A system and method allows an adviser/registered representative to act as an adviser to clients at a fee-only broker/custodian, and as a broker to the same clients at an independent broker-dealer. Non-commission-based trades are cleared and settled by the fee-only broker/custodian and commission-based trades are made by the independent broker-dealer using a clearing firm. The clearing firm settles the commissioned trades at the fee-only broker/custodian, where all the assets can be custodied.