpretations of the Securities and Exchange Commission and by self-regulatory organizations such as FINRA.  Spicer Jeffries regularly provides clients with guidance on the rules that directly affect the broker-dealer community such as allowable assets, secure demand notes, subordinated loans, customer protection and net capital. Spicer Jeffries also engages in frequent dialogue with self-regulatory organizations regarding rule interpretations on behalf of our clients. Our professionals have served as expert witnesses before FINRA regarding broker-dealer regulatory issues. In addition, we are frequently called upon by clients or attorneys regarding the interpretation of SEC rules and generally accepted accounting principles as they relate to broker-dealers.

Organizational Consulting

We are very familiar with the requirements of becoming a broker-dealer and we assist clients with determining the most advantageous business form (such as C corporation, S corporation and Limited Liability Company) for the entity to operate in order to minimize the income taxes imposed on the firm. Additionally, we can introduce you to consultants who can assist with various operational and regulatory issues, such as FOCUS report preparation, accounting and financial statement preparation, books and records regulation, WSP (Written Supervisory Procedures) and other compliance manuals, as well as anti-money laundering compliance issues.

Tax Services

The tax professionals at Spicer Jeffries LLP have significant experience in securities taxation and related complex issues.  We are able to advise clients on the timing and use of various tax elections peculiar to broker-dealers. In connection therewith we provide:

  • Tax analysis for firm trading strategies to ensure optimum tax benefit
  • Preparation of federal and state income tax returns for the broker-dealer and its partners, if so desired
  • Tax planning and consulting



If you would you like to speak with someone at Spicer Jeffries regarding our broker-dealer services, please contact us directly at (303) 753-1959 or by email:

Bob Yurglich
(303) 515-5300
Sean Tafaro
(303) 515-5302