# Schwab vs. Fidelity: Which custodian RIAs use, by the numbers

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

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.

## 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] [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] [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] [1]
- Exclusivity: 4,161 of Schwab's RIAs, about 72%, name it as their only custodian, compared with 978, about 49%, at Fidelity. [1] [1]
- Overlap: 906 RIAs use both Schwab and Fidelity, making each the other's most common second custodian. [1] [1]
- Largest client: Fisher Investments is the largest RIA naming each, reporting about $85 billion held at Schwab and $74 billion at Fidelity. [1] [1]

## Questions

**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.

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