Topic

Custody & platforms

Schwab, Fidelity, Pershing, Altruist and the platforms independent advisors run on.

Independent advisers hold client assets with qualified custodians, which provide account administration, trading, safekeeping and reporting. Custodian policies on minimums, pricing, service tiers and technology shape how independent firms operate.

A small number of large custodians serve most of the RIA market, alongside newer technology-led entrants and turnkey asset management platforms. Changes to their terms ripple through the breakaway pipeline and small-firm economics.

Financial ADVSR tracks custody and platform news and what it means for advisers choosing where to hold assets.

From the Newsroom

Latest on custody & platforms

Oct 6, 12:01 AM ET
WealthManagement.com
Altruist Adds Donor-Advised Funds to Platform
Oct 5, 10:44 PM ET
RIABiz
Schwab's Jon Beatty is one custody head offering a port in the storm after Fidelity unmoors its sub-$100M RIAs and Altruist's Jason Wenk , Apex's Bill Capuzzi and TradePMR's R. Scott Victoria are among others
Oct 5, 4:32 PM ET
InvestmentNews
Fidelity's $100M RIA custody minimum lands amid long-short SMA curbs
Oct 2, 3:57 PM ET
WealthManagement.com
SEC Crypto Custody Proposal Draws Divisive Reactions
Oct 2, 2:58 PM ET
Financial Planning
SEC seeks to ease advisors' custody burdens with discretionary trading
Oct 2, 12:35 PM ET
RIABiz
Fidelity's move to kick sub-$100-million RIAs off its platform is 'bizarre,' Kitces says; it’s likely to backfire, Chalekian says; yet, the Fidelity-Savvy deal last week may soften any blow
Oct 1, 6:09 PM ET
Financial Planning
Fidelity says it will end custody relationships with RIAs under $100M
Oct 1, 5:37 PM ET
RIABiz
Pontera 'reframes' itself from 401(k) workaround agent to trusted gatekeeper of AI agents -- possibly solving impasse with Fidelity -- as Schwab unleashes 'Charley,' its new AI agent 'foundation' for millions of clients
Oct 1, 3:19 PM ET
InvestmentNews
“The AI tsunami is going to change this industry in very unpredictable ways”
Oct 1, 2:18 PM ET
WealthManagement.com
Fidelity to Raise RIA Custody Asset Minimum to $100M
Sep 24, 12:16 AM ET
RIABiz
Fidelity Investments just cast a wider net for RIA custody revenues by backstopping Savvy Wealth's (expected mid-2027 ) custody launch -- hastened by the lean-in of 'multi-billion-AUM' RIA prospects, the company says
Sep 23, 1:19 AM ET
RIABiz
Schwab's poach of $8-billion Ameriprise breakaway extends its wild 2026 rout of the once impenetrable fortress to four $1-billion-plus teams with help from high-multiple market
Sep 22, 1:16 PM ET
RIABiz
Schwab's surprise unveiling of Anthropic deal at Future Proof shows it has an AI ace up its sleeve, but it may take five years or more to catch up with Altruist, if at all, say two analysts
Sep 15, 5:22 PM ET
RIABiz
Schwab scores exclusive (for now) contract with Anthropic and takes AI 'driver's seat' in RIA custody, analyst says, though others counter that it's generic and late-coming
Sep 11, 11:42 AM ET
RIABiz
CEO Jason Wenk says Altruist's AI 'Hazel' is ready for its second act, a financial planning service that will blow away the market with one big caveat -- advisors must be ready to provide PDFs, if rivals refuse API access
Sep 8, 10:50 PM ET
RIABiz
Schwab Wealth Advisory (SWA) unveils 'corkage' fee on third-party SMAs, typically .35%, as slew of changes add to 'elegant' master plan to convert DIY book to fees
Sep 2, 7:49 AM ET
RIABiz
After Fidelity shutdown its password-sharing business model last year, Pontera's new tack is a 'non-discretionary service' while it waits out a CFPB decision on bank data-sharing fees and offers APIs to all comers

Questions

What is a qualified custodian?

A regulated institution, such as a bank or broker-dealer, that holds client assets on behalf of investment advisers. SEC rules generally require registered advisers with custody of client assets to keep them with a qualified custodian.

Who are the main RIA custodians?

The largest providers include Charles Schwab, Fidelity and BNY Pershing, with technology-led entrants such as Altruist also serving independent advisers.

What is a TAMP?

A turnkey asset management program: an outsourced platform that provides investment management, trading, reporting and back-office services to advisers.