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Custodians compared · Updated October 10, 2026

Schwab vs. Pershing: Comparing RIA custody footprints

The short answer

Charles Schwab is named by far more RIAs than BNY Pershing: 5,774 wealth-focused RIAs versus 493, according to Form ADV filings from Oct. 1, 2025, to Sept. 30, 2026. RIAs report $4.37 trillion held at Schwab and $1.11 trillion at Pershing. Pershing's client firms skew larger, with a median of $559 million in regulatory assets versus $306 million at Schwab. 153 RIAs use both custodians.

Custodian & platform

Schwab

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

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: 5,774 wealth-focused RIAs name Schwab, about 67% of those reporting a custodian; 493 name BNY Pershing, about 6%.1
  • Assets held: RIAs report $4.37 trillion held at Schwab, first among custodians, and $1.11 trillion at Pershing, third.1
  • Firm size: The median RIA naming Pershing manages $559 million and keeps $347 million there; the median Schwab RIA manages $306 million and keeps $225 million there.1
  • Entities: Pershing's RIAs name either Pershing LLC, its clearing firm (336 RIAs), or Pershing Advisor Solutions, its RIA custody unit (160 RIAs).1
  • Exclusivity and overlap: About 72% of Schwab's RIAs and about 53% of Pershing's use only that custodian. 153 RIAs use both; Schwab is Pershing's most common second custodian.1

Questions

Is Schwab 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. Schwab is named by 5,774 RIAs with $4.37 trillion held there; BNY Pershing by 493 with $1.11 trillion.

What size RIAs use Pershing?

Pershing's clients skew larger: the median firm manages $559 million, and 177 of its 493 RIAs manage $1 billion or more. Schwab's median client manages $306 million.

Do RIAs use Schwab and Pershing together?

Some do. 153 RIAs name both, and Schwab is the most common second custodian among Pershing's RIA clients.

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.