diff --git a/piker/accounting/cli.py b/piker/accounting/cli.py
index 10306898..229a9d14 100644
--- a/piker/accounting/cli.py
+++ b/piker/accounting/cli.py
@@ -143,12 +143,15 @@ def sync(
                     # (what the EMS normally does internall) B)
                     open_brokerd_dialog(
                         brokermod,
-                        portal,
                         exec_mode=(
                             'paper'
                             if account == 'paper'
                             else 'live'
                         ),
+                        # use our own ad-hoc-spawned actor,
+                        # do NOT (spawn and) use the
+                        # `brokerd.<broker>` service daemon!
+                        portal=portal,
                         loglevel=loglevel,
                     ) as (
                         brokerd_stream,
diff --git a/piker/clearing/_ems.py b/piker/clearing/_ems.py
index c77ffd1b..1d152926 100644
--- a/piker/clearing/_ems.py
+++ b/piker/clearing/_ems.py
@@ -335,9 +335,14 @@ class TradesRelay(Struct):
 @acm
 async def open_brokerd_dialog(
     brokermod: ModuleType,
-    portal: tractor.Portal,
     exec_mode: str,
     fqme: str|None = None,
+
+    # XXX: explicit (already spawned) trading-actor override,
+    # currently only used by the `piker ledger` cli which
+    # boots its own ad-hoc `brokerd`-like actor; normally we
+    # (lazily) spawn/find the `brokerd.<broker>` daemon here.
+    portal: tractor.Portal|None = None,
     loglevel: str|None = None,
 
 ) -> tuple[
@@ -351,6 +356,10 @@ async def open_brokerd_dialog(
     paper engine instance depending on live trading support for the
     broker backend, configuration, or client code usage.
 
+    NOTE: this is now the ONE place where a (live, credentialed)
+    `brokerd.<broker>` daemon-actor gets (lazily) booted; pure
+    data/paper sessions should never spawn one!
+
     '''
     get_console_log(
         level=loglevel,
@@ -416,16 +425,29 @@ async def open_brokerd_dialog(
         )
         exec_mode: str = 'paper'
 
-    if (
-        trades_endpoint is not None
-        or
-        exec_mode != 'paper'
-    ):
-        # open live brokerd trades endpoint
-        open_trades_endpoint = portal.open_context(
-            trades_endpoint,
-            loglevel=loglevel,
+    @acm
+    async def acquire_live_portal():
+        '''
+        Deliver a portal to the (live, credentialed) trading
+        actor hosting the backend's `open_trade_dialog()` ep:
+        either the caller-provided override or the (maybe
+        lazily spawned) `brokerd.<broker>` service daemon.
+
+        '''
+        if portal is not None:
+            yield portal
+            return
+
+        # XXX: the ONE (normal) place a `brokerd.<broker>`
+        # daemon-actor gets booted in the runtime B)
+        from piker.brokers._daemon import (
+            maybe_spawn_brokerd,
         )
+        async with maybe_spawn_brokerd(
+            brokermod.name,
+            loglevel=loglevel,
+        ) as live_portal:
+            yield live_portal
 
     @acm
     async def maybe_open_paper_ep():
@@ -437,7 +459,14 @@ async def open_brokerd_dialog(
                 return
 
         # open trades-dialog endpoint with backend broker
-        async with open_trades_endpoint as msg:
+        async with (
+            acquire_live_portal() as live_portal,
+
+            live_portal.open_context(
+                trades_endpoint,
+                loglevel=loglevel,
+            ) as msg,
+        ):
             ctx, first = msg
 
             # runtime indication that the backend can't support live
@@ -581,7 +610,6 @@ class Router(Struct):
     async def maybe_open_brokerd_dialog(
         self,
         brokermod: ModuleType,
-        portal: tractor.Portal,
         exec_mode: str,
         fqme: str,
         loglevel: str,
@@ -606,7 +634,6 @@ class Router(Struct):
 
         async with open_brokerd_dialog(
             brokermod=brokermod,
-            portal=portal,
             exec_mode=exec_mode,
             fqme=fqme,
             loglevel=loglevel,
@@ -668,7 +695,6 @@ class Router(Struct):
             brokername, _, _, _ = unpack_fqme(fqme)
             brokermod = feed.mods[brokername]
             broker = brokermod.name
-            portal = feed.portals[brokermod]
 
             # XXX: this should be initial price quote from target provider
             flume = feed.flumes[fqme]
@@ -682,7 +708,6 @@ class Router(Struct):
 
             async with self.maybe_open_brokerd_dialog(
                 brokermod=brokermod,
-                portal=portal,
                 exec_mode=exec_mode,
                 fqme=fqme,
                 loglevel=loglevel,