RIA custodians · Form ADV filings, October 2025 to September 2026
Charles Schwab
The wealth-focused RIAs that custody with Charles Schwab: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using Charles Schwab in the RIA database. News and coverage: Charles Schwab hub.
- RIAs using it
- 5,774 67% · 1st of 23
- Assets held
- $4.37T 1st of 23
- Median firm
- $306M 1,059 firms $1B+
- Only custodian
- 72% 4,161 firms
RIAs by size
Regulatory assets under management of each RIA naming Charles Schwab.
Largest independent RIAs using Charles Schwab
| # | Firm | Headquarters | Regulatory AUM | Held at Charles Schwab | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | Fisher InvestmentsSEC record | Plano, TX | $387B | $85B | 199,061 | 4,369 |
| 2 | Edelman Financial EnginesSEC record | Santa Clara, CA | $326B | $73B | 477,170 | 1,679 |
| 3 | Creative PlanningSEC record | Overland Park, KS | $296B | $152B | 87,051 | 1,650 |
| 4 | Hightower Advisors, LLCSEC record | Chicago, IL | $199B | $31B | 62,807 | 1,983 |
| 5 | Focus Partners Wealth, LLCSEC record | St. Louis, MO | $182B | $91B | 61,002 | 1,915 |
| 6 | CorientSEC record | Miami, FL | $165B | $83B | 25,963 | 1,537 |
| 7 | Cerity Partners LLCSEC record | New York, NY | $162B | $74B | 24,945 | 1,529 |
| 8 | MarinerSEC record | Overland Park, KS | $125B | $64B | 54,583 | 1,889 |
| 9 | Wealth Enhancement Advisory Services, LLCSEC record | Plymouth, MN | $122B | $70B | 80,986 | 1,700 |
| 10 | PathstoneSEC record | Englewood, NJ | $110B | $28B | 1,979 | 704 |
| 11 | Mercer Global Advisors Inc.SEC record | Denver, CO | $84B | $58B | 35,044 | 1,429 |
| 12 | Cresset Asset Management, LLCSEC record | Chicago, IL | $79B | $1.2B | 4,746 | 496 |
| 13 | CIBC Private Wealth Advisors, Inc.SEC record | Chicago, IL | $68B | $33B | 8,083 | 610 |
| 14 | Savant Wealth ManagementSEC record | Rockford, IL | $56B | $29B | 23,288 | 659 |
| 15 | Beacon Pointe Advisors, LLCSEC record | Newport Beach, CA | $55B | $38M | 29,565 | 780 |
| 16 | MAI Capital Management, LLCSEC record | Cleveland, OH | $52B | $15B | 15,740 | 562 |
| 17 | CWM, LLCSEC record | Omaha, NE | $51B | $17B | 52,263 | 1,416 |
| 18 | Moneta Group Investment Advisors, LLCSEC record | St. Louis, MO | $51B | $29B | 8,840 | 585 |
| 19 | SCS Capital Management LLCSEC record | Boston, MA | $49B | $5.1B | 491 | 213 |
| 20 | EP Wealth AdvisorsSEC record | Torrance, CA | $45B | $33B | 19,618 | 618 |
| 21 | LidoSEC record | LOS Angeles, CA | $43B | $12B | 13,043 | 437 |
| 22 | Focus Advisor Solutions, LLCSEC record | St. Louis, MO | $41B | $29B | 33,235 | 309 |
| 23 | BBR Partners, LLCSEC record | New York, NY | $36B | $8.3B | 203 | 175 |
| 24 | Wealthspire AdvisorsSEC record | New York, NY | $34B | $24B | 9,736 | 397 |
| 25 | Clearstead; Clearstead Advisory SolutionsSEC record | Cleveland, OH | $34B | $9.8B | 4,311 | 280 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at Charles Schwab; many firms split assets across custodians.
Where they are
- California738
- Texas375
- New York368
- Florida318
- Pennsylvania237
- Illinois225
- Ohio203
- Michigan167
- Colorado155
- Georgia154
Also custody with
Questions
How many RIAs use Charles Schwab?
5,774 wealth-focused SEC-registered RIAs name Charles Schwab as a custodian on Form ADV, about 67% of those that report one, ranking it 1st 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 Charles Schwab hold?
The RIAs that use Charles Schwab report $4.37T held there in separately managed accounts, 1st among custodians. The median firm keeps $225M at Charles Schwab and manages $306M in all.
What is the largest RIA that uses Charles Schwab?
Among independent wealth managers, Fisher Investments of Plano, TX is the largest firm naming Charles Schwab, with $387B in regulatory assets under management, $85B of it reported at Charles Schwab.
Do RIAs that use Charles Schwab also use other custodians?
72% of them name Charles Schwab as their only custodian. The most common second custodian is Fidelity, named by 906 of Charles Schwab’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.