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Custodians compared · Updated October 10, 2026

Fidelity vs. Pershing: Custodians for larger RIAs compared

The short answer

Fidelity is named by about four times as many wealth-focused RIAs as BNY Pershing, 1,999 versus 493, according to Form ADV filings from Oct. 1, 2025, to Sept. 30, 2026, and RIAs report $3.26 trillion held at Fidelity versus $1.11 trillion at Pershing. Both serve relatively large firms: the median Fidelity RIA manages $469 million and the median Pershing RIA $559 million. Each runs separate clearing and RIA custody entities, and 58 RIAs use both.

Custodian & platform

Fidelity

Wealth-focused RIAs using it
1,999 (23%)1
Assets RIAs hold there
$3.26 trillion
Rank by firms / assets
#2 / #2
Median client firm (regulatory AUM)
$469 million
Use it as their only custodian
978 (49%)
Client firms with $1 billion or more
613
Full Fidelity custody profile →

Custodian & platform

Pershing

Wealth-focused RIAs using it
493 (5.8%)1
Assets RIAs hold there
$1.11 trillion
Rank by firms / assets
#3 / #3
Median client firm (regulatory AUM)
$559 million
Use it as their only custodian
263 (53%)
Client firms with $1 billion or more
177
Full Pershing custody profile →

Key differences

  • Firm count: 1,999 wealth-focused RIAs name Fidelity, about 23% of those reporting a custodian; 493 name BNY Pershing, about 6%.1
  • Assets held: RIAs report $3.26 trillion held at Fidelity, second among custodians, and $1.11 trillion at Pershing, third.1
  • Firm size: The median Pershing RIA manages $559 million, versus $469 million at Fidelity. 613 Fidelity RIAs and 177 Pershing RIAs manage $1 billion or more.1
  • Entities: Fidelity's RIAs name Fidelity Brokerage Services for RIA custody (1,326) or National Financial Services for clearing (692). Pershing's name Pershing LLC for clearing (336) or Pershing Advisor Solutions for RIA custody (160).1
  • Exclusivity and overlap: About 49% of Fidelity's RIAs and about 53% of Pershing's use only that custodian. Schwab is the most common second custodian for both; 58 RIAs use both Fidelity and Pershing.1

Questions

Is Fidelity bigger than Pershing for RIAs?

Yes. The figures count wealth-focused SEC-registered RIAs naming each custodian in Form ADV filings made from Oct. 1, 2025, to Sept. 30, 2026. Fidelity is named by 1,999 RIAs with $3.26 trillion held there; BNY Pershing by 493 with $1.11 trillion.

Which custodian has larger RIA clients, Fidelity or Pershing?

Pershing's median client is somewhat larger, managing $559 million versus $469 million at Fidelity. Fidelity has more $1 billion-plus clients in total, 613 versus 177.

Do RIAs use Fidelity and Pershing together?

Some do: 58 RIAs name both. For both custodians, the most common second custodian is Schwab.

More comparisons

Sources

  1. 1Financial ADVSR: RIA Custodians, from Form ADV filings 2025-10-01 to 2026-09-30 (Oct 2026) →

Built only from each firm’s sourced Financial ADVSR profile and our Form ADV custody data; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.