Dallas, TX Saint Ann Court Office

Northern Trust Securities, Inc. (NTSI) is an SEC-registered investment adviser and a FINRA-registered broker‑dealer and a wholly owned subsidiary of Northern Trust Corporation that provides discretionary portfolio management through a wrap fee program. It serves high‑net‑worth individuals, other retail investors and a range of institutional clients—offering Separately Managed Accounts (SMAs), Fund Strategist Portfolios (FSPs) and Strategist UMAs delivered via the Fidelity Managed Account Xchange (FMAX) platform with clearing and custody services provided through National Financial Services LLC (NFS).

NTSI’s program is model‑driven: the firm selects and oversees model providers through its governance process, uses FIWA’s FMAX tools to generate allocation and manager recommendations, and implements discretionary, periodically rebalanced portfolios based on client questionnaires and objectives. Portfolios may include Northern Trust proprietary mutual funds, ETFs and SMAs alongside third‑party products, and NTSI reviews accounts at least annually to assess ongoing suitability and performance.

Compared with many enterprise peers, NTSI combines advisory, brokerage and custody‑related activities—its broker‑dealer registration in 53 U.S. jurisdictions, affiliation with a banking holding company and relationships with affiliated advisers (including entities registered with the CFTC) support brokerage/commission activity and commodity pool/trading‑advisor capabilities that are less common among large advisory firms. The firm also discloses cash‑sweep arrangements (including use of proprietary and Fidelity money market funds) and the potential to allocate up to 100% to proprietary products, creating additional fee sources and conflicts of interest that clients should consider.