RIA custodians · Form ADV filings, October 2025 to September 2026
Vanguard
The wealth-focused RIAs that custody with Vanguard: how many, how big, where they are and the largest of them. Every $1 billion+ RIA using Vanguard in the RIA database. News and coverage: Vanguard hub.
- RIAs using it
- 38 0% · 20th of 23
- Assets held
- $54B 13th of 23
- Median firm
- $191M 5 firms $1B+
- Only custodian
- 13% 5 firms
RIAs by size
Regulatory assets under management of each RIA naming Vanguard.
Largest independent RIAs using Vanguard
| # | Firm | Headquarters | Regulatory AUM | Held at Vanguard | Individual clients | Employees |
|---|---|---|---|---|---|---|
| 1 | Edelman Financial EnginesSEC record | Santa Clara, CA | $326B | $51B | 477,170 | 1,679 |
| 2 | Twin Focus Capital Partners, LLCSEC record | Boston, MA | $4.6B | $334M | 75 | 37 |
| 3 | Red Oak Financial GroupSEC record | Towson, MD | $1.0B | $293M | 1,051 | 20 |
| 4 | Gainplan LLCSEC record | Bloomfield Hills, MI | $462M | $47M | 478 | 12 |
| 5 | BemanagedSEC record | Grand Rapids, MI | $410M | $81M | 1,072 | 6 |
| 6 | Luminvest Wealth Management LLCSEC record | Scottsdale, AZ | $398M | $88M | 140 | 5 |
| 7 | WWM Advisory Inc.SEC record | Culver City, CA | $280M | $98M | 54 | 2 |
| 8 | FirstmetricSEC record | Troy, MI | $272M | $0M | 48 | 1 |
| 9 | RD Lewis Wealth ManagementSEC record | Maitland, FL | $257M | $37M | 451 | 8 |
| 10 | Acap Asset Management, Inc.SEC record | Studio City, CA | $255M | $25M | 150 | 5 |
| 11 | Madrone Investment Advisory, LLCSEC record | SAN Rafael, CA | $254M | $17M | 111 | 1 |
| 12 | Front Porch Financial AdvisorySEC record | Charlotte, NC | $181M | $21M | 114 | 1 |
| 13 | Mackay Financial Planning, LLCSEC record | Springfield, MO | $176M | $31M | 68 | 2 |
| 14 | Garhwal, Chan & Williams Inc.SEC record | SAN Francisco, CA | $134M | $1M | 22 | 2 |
| 15 | Charis Legacy PartnersSEC record | Bryan, TX | $133M | $19M | 59 | 1 |
| 16 | Wolf Financial Advisors LLCSEC record | Pekin, IL | $125M | $8M | 99 | 1 |
| 17 | Lifelong Wealth Management Group, LLCSEC record | Lake Oswego, OR | $122M | $4M | 181 | 2 |
| 18 | Truman Wealth AdvisorsSEC record | Columbia, MO | $106M | $11M | 96 | 3 |
| 19 | Suttle Crossland Wealth Advisors, LLCSEC record | Scottsdale, AZ | $101M | $5M | 53 | 2 |
Ranked by regulatory assets under management. “Held at” is the separately managed account assets each firm reports at Vanguard; many firms split assets across custodians.
Where they are
Also custody with
Questions
How many RIAs use Vanguard?
38 wealth-focused SEC-registered RIAs name Vanguard as a custodian on Form ADV, about 0% of those that report one, ranking it 20th 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 Vanguard hold?
The RIAs that use Vanguard report $54B held there in separately managed accounts, 13th among custodians. The median firm keeps $21M at Vanguard and manages $191M in all.
What is the largest RIA that uses Vanguard?
Among independent wealth managers, Edelman Financial Engines of Santa Clara, CA is the largest firm naming Vanguard, with $326B in regulatory assets under management, $51B of it reported at Vanguard.
Do RIAs that use Vanguard also use other custodians?
13% of them name Vanguard as their only custodian. The most common second custodian is Charles Schwab, named by 25 of Vanguard’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.