Under FINRA Rule 6151, this broker-dealer adopts by reference the 606 routing reports of its clearing firm(s): NATIONAL FINANCIAL SERVICES LLC. Under FINRA Rule 5310.09(c), introducing broker-dealers must independently examine execution quality and compare clearing firm routing against competing market centers.
A cell is one routed market center in one of the 144 Amended Rule 605 buckets; it counts once however many factors trail.
Same count as 26 other firms:26 other broker-dealers adopt the same Rule 606 report (NATIONAL FINANCIAL SERVICES LLC) this quarter, so each shows this same count. The figures measure the clearing firm's routing; under FINRA Rule 5310.09(c) what differs from firm to firm is how each one independently tests and documents it.
WEALTH ENHANCEMENT BROKERAGE SERVICES, LLC (CRD #130139) — SEC Rule 606 Order Routing & FINRA Rule 5310.09 Execution Quality Report
Executive Best Execution & Order Routing Analysis
WEALTH ENHANCEMENT BROKERAGE SERVICES, LLC (CRD #130139) operates as an introducing broker-dealer adopting the SEC Rule 606 order routing disclosures of NATIONAL FINANCIAL SERVICES LLC. Under FINRA Rule 5310.09(c), introducing firms that rely on clearing firm routing arrangements remain obligated to independently examine execution quality and compare results against competing market centers. In 2026Q3, non-directed customer order flow was routed primarily to Citadel Securities LLC (22.8%), Dash Financial Technologies LLC (17.1%), Wolverine Execution Services LLC (16.8%).
During 2026Q3, the firm reported $1,507,472.00 in total net payment for order flow (PFOF) and execution rebates received across its order routing arrangements. Disclosed net payment rates for market orders averaged 4.93 ¢ and marketable limit orders averaged 5.10 ¢. FINRA Rule 5310.09 requires rigorous surveillance of potential conflicts of interest when order routing decisions coincide with financial remuneration from execution venues.
Our mix-adjusted benchmark analysis flagged 577 of 824 scored routed venue × bucket cells (one routed market center in one of the 144 Amended Rule 605 order size and security buckets) where WEALTH ENHANCEMENT BROKERAGE SERVICES, LLC's routed execution trailed competing peer benchmarks on at least one factor. Under FINRA Rule 5310.09, broker-dealers must conduct regular and rigorous committee reviews comparing execution quality achieved against competing market centers they do not route to. Each flagged competing-market difference requires documented supervisory disposition and committee review in the firm's permanent compliance records. 26 other broker-dealers adopt the same Rule 606 report (NATIONAL FINANCIAL SERVICES LLC) this quarter, so each shows this same count. The figures measure the clearing firm's routing; under FINRA Rule 5310.09(c) what differs from firm to firm is how each one independently tests and documents it.
SEC Rule 606 Order Routing Summary
Disclosed non-directed customer order routing shares, total PFOF remuneration, and net rates by execution venue.
| Execution Venue | Route % | Disclosed PFOF (USD) | Net Rate (¢/100 sh) |
|---|---|---|---|
| Citadel Securities LLC (CDRG) | 22.8% | $457,491.00 | 10.80 ¢ |
| Dash Financial Technologies LLC | 17.1% | $122,066.00 | 28.33 ¢ |
| Wolverine Execution Services LLC | 16.8% | $76,557.00 | 22.27 ¢ |
| Virtu Americas, LLC (NITE) | 16.8% | $228,917.00 | 5.95 ¢ |
| Global Execution Brokers, LP | 16.3% | $51,804.00 | 28.71 ¢ |
| G1 Execution Services, LLC (ETMM) | 16.3% | $212,021.00 | 5.76 ¢ |
| CrossStream ATS (XSTM) | 13.6% | $0.00 | 0.00 ¢ |
| HRT Financial LP (HRTF) | 12.8% | $168,511.00 | 5.99 ¢ |
| NYSE Arca Options (PARCAX) | 10.1% | $58,922.00 | — |
| Cboe Options Exchange | 9.8% | $0.00 | — |
| Cboe BZX Options Exchange, Inc. (BATS) | 6.0% | $3,215.00 | — |
| Jane Street Capital, LLC (JNST) | 4.6% | $65,383.00 | 6.24 ¢ |
| Goldman, Sachs and Co. LLC (GSCO) | 3.7% | $46,336.00 | 6.37 ¢ |
| Nasdaq Stock Market (NSDQ) | 2.9% | $23,280.00 | -9.22 ¢ |
| New York Stock Exchange (NXNYS) | 1.3% | $0.00 | -26.18 ¢ |
| Two Sigma Securities, LLC (SOHW) | 1.2% | $15,020.00 | 5.95 ¢ |
| NYSE Arca (PARCAX) | 1.1% | $2,621.00 | -23.74 ¢ |
S&P 500 (proxy) × Market • $1k–$5k (Round Lot)
Full execution metrics for routed flow against the mix-adjusted peer benchmark and competing market centers. (454,112 covered orders in tier)
| Role | Market Center | Routing Share (606) | PFOF Rate (¢/100) | NPI (bps) | Peer Bench (bps) | Fill Rate | Shortfall vs Bench |
|---|---|---|---|---|---|---|---|
| Routed Venue | Citadel Securities LLC (CDRG) | 31.0% | 4.20 ¢ | 1.9 bps | 2.0 bps | 100.0% | -0.0 bps |
| Routed Venue | G1 Execution Services, LLC (ETMM) | 17.0% | 4.35 ¢ | 1.9 bps | 2.0 bps | 100.0% | -0.2 bps |
| Routed Venue | Goldman, Sachs and Co. LLC (GSCO) | 3.4% | 4.42 ¢ | 2.2 bps | 1.9 bps | 99.6% | 0.3 bps |
| Routed Venue | HRT Financial LP (HRTF) | 8.3% | 4.28 ¢ | 2.1 bps | 2.0 bps | 98.8% | 0.2 bps |
| Routed Venue | Jane Street Capital, LLC (JNST) | 7.4% | 4.95 ¢ | 1.5 bps | 2.0 bps | 79.0% | -0.4 bps |
| Routed Venue | Virtu Americas, LLC (NITE) | 16.5% | 4.31 ¢ | 1.8 bps | 2.0 bps | 92.3% | -0.2 bps |
| Routed Venue | New York Stock Exchange (NXNYS) | 1.7% | -31.82 ¢ | 1.4 bps | — | 88.6% | — |
| Routed Venue | NYSE Arca Options (PARCAX) | 10.4% | 0.00 ¢ | 0.8 bps | — | 90.4% | — |
| Routed Venue | Two Sigma Securities, LLC (SOHW) | 1.3% | 4.48 ¢ | 1.8 bps | 2.0 bps | 100.0% | -0.3 bps |
| Benchmark | Mix-Adjusted Peer Benchmark | — | — | 2.0 bps | 2.0 bps | 94.7% | — |
| Competing Venue | Competing venue A | — | — | 3.5 bps | 2.0 bps | — | — |
| Competing Venue | Competing venue B | — | — | 1.8 bps | 2.0 bps | — | — |
Flagged Competing-Market Differences (79 Locked Buckets)
Scored execution buckets requiring committee evaluation and supervisory disposition under FINRA Rule 5310.09.
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Standing Review Limitations:
- A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
- 606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
- FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
- This report is not legal or compliance advice.
- Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.