From the Office of Steven Wallman, CEO

These are extraordinary and worrying times.  

We write to express our concern for you, your family, and your colleagues. Please stay safe as we all navigate through this crisis.  

We also write to affirm how committed we are to your practice and your clients. You chose us as your custodian and technology provider, a responsibility we take extremely seriously. We want to let you know of the steps we have taken and are taking to support you and your clients.

First and foremost, we are protecting the assets you and your clients have entrusted to us. Our consistent, ongoing and expanding investments in technology and processes have proven their worth. Our systems have performed well under the stress of high volume, of market centers rerouting trades, and of extremely fast markets with outsized spreads. Our service and personnel have also excelled during this time of historical volatility. We have had no outages for customers accessing our site, systems or support teams. We are committed to doing all we can to maintain this very high level of stability, functionality and service. The markets may be frantic and chaotic, but we are not, and that is by design.

We have invested, purposefully, over the years in backup systems and contingency plans, built the capacity to handle massive trading spikes (far, far more than we have seen to date), and deployed new technology to continue to enhance our platform for advisors and clients. Over the years we have provided everything from paperless onboarding; to performance reporting; to billing and downloading capabilities; to innovations like window trades, fractional shares, portfolio modeling and tax management tools, direct indexing, commission-free trading, our FDIC-insured multi-bank sweep program (which we pioneered in the industry) that provides significant excess insurance for clients, and much more to enable you to operate efficiently and provide more value. We remain true to our two-decades-long mission to deliver innovation that benefits investors and those who serve them.

And we continue to remain strong and innovate. We are at the cusp of delivering an entirely new generation of advisor services and systems that further our commitment to you and your clients, and enable even greater efficiency and online customer interaction. These would be exciting times, if they were not so challenging and sad.

We also are protecting our employees. They are the source of the innovation and outstanding experiences we provide. That means, given COVID-19, almost all our employees are working remotely. We will support any who become sick or require paid time off. This ongoing pledge to our employees is core to our values and key to our success in serving you. Our employees will continue to protect your practice and your clients now and in the future, and we will protect them.

We will continue to monitor and evaluate market conditions to ensure we continue to provide, during these unprecedented times and beyond, the high level of service, responsiveness, innovation and stability you and your clients require and expect. We manage our business with great efficiency; we’ll continue to leverage our agile business practices for your benefit.

We look forward to being able to look back on this crisis, and to reflect on how our partnership made a beneficial difference in your life and the lives of your clients. As we continue to communicate with you, we welcome your ideas and feedback. We will navigate our path forward together. Please stay safe and remain healthy.


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Steven Wallman
Folio Financial, Inc.