Financial ADVSR data · Updated October 7, 2026
RIA Custody Tracker
Which custodians hold the client assets of 8,572 wealth-focused RIAs, counted from every SEC-registered adviser’s Form ADV.
Charles Schwab is named by 5,774 of them, about 67%. Fidelity follows with 1,999, about 23%. Roughly one in five uses more than one custodian.
Share of wealth-focused RIAs naming each custodian
A firm that names two custodians counts toward both, so shares add up to more than 100%. Fidelity and BNY Pershing count each firm once even when it names both of their entities.
Every custodian named by 25 or more RIAs
Download CSV| Custodian | RIAs | Share | Assets reported | Median RIA size |
|---|---|---|---|---|
| Charles Schwab | 5,774 | 67% | $4.37T | $306M |
| Fidelity: Fidelity Brokerage Services (RIA custody) | 1,326 | 15% | $1.24T | $421M |
| Fidelity: National Financial Services (clearing) | 692 | 8.1% | $2.02T | $579M |
| LPL Financial | 354 | 4.1% | $336B | $330M |
| BNY Pershing: Pershing LLC (clearing) | 336 | 3.9% | $953B | $576M |
| Raymond James | 287 | 3.3% | $166B | $372M |
| Interactive Brokers | 242 | 2.8% | $31B | $122M |
| Altruist | 177 | 2.1% | $17B | $150M |
| SEI | 167 | 1.9% | $55B | $269M |
| BNY Pershing: Pershing Advisor Solutions (RIA custody) | 160 | 1.9% | $159B | $542M |
| Wells Fargo | 119 | 1.4% | $74B | $533M |
| J.P. Morgan | 109 | 1.3% | $57B | $627M |
| Morgan Stanley | 102 | 1.2% | $79B | $295M |
| RBC | 97 | 1.1% | $90B | $378M |
| Goldman Sachs | 92 | 1.1% | $32B | $468M |
| Axos | 84 | 1.0% | $23B | $248M |
| UBS | 70 | 0.8% | $53B | $599M |
| Merrill / Bank of America | 65 | 0.8% | $48B | $414M |
| BNY | 55 | 0.6% | $214B | $1.3B |
| Northern Trust | 43 | 0.5% | $67B | $1.4B |
| Apex Fintech | 41 | 0.5% | $18B | $116M |
| Vanguard | 38 | 0.4% | $54B | $191M |
| U.S. Bank | 35 | 0.4% | $11B | $429M |
| TradePMR / Robinhood | 30 | 0.3% | $10B | $267M |
| Citi | 27 | 0.3% | $10B | $483M |
Assets reported: separately managed account assets the RIAs report holding at that custodian. Median RIA size: the median total regulatory assets of the RIAs naming it.
How we built this
Every SEC-registered investment adviser files Form ADV and updates it at least once a year. In Schedule D, Section 5.K(3), an adviser lists each custodian that holds at least 10% of its separately managed account assets and the amount held there. We took each adviser’s most recent filing from October 2025 to September 2026, kept the 16,943 advisers the SEC lists as registered, and counted the custodians named by the 9,157 that manage at least half of their assets for individuals and high-net-worth clients. Of those, 8,572 report custodians. Custodian legal entities are grouped by parent, and a custodian’s own affiliated advisers are left out of its count.
What it doesn’t show
- State-registered advisers, most of which manage less than $100 million, file with state regulators and aren’t in SEC data.
- Custodians holding less than 10% of an adviser’s managed-account assets don’t have to be listed, so smaller relationships are undercounted.
- Fidelity’s National Financial Services and BNY Pershing’s Pershing LLC also clear for broker-dealers, so some advisers listing them reach them through a broker-dealer rather than an RIA custody platform. We report those entities on their own rows.
- Amounts are as of each adviser’s fiscal year-end, usually December 31, 2025. Advisers that place assets with other managers can report the same assets as a sub-adviser.
The data is free to use with credit to Financial ADVSR. Questions or corrections: contact the editors. Related reporting: SEC filings show more than 400 registered RIAs below Fidelity’s $100 million custody floor.
Questions
Which custodian do the most RIAs use?
Charles Schwab. 5,774 of the 8,572 wealth-focused SEC-registered RIAs that report custodians on Form ADV name Charles Schwab, about 67%, according to Financial ADVSR’s review of filings from October 2025 to September 2026.
How many RIAs use Fidelity as a custodian?
1,999 wealth-focused SEC-registered RIAs name a Fidelity entity, about 23%. 1,326 name Fidelity Brokerage Services, Fidelity’s RIA custody business, and 692 name National Financial Services, the Fidelity unit that also clears for broker-dealers; some name both.
How many RIAs use more than one custodian?
1,890 of the 8,572, about 22%, list custodians from more than one firm.
Where do these numbers come from?
Form ADV, the registration form every SEC-registered investment adviser files and updates at least once a year. In Schedule D, Section 5.K(3), each adviser lists the custodians that hold at least 10% of its separately managed account assets and the amount held at each. Financial ADVSR counts those disclosures.