RIA custodians · Form ADV filings, October 2025 to September 2026
Fidelity
The wealth-focused RIAs that custody with Fidelity: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using Fidelity in the RIA database. News and coverage: Fidelity hub.
- RIAs using it
- 1,999 23% · 2nd of 23
- Assets held
- $3.26T 2nd of 23
- Median firm
- $469M 613 firms $1B+
- Only custodian
- 49% 978 firms
Custody vs. clearing
- Fidelity Brokerage Services (RIA custody)1,326 RIAs
- National Financial Services (clearing)692 RIAs
Advisers list Fidelity’s RIA custody and broker-dealer clearing businesses separately; some name both, so the rows add to more than 1,999.
RIAs by size
Regulatory assets under management of each RIA naming Fidelity.
Largest independent RIAs using Fidelity
| # | Firm | Headquarters | Regulatory AUM | Held at Fidelity | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | Fisher InvestmentsSEC record | Plano, TX | $387B | $74B | 199,061 | 4,369 |
| 2 | Creative PlanningSEC record | Overland Park, KS | $296B | $64B | 87,051 | 1,650 |
| 3 | Hightower Advisors, LLCSEC record | Chicago, IL | $199B | $40B | 62,807 | 1,983 |
| 4 | Focus Partners Wealth, LLCSEC record | St. Louis, MO | $182B | $55B | 61,002 | 1,915 |
| 5 | CorientSEC record | Miami, FL | $165B | $39B | 25,963 | 1,537 |
| 6 | MarinerSEC record | Overland Park, KS | $125B | $49B | 54,583 | 1,889 |
| 7 | Wealth Enhancement Advisory Services, LLCSEC record | Plymouth, MN | $122B | $29B | 80,986 | 1,700 |
| 8 | PathstoneSEC record | Englewood, NJ | $110B | $12B | 1,979 | 704 |
| 9 | Mercer Global Advisors Inc.SEC record | Denver, CO | $84B | $21B | 35,044 | 1,429 |
| 10 | Kestra Advisory Services, LLCSEC record | Austin, TX | $80B | $63B | 115,285 | 1,359 |
| 11 | Cresset Asset Management, LLCSEC record | Chicago, IL | $79B | $8.2B | 4,746 | 496 |
| 12 | CIBC Private Wealth Advisors, Inc.SEC record | Chicago, IL | $68B | $11B | 8,083 | 610 |
| 13 | Private Advisor Group, LLCSEC record | Morristown, NJ | $58B | $4.7B | 166,623 | 930 |
| 14 | IEQ Capital, LLCSEC record | Foster City, CA | $57B | $41B | 2,300 | 266 |
| 15 | Savant Wealth ManagementSEC record | Rockford, IL | $56B | $5.7B | 23,288 | 659 |
| 16 | Beacon Pointe Advisors, LLCSEC record | Newport Beach, CA | $55B | $12B | 29,565 | 780 |
| 17 | MAI Capital Management, LLCSEC record | Cleveland, OH | $52B | $17B | 15,740 | 562 |
| 18 | CWM, LLCSEC record | Omaha, NE | $51B | $7.0B | 52,263 | 1,416 |
| 19 | SCS Capital Management LLCSEC record | Boston, MA | $49B | $13B | 491 | 213 |
| 20 | LidoSEC record | LOS Angeles, CA | $43B | $27B | 13,043 | 437 |
| 21 | Focus Advisor Solutions, LLCSEC record | St. Louis, MO | $41B | $9.0B | 33,235 | 309 |
| 22 | Rockefeller Capital ManagementSEC record | New York, NY | $37B | $21B | 5,931 | 602 |
| 23 | Wealthspire AdvisorsSEC record | New York, NY | $34B | $5.3B | 9,736 | 397 |
| 24 | Clearstead; Clearstead Advisory SolutionsSEC record | Cleveland, OH | $34B | $9.8B | 4,311 | 280 |
| 25 | Sequoia Financial Group, L.L.C.SEC record | Akron, OH | $32B | $3.4B | 11,064 | 424 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at Fidelity; many firms split assets across custodians.
Where they are
- California210
- Texas140
- New York132
- Massachusetts129
- Florida117
- Pennsylvania84
- Ohio83
- Illinois70
- Michigan65
- Georgia53
Also custody with
Questions
How many RIAs use Fidelity?
1,999 wealth-focused SEC-registered RIAs name Fidelity as a custodian on Form ADV, about 23% of those that report one, ranking it 2nd of the 23 custodians we track, according to Financial ADVSR’s review of filings from October 2025 to September 2026.
How much RIA money does Fidelity hold?
The RIAs that use Fidelity report $3.26T held there in separately managed accounts, 2nd among custodians. The median firm keeps $268M at Fidelity and manages $469M in all.
What is the largest RIA that uses Fidelity?
Among independent wealth managers, Fisher Investments of Plano, TX is the largest firm naming Fidelity, with $387B in regulatory assets under management, $74B of it reported at Fidelity.
Do RIAs that use Fidelity also use other custodians?
49% of them name Fidelity as their only custodian. The most common second custodian is Charles Schwab, named by 906 of Fidelity’s RIAs.
How we built this
Every SEC-registered adviser lists, in Schedule D, Section 5.K(3) of Form ADV, each custodian that holds 10% or more of its separately managed account assets, with the amount held. We took each adviser’s latest filing from October 2025 to September 2026 and kept the 9,157 wealth-focused firms, which manage at least half of their assets for individuals and high-net-worth clients; 8,572 of them report custodians. Custodian legal entities are grouped by parent, so Schwab’s entities count as one custodian and Fidelity’s RIA custody and clearing businesses as another. A custodian’s own affiliated advisers aren’t counted toward it. The firm counts match our RIA Custody Tracker.
Largest-firm tables show independent wealth managers only, the same test as the Largest RIAs: firms that offer financial planning, aren’t broker-dealers themselves and hold less than half their assets in wrap programs they sponsor or manage. Firm size and headquarters come from the SEC’s registered-adviser list.
What it doesn’t show
- Custodians holding less than 10% of a firm’s separately managed account assets aren’t listed, so smaller relationships are missed.
- Assets held cover separately managed accounts only, not pooled funds, and are as of each firm’s fiscal year-end.
- Broker-dealer clearing firms appear alongside RIA custodians because advisers list them the same way; Fidelity and Pershing pages show the split.
- State-registered advisers, most with under $100 million, aren’t in SEC data.
The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors.