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WELLS FARGO Consolidated Statement of Financial Condition

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WELLS FARGO Consolidated Statement of Financial Condition WELLS FARGO CLEARING SERVICES, LLC Consolidated Statement of Financial Condition Wells Fargo Clearing Services, LLC (A Wholly Owned Limited Liability Company of Wachovia Securities Financial Holdings, LLC) December 31, 2017 (With Report from Independent Registered Public Accounting Firm Thereon) WELLS FARGO CLEARING SERVICES, LLC (A Wholly Owned Limited Liability Company of Wachovia Securities Financial Holdings, LLC) Consolidated Statement of Financial Condition December 31, 2017 (With Report from Independent Registered Public Accounting Firm Thereon) U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ANNUAL AUDITED REPORT FACING PAGE SEC FILE NUMBER Information Required of Brokers a nd Dealers 8-37180 FORMX-17A-5 Pursuant to Section 17 of the Securities Exchange Act of 1934 PART III and Rule 17a-5 Thereunder REPORT FOR THE PERIOD BEGINNING 01/01/17 AND E NDING 12/31/17 MMIDDNY MM/DDNY A. REGISTRANT IDENTIFICATION NAME OF BROKER-DEALER: Official Use On]v Wells Fargo Clearing Services, LLC FIRM ID. NO. ADDRESS OF PRINCIPAL P LACE OF BUSINESS: (Do not use P.O. Box No.) One North Jefferson (No. and Street) St. Louis MO 63103 (City) (State) (Zip Code) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT Kathy Barney 314-875-2463 (Area Code - Telephone No.) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report-1, (Nam e - if individual, state last, first, middle name) KPMGLLP 10 South Broadway St. Louis MO 63102 (ADDRESS) Number and Street City Stat e Zip Code CHECK ONE: [J[J Certified Public Accountant [=i Public Accountant [=i Accountant not resident in United States 01· a n y of its possessions. FOR OFFICIAL USE ONLY *Claims for exemp tion from the requirem ent that the annual repol"t be covered by the opinion of an independent public accountant must be suppor-ted by a statement of facts and circumstances relied on as the basis for the exemption. See section 240.17a.-5(e)(2). SEC 1410 (06-02) Poten t ial persons who are to respond to the collection of informatin conta ined in this for m a r e not r equired t o repond u n less the form displays a currently valid 0MB control number. -2- OATH OR AFFIRMATION I, Kathy Barney, swear (or affirm) that, to the best of my knowledge and belief the accompanying financial statement pertaining to the firm of Wells Fargo Advisors, LLC, as of December 31, 2017, is true and correct. I further swear (or affirm) that neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer except as follows: None RACHEL J. DICKMANN My Commission Expires December 22, 2018 Jefferson County Commission #14127427 Notary Pu This report** contains (check all applicable boxes): IT] (a) Facing Page IT] (b) Statement of Financial Condition D (c) Statement of Income D (d) Statement of Changes in Financial Condition D (e) Statement of Changes in Stockholder's Equity of Partners' or Sole Proprietor's Capital D (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors D (g) Computation of Net Capital D (h) Computation for Determination of Reserve Requirement Pursuant to Rule 15c3-3 D (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3 D (i) A Reconciliation, including appropriate explanation, of the computation of Net Capital Under Rule 15c3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A Rule 15c3-3 D (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation IT] (1) An Oath or Affirmation D (m) A Copy of the SIPC Supplemental Report D (n) A Report describing any material inadequacies found t o exist or found to have existed since the date of the previous audit ** For conditions of confidential treatment of certain portions of this filing, see section 240. l 7a-5(e)(3) KPMG LLP Suite 900 10 Sou th Broadway St. Louis, MO 63102- 176 1 Report of Independent Registered Public Accounting Firm The Board of Manager Wells Fargo Clearing Services, LLC: Opinion on the Consolidated Financial Statement We have audited the accompanying consolidated statement of financial condition of Wells Fargo Clearing Services, LLC and subsidiaries (the Company), a wholly owned limited liability company of Wachovia Securities Financial Holdings, LLC as of December 31, 2017, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2017, in conformity with U.S. generally accepted accounting principles. Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that re spo nd to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that ou r audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2001. St. Louis, Missouri February 27, 2018 KPMG LLP ts a Delawaro 1,m,ted ltabdtty portnershrp ond the U S member firm of ths KPMG natwork of 1ndap0ndent member firms aff!l1atod with KPMG lnt8rnationa1 Coopl:lrat1v0 (" KPMG lntGrnatJonal"). a S\N1ss Bnt1ty WELLS FARGO CLEARING SERVICES, LLC ( A Wholly Owned Limited Liability Company of Wachovia Securities Financial Holdings, LLC) Consolidated Statement of Financial Condition December 31, 2017 (Dollars in thousands) Assets Cash and cash equivalents $ 1,061,769 Cash and securities segregated under federal and other regulations 1,335,546 Securities purchased under agreements to resell 2,471,237 Receivable from brokers, dealers and clearing organizations 1,261,886 Receivable from customers, net 8,510,490 Loans and notes receivable from financial advisors, net 2,669,243 Securities owned, at fair value 1,578,996 Property, equipment and leasehold improvements, net 347,225 Goodwill and intangible asset, net 1,259,242 Receivable from affiliates 101,239 Other assets 471,685 Total assets $ 21,068,558 ======== Liabilities and Member's Equity Borrowings $ 861,579 Securities sold under agreements to repurchase 267,044 Payable to brokers, dealers and clearing organizations 2,274,004 Payable to customers 4,473,025 Securities sold, not yet purchased, at fair value 101,098 Payable to affiliates 246,991 Accrued compensation and benefits 489,842 Deferred compensation plan liabilities 1,393,156 Accrued expenses and other liabilities 263,426 Total liabilities 10,370,165 Member's equity 10,698,393 Total liabilities and member's equity $==2=1,=06=8=,5=58= The accompanying notes are an integral part of this Consolidated Statement of Financial Condition. 2 WELLS FARGO CLEARING SERVICES, LLC Notes to Consolidated Statement of Financial Condition December 31, 2017 (Dollars in thousands) (1) Organization and Basis of Presentation Wells Fargo Clearing Services, LLC (WFCS) and subsidiaries (collectively referred to as "the Company"), are wholly owned by Wachovia Securities Financial Holdings, LLC (WSFH), which is a wholly owned subsidiary of Wells Fargo & Company (WFC). WSFH serves as the holding company for the retail brokerage and clearing businesses headquartered in St. Louis, Missouri. WSFH's principal operating subsidiaries are the Company and Wells Fargo Advisors Financial Network, LLC (FINET). WFCS is registered as a broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investors Protection Corporation (SIPC). WFCS is also a member of the National Futures Association (NF A) and is registered as an introducing broker with the Commodity Futures Trading Commission (CFTC). The Company's primary business activities include securities and commodities brokerage, investment advisory, asset management services and clearing services. The Company self-clears substantially all customer security transactions except its commodities transactions which are cleared through ADM Investor Services, Inc. on a fully-disclosed basis. The Consolidated Statement of Financial Condition includes the accounts of the Company. All intercompany balances have been eliminated in consolidation. (2) Summary of Significant Accounting Policies The Company's Consolidated Statement of Financial Condition is prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP), the most significant of which are summarized below. Cash and Cash Equivalents The Company has defined cash equivalents as highly liquid investments, with original maturities of less than ninety days that are not held for sale in the ordinary course of business. Securities Transue.ions Trading securities held to accommodate expected customer order flow are recorded on the trade date, as if they had settled. Customer securities transactions are recorded on a settlement-date basis. Securities owned and securities sold, not yet purchased are carried at fair value.
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