Members of the selling group are brokerages and other institutions that help the underwriting syndicate sell shares. Today, the term "selling group" is a bit of a misnomer because the manager and co-managers reserve the actual selling of IPO shares (and the accompanying fees) to themselves. Selling group members are usually listed on the prospectus but get only a small portion of the fees from the offering. While they do not underwrite any securities, the selling group members do share some legal and financial risks of the underwriting. The term selling group can sometimes refer to all of the institutions involved with placing IPO shares.