Custodians compared · Updated October 10, 2026
Schwab vs. Fidelity: Which custodian RIAs use, by the numbers
The short answer
Charles Schwab is the most widely used RIA custodian by both firm count and assets: 5,774 wealth-focused RIAs, about 67% of those reporting a custodian, name Schwab, versus 1,999, about 23%, for Fidelity, according to Form ADV filings from Oct. 1, 2025, to Sept. 30, 2026. Those RIAs report $4.37 trillion held at Schwab and $3.26 trillion at Fidelity. Fidelity's client firms skew larger, with a median of $469 million in regulatory assets versus $306 million at Schwab, and 906 RIAs use both custodians.
Custodian & platform
- Wealth-focused RIAs using it
- 5,774 (67%)1
- Assets RIAs hold there
- $4.37 trillion
- Rank by firms / assets
- #1 / #1
- Median client firm (regulatory AUM)
- $306 million
- Use it as their only custodian
- 4,161 (72%)
- Client firms with $1 billion or more
- 1,059
Full Schwab custody profile →Custodian & platform
- 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 →Key differences
- Firm count: 5,774 wealth-focused RIAs name Schwab as a custodian, about 67% of the 8,572 that report one, versus 1,999 for Fidelity, about 23%.1
- Assets held: RIAs report $4.37 trillion held at Schwab and $3.26 trillion at Fidelity in separately managed accounts, ranking them first and second among custodians.1
- Firm size: The median RIA naming Fidelity manages $469 million in all, versus $306 million for Schwab. Of Fidelity's RIAs, 613 manage $1 billion or more; Schwab has 1,059 such firms but also 2,444 under $250 million.1
- Exclusivity: 4,161 of Schwab's RIAs, about 72%, name it as their only custodian, compared with 978, about 49%, at Fidelity.1
- Overlap: 906 RIAs use both Schwab and Fidelity, making each the other's most common second custodian.1
- Largest client: Fisher Investments is the largest RIA naming each, reporting about $85 billion held at Schwab and $74 billion at Fidelity.1
Is Schwab or Fidelity the bigger RIA custodian?
Schwab, on both counts. 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 holding $4.37 trillion there; Fidelity by 1,999 RIAs holding $3.26 trillion.
Do RIAs use both Schwab and Fidelity?
Many do. 906 wealth-focused RIAs name both, and each is the other's most common second custodian. About 72% of Schwab's RIAs and about 49% of Fidelity's use only that custodian.
Which custodian do larger RIAs use?
Fidelity's client base skews larger. The median RIA naming Fidelity manages $469 million, versus $306 million at Schwab. Schwab still has more $1 billion-plus clients in absolute terms, 1,059 versus 613.
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.