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Fidelon

Liquidnet is a broker-dealer based in New York, NY, that holds a 40.0/100 Fidelon TransparencyScore (th percentile), with 75 registered advisors. Score based on public SEC and FINRA filings.

40.0Transparency Score
Bottom1%

Liquidnet

A registered broker-dealer.

200 Vesey Street 5th Floor, New York, NY, 10281
Broker-Dealer
Prep Kit

Fidelon Fact Sheet

Liquidnet, Inc. is a broker-dealer based in New York, New York. It earns advisory fees for its services. The firm has regulatory disclosures on file. Both the SEC and FINRA have taken action against it, most recently in 2022.

40.0WeakBottom 1% of scored firms
How they're paidNot disclosed in the firm's latest filing.
Not reported
Duty to youHeld to a suitability standard, not a fiduciary duty.
Broker-dealer
Assets under managementNot reported in the firm's latest filing.
Not reported
Firm size
75 advisors
Who holds your moneyThe firm reports it does not hold client funds.
No custody reported
Regulatory recordFull record in Regulatory Track Record below.
10 disclosures · last action 2026
Based on live filings from SEC Form ADV and FINRA BrokerCheck. Scored using Fidelon's published methodology. Data as of Apr 2026

Peer Context

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Key Findings

Things You Should Know

  • 10 regulatory complaints reported by FINRA
  • $7.5M in regulatory fines
  • Broker-dealer only — not legally required to put your interests first

Conflict Audit

Conflict AuditCaution

Our analysis identified 1 potential conflict of interest in regulatory filings.

⚠
Registered as broker-dealer — not always required to act in your best interest
✓
No commission-based compensation
✓
No outside compensation sources
✓
No related-party custodian
✓
No performance-based fees
✓
No other business lines disclosed

Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14

Regulatory Events

Next Steps

This firm's public filings show significant transparency concerns. Understanding your exposure is the first step.
Questions you should be asking
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Advisor Roster

75 advisors

AdvisorScoreGrade
Sean Farrell——
Mark Turner——
Jerold T Garvey——
Luciano Michael Soldiviero——
Anthony Michael Victor——
Gregory Matthews——
Edward Herman Jobst——
Carlos Ramirez——
Michael Joseph Pisani——
Richard Ryan Nacol——

Meeting Prep Kit for Liquidnet

Walk into your next meeting fully prepared. We'll generate a meeting prep kit based on Liquidnet's actual regulatory filings — not generic advice.

✓Fee structure breakdown
✓Conflict of interest analysis
✓Regulatory track record
✓Fiduciary status check
✓Personalized questions to ask
✓How they compare locally

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Frequently Asked Questions

What does the TransparencyScore measure?

The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.

Where does this data come from?

All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.

Does a low score mean they're a bad advisor?

Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.

How often is this data updated?

Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.

Can an advisor or firm improve their score?

Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.

Data Sources

SEC Form ADV Part 1 — Retrieved September 7, 2026SEC Form ADV Part 2ASEC IAPDFINRA BrokerCheck

Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.

Verify on SEC IAPD · FINRA BrokerCheck

Last scored: · Score version: 3.8 · CRD #103987