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PICI is a non-clearing brokerage firm, which clears all of its customers' securities transactions through Southwest Securities, Inc. - a Dallas based New York Stock Exchange ("NYSE") and Financial Industry Regulatory Authority ("FINRA") member firm. In layman's terms, this means that our clearing firm (Southwest Securities, Inc.) holds all of our customers' monies and securities positions. Under no circumstances is a check for the purchase of securities ever to be made payable to PICI or to one of our brokers, but instead checks are made payable to Southwest Securities, Inc. or to some other securities firm. Please visit their web site at www.swst.com . PICI is a member of the Securities Investors Protection Corporation ("SIPC"). To learn more about how SIPC protects the public investor, please visit their web site at www.sipc.org. In addition to SIPC coverage, Southwest Securities, Inc. insures each customer (as defined by SIPC) account for up to $19.5 million. It should be noted that this insurance coverage protects against failure of the firm etc., NOT against market loss. PICI is operated as an "independent" firm as opposed to a traditional firm or "wire house". Our typical broker is an individual who has worked for a large traditional firm at one time or another in their past, but comes to us (or one of our growing number of competitors) because of a desire to do one or more of the following: Have their own business, paying only for the services required by the type of business maintained Freedom to offer investment product which may not have been available at a prior firm Freedom to price their services to their clientele as they see fit (discounting for example) The ability to retain more of the commission and fee income that they generate The ability to establish a retirement program (qualified plan) more suited to the needs of a particular individual broker Absence of "politics" usually associated with the larger more traditional firms Actually, the list of reasons for someone joining a firm like PICI is almost endless. Several years ago, joining a firm like ours involved considerable hardship and much greater financial outlay for the average broker. But with today's technology (which seems to be improving weekly), one of our brokers is easily able to compete with a broker working for a large traditional firm. To view a listing of our firm's products, click here. As a member of FINRA, PICI is charged with and responsible for the supervision of each and every one of its brokers irregardless of their location. To accomplish this, we have in place operational compliance procedures like any other firm. Some of these procedures and policies are more stringent than are enforced by other firms. This is not done to hinder business, but rather to protect you, the public consumer, our brokers, and the reputation of the firm. In the event that you are unhappy with any of the firm's policies, or in the performance of any individual associated with PICI, we would ask that you call us or e-mail us so that we may discuss the matter and rectify the situation. Our door is always open, so to speak.