# Schwab vs. Altruist: Incumbent custodian vs. newer entrant

URL: https://www.financialadvsr.com/compare/schwab-vs-altruist
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

Charles Schwab is named by 5,774 wealth-focused RIAs holding $4.37 trillion there, while Altruist is named by 177 holding $17.4 billion, according to Form ADV filings from Oct. 1, 2025, to Sept. 30, 2026. Altruist ranks seventh among custodians by firm count but 20th by assets, and its clients are mostly small: the median Altruist RIA manages $151 million, versus $306 million at Schwab. Of Altruist's RIAs, 81 also use Schwab.

## Key differences

- Firm count: 5,774 wealth-focused RIAs name Schwab, first among custodians; 177 name Altruist, seventh. [1] [1]
- Assets held: RIAs report $4.37 trillion held at Schwab, first by assets, and $17.4 billion at Altruist, 20th. [1] [1]
- Firm size: The median Altruist RIA manages $151 million and keeps $68 million there; the median Schwab RIA manages $306 million and keeps $225 million there. 129 of Altruist's 177 RIAs manage under $250 million, and none manage $5 billion or more. [1] [1]
- Exclusivity: About 38% of Altruist's RIAs, 67 firms, use it as their only custodian, versus about 72% of Schwab's. [1] [1]
- Overlap: 81 RIAs use both Schwab and Altruist; Schwab is the most common second custodian among Altruist's clients. [1] [1]

## Questions

**Is Altruist as big as Schwab?** No. The figures count wealth-focused SEC-registered RIAs naming each custodian in Form ADV filings made from Oct. 1, 2025, to Sept. 30, 2026. Schwab is named by 5,774 RIAs with $4.37 trillion held there; Altruist by 177 RIAs with $17.4 billion.

**What size RIAs use Altruist?** Mostly smaller firms. The median Altruist RIA manages $151 million, and 129 of its 177 RIA clients manage under $250 million. Seven manage $1 billion or more.

**Do RIAs use Altruist alongside Schwab?** Often. 81 of Altruist's 177 RIAs also name Schwab, and only about 38% use Altruist as their sole custodian.

Sources:
[1] Financial ADVSR: RIA Custodians, from Form ADV filings 2025-10-01 to 2026-09-30 (https://www.financialadvsr.com/data/custodians)