RIA custodians · Form ADV filings, October 2025 to September 2026

U.S. Bank

The wealth-focused RIAs that custody with U.S. Bank: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using U.S. Bank in the RIA database.

RIAs using it: 35
Assets held: $11B
Median firm: $429M
Only custodian: 29%

RIAs by size

Under $250M1131%
$250M–$1B1851%
$1B–$5B411%
$5B+26%

Regulatory assets under management of each RIA naming U.S. Bank.

Largest independent RIAs using U.S. Bank

Largest independent wealth management RIAs naming U.S. Bank as a custodian
#	Firm	Headquarters	Regulatory AUM	Held at U.S. Bank	Individual clients	Employees
1	Johnson Investment Counsel, Inc.SEC record	Cincinnati, OH	$23B	$4.0B	5,251	164
2	Becker Capital Management, Inc.SEC record	Portland, OR	$5.7B	$990M	745	42
3	Team Hewins, LLC SEC record	Foster City, CA	$4.0B	$569M	551	29
4	LCP Institutional, LLC SEC record	Atlanta, GA	$3.2B	$1.1B	119	8
5	Zevin Asset Management, LLC SEC record	Boston, MA	$1.0B	$125M	558	15
6	Chase Investment Counsel CorporationSEC record	Charlottesville, VA	$510M	$213M	130	7
7	Van Strum & Towne IncSEC record	SAN Francisco, CA	$483M	$153M	94	6
8	Concorde Investment ManagementSEC record	Dallas, TX	$376M	$42M	125	6
9	Scholtz & Company, LLCSEC record	Stamford, CT	$341M	$206M	204	7
10	Generations Wealth, LLCSEC record	Cincinnati, OH	$308M	$31M	79	10
11	CMG Capital Management Group, Inc.SEC record	Malvern, PA	$257M	$29M	536	10
12	Peerless WealthSEC record	Columbus, OH	$149M	$26M	219	4
13	Somerset Group LLCSEC record	Wayzata, MN	$146M	$92M	58	3
14	Changing Parameters, LLCSEC record	LOS Altos, CA	$105M	$95M	109	4

Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at U.S. Bank; many firms split assets across custodians.

Where they are

Also custody with

Questions

How many RIAs use U.S. Bank?

35 wealth-focused SEC-registered RIAs name U.S. Bank as a custodian on Form ADV, about 0% of those that report one, ranking it 21st 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 U.S. Bank hold?

The RIAs that use U.S. Bank report $11B held there in separately managed accounts, 21st among custodians. The median firm keeps $154M at U.S. Bank and manages $429M in all.

What is the largest RIA that uses U.S. Bank?

Among independent wealth managers, Johnson Investment Counsel, Inc. of Cincinnati, OH is the largest firm naming U.S. Bank, with $23B in regulatory assets under management, $4.0B of it reported at U.S. Bank.

Do RIAs that use U.S. Bank also use other custodians?

29% of them name U.S. Bank as their only custodian. The most common second custodian is Charles Schwab, named by 22 of U.S. Bank’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.