# Schwab vs. Pershing: Comparing RIA custody footprints

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

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.

## 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] [1]
- Assets held: RIAs report $4.37 trillion held at Schwab, first among custodians, and $1.11 trillion at Pershing, third. [1] [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] [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] [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.

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