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FIRM PROFILE
Assets Under Management:
$ 12,105,712,948
Clients per Registered Employee:
32
Total Number of Employees:
1,349
Clients per Employee:
32
Total Number of Individual Clients:
41,291
Total Number of HNWI Clients:
1,512
Average Individual Client Account Size:
$ 213,750
Average HNWI Account Size:
$ 2,006,976
Overview
PRINCIPAL SECURITIES, INC. is located at 711 High Street, Des Moines, IA 50392 and was first established at Kansas City, Iowa in 05/01/1968. After operating for 57 years, PRINCIPAL SECURITIES, INC. has amassed assets under management in the amount of $12,105,712,948 spanning over 42,803 clients at the firm. A breakdown of these figures indicates that 96% of PRINCIPAL SECURITIES, INC.’s clients are individuals and 4% of their clients are high net worth individuals. PRINCIPAL SECURITIES, INC. has 1,349 total employees and of those employees, 1,349 can be registered with one or both FINRA and the SEC. 100% percentage at PRINCIPAL SECURITIES, INC. are registered to handle securities or provide financial advice. The firm has 17 disclosures, 9 being regulatory events, 5 being client events, and 3 events that have led to arbitration. Firm disclosures can occur for a number of reasons and we encourage every investor to review and perform their due diligence, as appropriate, before moving forward. You will be able to access PRINCIPAL SECURITIES, INC.‘s brochures, the Form ADV, the Customer Relationship Summary (CRS), Accountant Surprise Examination Reports, and direct owners and executive officers. You will also see a list of services offered, fees & costs, conflicts of interest, and any and all related websites to the firm. In addition to these data points, our database will allow you to find every registered employee at PRINCIPAL SECURITIES, INC.. Using your dashboard, you can access advisor disclosures (if any), run background checks, save, compare, and monitor your advisor for the life of your relationship. If you are still deciding which financial advisor would be best suited for your needs, our free members get access to our comparison tool which allows anyone to see relevant data points for each financial advisor and their firms in a side-by-side comparison.
Crafted using large generative AI models
Where the Statistical Data for PRINCIPAL SECURITIES, INC. Comes From
Understanding the Statistics for PRINCIPAL SECURITIES, INC. and How They Compare to Other Firms Through Our Analysis
Average Account Value
Breakdown of Assets Under Management
Total Client Assets:
$ 11,860,479,810
Employees
32 Clients per Employee
Clients
Firm Disclosures
FIRM INFORMATION
711 High Street, Des Moines, IA, 50392
Principal Financial Group 711 High Street, Des Moines, IA, 50392-2080
Large
(888) 774-6267
Iowa since 05/01/1968
Corporation
December
1,349
Proprietary Interest in Client Transactions
A. Do you or any related person:
(1) buy securities for yourself from advisory clients, or sell securities you own to advisory clients (principal transactions)? NO
(2) buy or sell for yourself securities (other than shares of mutual funds) that you also recommend to advisory clients? YES
(3) recommend securities (or other investment products) to advisory clients in which you or any related person has some other proprietary (ownership) interest (other than those mentioned in Items 8.A.(1) or (2))? YES
Sales Interest in Client Transactions
B. Do you or any related person:
(1) as a broker-dealer or registered representative of a broker-dealer, execute securities trades for brokerage customers in which advisory client securities are sold to or bought from the brokerage customer (agency cross transactions)? NO
(2) recommend to advisory clients, or act as a purchaser representative for advisory clients with respect to, the purchase of securities for which you or any related person serves as underwriter or general or managing partner? YES
(3) recommend purchase or sale of securities to advisory clients for which you or any related person has any other sales interest (other than the receipt of sales commissions as a broker or registered representative of a broker-dealer)? YES
Investment or Brokerage Discretion
C. Do you or any related person have discretionary authority to determine the:
(1) securities to be bought or sold for a client's account? YES
(2) amount of securities to be bought or sold for a client's account? YES
(3) broker or dealer to be used for a purchase or sale of securities for a client's account? YES
(4) commission rates to be paid to a broker or dealer for a client's securities transactions? YES
D. If you answer "yes" to C.(3) above, are any of the brokers or dealers related persons? YES
E. Do you or any related person recommend brokers or dealers to clients? YES
F. If you answer "yes" to E. above, are any of the brokers or dealers related persons? YES
G. (1) Do you or any related person receive research or other products or services other than execution from a broker-dealer or a third party ("soft dollar benefits") in connection with client securities transactions? YES
G. (2) If "yes" to G.(1) above, are all the "soft dollar benefits" you or any related persons receive eligible "research or brokerage services" under section 28(e) of the Securities Exchange Act of 1934? YES
H. (1) Do you or any related person, directly or indirectly, compensate any person that is not an employee for client referrals? YES
H. (2) Do you or any related person, directly or indirectly, provide any employee compensation that is specifically related to obtaining clients for the firm (cash or non-cash compensation in addition to the employee's regular salary)? YES
I. Do you or any related person, including any employee, directly or indirectly, receive compensation from any person (other than you or any related person) for client referrals? YES
A. (1) Do you have custody of any advisory clients':
(a) cash or bank accounts? NO
(b) securities? YES
(2) If you checked "yes" to Item 9.A.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which you have custody:
(a) U.S. Dollar Amount $ 12,105,712,948
(b) Total Number of Clients 43,049
B. (1) In connection with advisory services you provide to clients, do any of your related persons have custody of any of your advisory clients':
(a) cash or bank accounts? NO
(b) securities? NO
(2) If you checked "yes" to Item 9.B.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which your related persons have custody:
(a) U.S. Dollar Amount $
(b) Total Number of Clients
C. If you or your related persons have custody of client funds or securities in connection with advisory services you provide to clients, check all the following that apply:
(1) A qualified custodian(s) sends account statements at least quarterly to the investors in the pooled investment vehicle(s) you manage. NO
(2) An independent public accountant audits annually the pooled investment vehicle(s) that you manage and the audited financial statements are distributed to the investors in the pools. NO
(3) An independent public accountant conducts an annual surprise examination of client funds and securities. YES
(4) An independent public accountant prepares an internal control report with respect to custodial services when you or your related persons are qualified custodians for client funds and securities. NO
D. Do you or your related person(s) act as qualified custodians for your clients in connection with advisory services you provide to clients?
(1) you act as a qualified custodian NO
(2) your related person(s) act as qualified custodian(s) NO
E. If you are filing your annual updating amendment and you were subject to a surprise examination by an independent public accountant during your last fiscal year, provide the date (MM/YYYY) the examination commenced: 2023-07
F. If you or your related persons have custody of client funds or securities, how many persons, including, but not limited to, you and your related persons, act as qualified custodians for your clients in connection with advisory services you provide to clients? 9
FIRM DOCUMENTS
Part 2 Brochures
Accountant Surprise Examination Report
| Accounting Firm Name | Filing Date | Form ADV-E Cover | Form ADV-E Report |
|---|---|---|---|
| ERNST & YOUNG LLP | 11/28/2023 | ||
| ERNST & YOUNG LLP | 09/22/2023 | ||
| ERNST & YOUNG LLP | 12/20/2022 | ||
| ERNST & YOUNG LLP | 11/22/2021 |
DIRECT OWNERS & EXECUTIVE OFFICERS
| Name | Title | Aquired | CRD# |
|---|---|---|---|
| PRINCIPAL FINANCIAL SERVICES, INC. | OWNER | 10/2001 | |
| STRABLE-SOETHOUT, DEANNA DAWNETTE | DIRECTOR | 04/2015 | 6467090 |
| MURRAY, MICHAEL FRANCIS | PRESIDENT/CHIEF EXECUTIVE OFFICER/CHAIR | 07/2018 | 2074275 |
| FRIEDRICH, AMY CHRISTINE | DIRECTOR | 05/2019 | 7097797 |
| RANTS, DOUGLAS JOHN | CHIEF INFORMATION SECURITY OFFICER | 12/2019 | 7148529 |
| SPADAFORA, CRAIG ALAN | SENIOR VICE PRESIDENT / HEAD OF ADVISORY AND PLATFORM | 12/2019 | 3184320 |
| CLAIRE, CHAD THOMAS | CHIEF INFORMATION OFFICER | 12/2019 | 7219218 |
| RIGLER, DAVID ANDREW | CHIEF FINANCIAL OFFICER | 07/2020 | 5724812 |
| BEITZEL, CARLA KAY | VICE PRESIDENT OF DISTRIBUTION | 07/2020 | 1337908 |
| VANWINKLE, DANIEL SIMON | PSI AML OFFICER | 03/2021 | 4715191 |
| BELTRAN, JESUS MANUEL | CHIEF SUPERVISION OFFICER | 04/2021 | 4642364 |
| MCCULLUM, KENNETH ALLEN | DIRECTOR | 05/2021 | 4695257 |
| COOPER, BROCK JEFFREY | CHIEF COMPLIANCE OFFICER | 09/2023 | 4082970 |
| TREADWAY, ANTHONY SHEA | DIRECTOR | 01/2024 | 7734395 |
