RIA Custodians Compared: Schwab, Fidelity and Six More

The short answer: Schwab and Fidelity custody most independent advisors' client assets, and many firms use both. Minimums now differ: Schwab's head of advisor services has said it has no asset minimum, and Fidelity confirmed in October 2026 that the $100 million client-asset criterion it applies to new firms will extend to existing custody clients, who have until June 30, 2027. Six other custodians are covered here: BNY Pershing, LPL Financial, Raymond James, Altruist, TradePMR and Interactive Brokers. Pick any two below to see them side by side.

All eight custodians at a glance

Shares count firms naming each custodian on Form ADV, and the separately managed account assets they report there, as of September 30, 2026, from AdvizorPro's 2026 custodian report, which lists the top five on each measure. Many firms use more than one custodian, so the firm-count shares do not add to 100%. "None published" means the custodian publishes no minimum, which is different from stating there is none. Client-asset figures are each firm's own headline measure and are not comparable line for line.

What does a custodian do for an independent advisor?

A custodian holds the client accounts, executes trades and sends the statements; the advisor manages the money and keeps the relationship. The custodian is also where an independent firm's technology, cash and service experience start, which is why the choice matters as much as the firm's name on the door. Our guide to how custody actually works walks through where client money sits and who can touch it, and the independent RIA platforms explainer sets custodians beside aggregators and supported-independence providers.

How do Schwab and Fidelity compare?

They are the two largest custodians for RIAs, and many firms use both: Schwab with Fidelity is the most common pairing among firms with two custodians.

• Ownership. Schwab is a public company with a market value of about $165 billion on October 14, 2026. Fidelity has been privately held by FMR LLC since its founding in 1946, so there is no share price to compare.
• Size with advisors. On Form ADV, 67.8% of RIAs name Schwab and 17.4% name Fidelity; by reported separately managed account assets, Schwab holds 38.4% and Fidelity 30.6%. Schwab reported $5.9 trillion in Advisor Services client assets on August 31, 2026 and serves more than 16,000 RIAs; Fidelity's site cites more than 3,400 wealth management firms on its clearing and custody platform.
• Minimum. Schwab's head of advisor services said in October 2026 that it has no asset minimum. Fidelity applies a $100 million client-asset criterion to new firms and, from June 30, 2027, to existing custody clients.
• Pricing. Schwab's 10-K says it does not charge the RIA or end client a custody fee. We found no custody fee schedule on Fidelity's site.
• Transition support and platform. Schwab describes a business development officer from the first conversation and integrations with more than 235 technology platforms. Fidelity describes an independence hub, consultants and practice-management resources, with its Wealthscape platform, Integration Xchange for third-party technology and eMoney integration.

What does Fidelity's $100 million minimum change?

Fidelity confirmed in October 2026 that it is extending the $100 million client-asset criterion it already applies to new firms to its existing custody clients, for consistency, and that those clients have until June 30, 2027 to meet it or move their custodial relationship. Fidelity said it has committed to providing firms with time to evaluate their options. Reports differ on how the assets are measured, so a firm near the line should confirm the test with Fidelity directly.

For a firm below the line, the paths include growing assets at Fidelity, joining a larger RIA that already custodies at Fidelity so client accounts stay where they are, adding a second custodian, or moving to another custodian. Our full read on Fidelity's minimum walks through each one, and the free two-page checklist, your options under Fidelity's $100 million custody minimum, sets out the test, the questions to ask Fidelity and the work each path carries.

Which custodians publish no minimum?

Schwab's head of advisor services said in October 2026 that it has no asset minimum, Altruist states no minimum fee or AUM requirement, and Interactive Brokers has said it has a policy against minimum AUM requirements. BNY Pershing, LPL Financial, Raymond James and TradePMR publish no minimum. A custodian that publishes no minimum still sets its own terms with each firm, so ask for them in writing before a move.

Referral programs carry their own terms, separate from custody: Schwab Advisor Network, Robinhood's advisor network and BNY Pershing's referral service each set their own requirements and fees for participating firms.

Why do so many firms use more than one custodian?

As of September 30, 2026, 23.9% of RIAs named two or more custodians on Form ADV, and 47% of firms managing $1 billion or more did. A second custodian can serve clients a first one does not, add technology or trading the firm wants, or let the firm use the strengths of more than one platform.

What changed in RIA custody in 2025 and 2026?

• Robinhood bought TradePMR, closing on February 26, 2025; TradePMR's clearing with First Clearing was extended through 2032.
• Schwab introduced a $5 per-account fee on block orders that use certain order types or Block Desk special handling, effective June 1, 2026; TWAP, VWAP and POV algorithm blocks stay free.
• BNY Pershing launched an RIA referral program in 2026.
• Vanguard agreed to acquire Altruist on August 26, 2026, with Altruist to run as a standalone business; our read on what the Vanguard and Altruist deal means for advisors covers it.
• Fidelity confirmed it is extending its $100 million criterion to existing custody clients in October 2026, with a June 30, 2027 date.
• LPL is converting Commonwealth, on track for the fourth quarter of 2026.

How should a firm choose a custodian?

Start with the firm, then the custodian: the size of the book, the kind of clients, the technology the team wants, how much trading it does and how it plans to grow. Ask each custodian for its minimum, its pricing and its transition plan in writing, and ask how it treats a firm your size today and in three years. Our guide to choosing an independent RIA platform lists the questions in order.

The table shows what each custodian publishes. Which one fits a particular firm, and what it will offer that firm, depends on the book of business and takes a conversation.