Kovack Securities uses the following clearing firms on a fully-disclosed basis to act as custodian of your securities and cash accounts in addition to executing and clearing trades through the exchange floors as well as ECN's. In essence, the clearing firms act as our intermediary when providing financial services for all types of private and institutional clients.

BNY Pershing is our clearing and custody provider. BNY Pershing has been a leading global provider of financial business solutions for 85 years and serves many of the world’s most respected financial organizations. BNY Pershing is the trusted choice of approximately 1,100 firms, representing more than 8 million investors and is committed to the protection, servicing and reporting of assets for investors like you. BNY Pershing is a FINRA member broker-dealer registered with the U.S. Securities and Exchange Commission (SEC). BNY Pershing is registered in all 50 states as well as the District Of Columbia and Commonwealth of Puerto Rico, and certain foreign jurisdictions. For more information about BNY Pershing, visit bny.com

Fidelity Investments provides clearing and custody services to Kovak Securities through National Financial Services LLC. Working with Fidelity Investments gives Kovack Securities access to a wide range of products and services that can help us serve the needs of our clients. Through our relationship with Fidelity Investments, you will receive a simplified, consolidated statement each month reflecting all your investment positions and transactions in your Fidelity brokerage account.

For more information about Fidelity Investments, visit Fidelity.com

Fidelity Investments® (Fidelity) is an independent company, unaffiliated with Kovack Securities, Inc. (KSI). Fidelity is a service provider to KSI. There is no form of legal partnership, agency affiliation, or similar relationship between KSI and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity is a registered service mark of FMR LLC.Fidelity provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 1180323.1.0