RIA custodians · Form ADV filings, October 2025 to September 2026
RBC
The wealth-focused RIAs that custody with RBC: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using RBC in the RIA database. News and coverage: RBC hub.
- RIAs using it
- 97 1% · 12th of 23
- Assets held
- $90B 7th of 23
- Median firm
- $378M 24 firms $1B+
- Only custodian
- 55% 53 firms
RIAs by size
Regulatory assets under management of each RIA naming RBC.
Largest independent RIAs using RBC
| # | Firm | Headquarters | Regulatory AUM | Held at RBC | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | AndersenSEC record | McLean, VA | $6.3B | $939M | 550 | 2,061 |
| 2 | Diversify Advisory Services, LLCSEC record | South Jordan, UT | $4.6B | $10M | 5,200 | 206 |
| 3 | Diversify Wealth Management, LLCSEC record | South Jordan, UT | $4.1B | $1M | 4,719 | 95 |
| 4 | Azimuth Capital ManagementSEC record | Bloomfield Hills, MI | $4.0B | $1.3B | 381 | 25 |
| 5 | Corecap AdvisorsSEC record | Southfield, MI | $4.0B | $32M | 9,671 | 116 |
| 6 | Kingswood Wealth Advisors, LLCSEC record | SAN Diego, CA | $3.8B | $298M | 11,259 | 88 |
| 7 | Argos Capital Partners, LLCSEC record | St. Louis, MO | $2.6B | $18M | 60 | 15 |
| 8 | International Assets Investment Management, LLCSEC record | Orlando, FL | $2.6B | $104M | 5,871 | 124 |
| 9 | Oxbow Advisors, LLCSEC record | Austin, TX | $2.5B | $679M | 688 | 13 |
| 10 | SB Advisory, LLCSEC record | Atlanta, GA | $1.1B | $1.1B | 2,634 | 35 |
| 11 | Empire Financial Management Company, LLCSEC record | Holmdel, NJ | $706M | $283M | 982 | 12 |
| 12 | 5c Capital Management, LLCSEC record | Woodcliff Lake, NJ | $648M | $89M | 511 | 7 |
| 13 | F&v Capital Management, L.L.C.SEC record | Boca Raton, FL | $558M | $210M | 113 | 7 |
| 14 | Van Clemens Wealth Management, LLCSEC record | Minneapolis, MN | $470M | $166M | 599 | 28 |
| 15 | Cutler Capital ManagementSEC record | Worcester, MA | $431M | $38M | 124 | 9 |
| 16 | Greenberg Financial GroupSEC record | Tucson, AZ | $407M | $405M | 800 | 10 |
| 17 | Financial Advisory Partners, LLCSEC record | Winter Park, FL | $378M | $378M | 133 | 3 |
| 18 | Ballast Capital Advisors, LLCSEC record | West DES Moines, IA | $329M | $209M | 42 | 7 |
| 19 | Oakwood Capital, Inc.SEC record | St. Louis Park, MN | $304M | $108M | 608 | 20 |
| 20 | Sterling Capital Management IncSEC record | Brookfield, WI | $297M | $236M | 333 | 3 |
| 21 | 17 Capital Partners, LLCSEC record | Phoenix, AZ | $246M | $239M | 128 | 7 |
| 22 | Strategic Planning Group, Inc.SEC record | Wellesley, MA | $219M | $219M | 265 | 3 |
| 23 | Parkstone Wealth Management, LLCSEC record | Arlington, TX | $211M | $211M | 21 | 3 |
| 24 | Paladin PartnersSEC record | Hartland, WI | $199M | $105M | 45 | 2 |
| 25 | ColarionSEC record | Mountain Brook, AL | $188M | $36M | 95 | 3 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at RBC; many firms split assets across custodians.
Where they are
Also custody with
Questions
How many RIAs use RBC?
97 wealth-focused SEC-registered RIAs name RBC as a custodian on Form ADV, about 1% of those that report one, ranking it 12th 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 RBC hold?
The RIAs that use RBC report $90B held there in separately managed accounts, 7th among custodians. The median firm keeps $155M at RBC and manages $378M in all.
What is the largest RIA that uses RBC?
Among independent wealth managers, Andersen of McLean, VA is the largest firm naming RBC, with $6.3B in regulatory assets under management, $939M of it reported at RBC.
Do RIAs that use RBC also use other custodians?
55% of them name RBC as their only custodian. The most common second custodian is Charles Schwab, named by 33 of RBC’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.