How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Schwab is the default custodian: two-thirds of RIAs, no asset minimum, no custody fee, and the deepest third-party integration market.
- Fidelity runs the strong second platform but now requires $100 million held at Fidelity by mid-2027 for existing firms.
- Altruist is the fastest riser, third by firm count, built for newer and smaller firms, whose clients show the fastest median AUM growth at 28.3 percent.
- Pershing holds fewer, larger firms: its median RIA client runs $382 million, the highest of the top five.
Quick comparison
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Starting price$0 custody fee
Free planNo
Schwab is the platform independence runs on. The TD Ameritrade merger consolidated its lead, and the 2026 numbers describe a structural advantage: nearly four times Fidelity's share of firms, the deepest bench of software integrations, and, decisively this year, an open door while its main rival sets a $100 million threshold. More than 65 percent of new state-registered firms chose Schwab in 2025, per the company.
The trade is attention. A firm with $15 million is one of eleven thousand small firms, and service reflects it. Firms choose Schwab anyway because custody is infrastructure: stability, integrations and client recognition of the name outweigh concierge service at the platform layer.
What we like- Custodian to 67.8 percent of RIAs and $4.5 trillion of their SMA assets, more than any rival by firm count, no minimum asset requirement and no custody fees, with more than 11,000 firms under $100 million served, deepest integration ecosystem in the industry, plus its own iRebal rebalancing tool, the safe harbour in 2026: about two-thirds of the sub-$100 million firms affected by Fidelity's new floor already custody at Schwab
Watch out for- Service quality for small firms is a recurring complaint in adviser surveys: the default is built for scale, platform development pace is deliberate
- Newer rivals ship adviser-facing improvements faster, zero headline custody fee does not mean zero cost: cash sweep yields and fund expenses are where custodians earn, and Schwab is no exception, its sheer default status means fewer concessions for small accounts
#2Fidelity Investments
Best for: Large firms wanting the Wealthscape platform3.9/5 on
G2 (7 reviews, checked Oct 2026)
Visit fidelity.com
Starting priceSee website
Free planNo
Fidelity runs an excellent platform for the firms it has decided to serve, and in October 2025 it said the quiet part plainly: the platform is for firms with $100 million or more at Fidelity. For firms comfortably above the line, Wealthscape's quality and Fidelity's scale make it Schwab's only true peer, and the dual-custody strategies of large firms usually pair the two.
For everyone below the line, this entry is a deadline, not a recommendation. More than 400 SEC-registered firms report under $100 million at Fidelity; their 2026 work includes a transition project, and the receiving platforms (Schwab, Altruist, Betterment, TradePMR, Axos) are actively competing for them.
What we like- Second platform by both measures: 17.4 percent of RIAs and $3.6 trillion, 30.6 percent of SMA assets, Wealthscape platform is well regarded for trading, workflow and integrations, Fidelity's wider asset management and workplace businesses create referral and client synergies no pure custodian matches, strong service reputation among the larger firms it is now focusing on
Watch out for- The $100 million rule: existing firms below $100 million held at Fidelity must reach it by 30 June 2027 or move custody, which ends Fidelity as an option for most small firms, the threshold counts only assets at Fidelity, so a $300 million firm splitting custody can still fail it, smaller firms must route through umbrella arrangements (Advisor Services Network, Savvy Wealth's Fidelity-backed offer) to stay, adding a layer and a fee
Starting priceSee website
Free planNo
Pershing is the institutional answer. Firms graduate to it when their needs outgrow retail-born custody: global assets, complex entities, alternatives, credit, and clients whose structures look like family offices. Its median RIA client being the largest of the major custodians is the tell.
A solo breakaway launching at $20 million should not start here, and Pershing would not pretend otherwise. Let Pershing become relevant if and when complexity, not fashion, demands it.
What we like- Third by assets with $1.1 trillion of RIA SMA assets, on a wider platform holding $59.4 trillion under custody or administration across its businesses, its RIA clients are the largest among the top five custodians, median $382 million AUM, global clearing, multi-currency custody and investment breadth (stocks, bonds, annuities, alternatives) beyond the retail-born rivals, institutional heritage from BNY, the world's largest custodian bank
Watch out for- Only 3.7 percent of RIAs: it is a platform for larger, more complex firms, not the breakaway starter, smaller firms will feel minimums and institutional process even where not published, adviser experience is powerful rather than simple
- Expect a longer onboarding, technology perception trails the modern platforms among younger firms
Starting price$0 custody fee
Free planNo
Altruist is the first custodian built as software. Account opening, model trading, tax tools, billing and reporting live in one interface designed this decade, and the ADV data shows the market responding: third place by firm count in three years, with the youngest, fastest-growing client base in custody (88 percent of its firms manage under $100 million, 45 percent were founded in the last five years).
The diligence is institutional, not technical. Client assets at a custodian are segregated under the custody framework, but an adviser should still examine the company's funding, profitability path and service record, because switching custodians is the most disruptive project a firm undertakes.
What we like- The fastest riser in custody: from tenth in 2024 to third by firm count in 2026 at 7.4 percent of RIAs, with over 6,000 advisers on the platform by May 2026, custody, trading, portfolio management, reporting and billing in one modern system, replacing several stitched vendors, $0 custody fee positioning and no asset minimum stance: its CEO states it can serve advisers of nearly any size, its firms are the fastest growing: median one-year AUM growth of 28.3 percent against about 16 percent at Schwab and Fidelity
Watch out for- Share of assets is still small (about 0.3 percent of SMA assets): its firms are young and small, which is the point and the risk, a venture-stage custodian carries company risk the century-old banks do not
- Custody due diligence should be correspondingly thorough, investment menu and complex-asset support are narrower than Pershing or Schwab, some established firms keep a second custodian for cases Altruist cannot hold
Starting price$0 custody fee
Free planNo
Interactive Brokers is the specialist's custodian. Firms whose value is in markets, global diversification, cheap margin, sophisticated execution, currency handling, find capabilities here that the service-led platforms simply do not offer, at costs that leave more of the advisory fee with the firm.
Everyone else will find the experience austere. IB's adviser tools assume competence and reward it; a firm selling high-touch planning should run its client experience on Schwab or Altruist and keep IB for the strategies that need it.
What we like- Fourth by firm count at 7.2 percent of RIAs, with the trading engine professional firms respect: global markets, currencies, margin and order types no rival here matches, $0 custody fee positioning and low trading costs, strong fit for firms running global, tactical or trading-intensive strategies, its firms post the second-fastest median AUM growth at 17.8 percent
Watch out for- Adviser platform experience is functional rather than polished
- Built by a trading company, for traders, client-facing polish, reporting and planning integrations trail Schwab and Altruist, service model is lean, which trading-savvy firms accept and full-service firms chafe at, like Altruist, a small share of assets (about 0.3 percent): its RIA base skews small and specialised
#6
LPL Financial
Best for: Hybrid firms wanting an affiliation model
Visit lpl.com
Starting priceSee website
Free planNo
LPL is the halfway house of independence, and for many advisers the right permanent home. It custodies RIA assets, but what it sells is the surrounding firm: compliance oversight, a broker-dealer for commission business, operational support and a peer community, in exchange for economics and rules a pure RIA avoids.
Decide which independence you mean. If it means your own ADV, your own stack and your own compliance burden, Schwab and Altruist are the platforms. If it means leaving a wirehouse while keeping an institution behind you, LPL's model has made it the largest firm of its kind.
What we like- The largest independent broker-dealer offers RIA custody inside an affiliation model: compliance, supervision and platform support for firms that want independence with scaffolding, $348 billion of RIA SMA assets (3 percent) alongside its much larger brokerage business, practice management, marketing and succession resources at a scale pure custodians do not attempt, a natural home for breakaways leaving wirehouses who want a supported first step
Watch out for- It is not a pure custodian: affiliation means LPL's compliance and economics shape your firm, payout structures and platform fees replace the clean $0 custody model, firms wanting complete independence eventually chafe at the scaffolding they once valued, technology is bundled to LPL's stack choices rather than fully open
Starting price0.20% platform fee
Free planNo
Betterment for Advisors sells automation instead of custody scale. For a firm whose clients hold $40,000 accounts that cannot carry manual management, its built-in rebalancing, harvesting and client app convert unprofitable accounts into a serviced book, and its current fee waiver for moving firms (through 2028, per trade reports) makes the trial cheap for the Fidelity-displaced.
The discipline is fit. Betterment's portfolios are the product; advisers who build custom allocations will fight the platform. Advisers whose model is goals-based portfolios for accumulators will find it does in software what they would otherwise hire operations staff to do.
What we like- Automated portfolio management, rebalancing and tax-loss harvesting built in, suited to firms serving mass-affluent and emerging clients profitably, transparent platform pricing: 0.20 percent for firms under $10 million in published comparisons, currently waiving platform fees through the end of 2028 for advisers who move, per trade press reporting, digital client experience clients recognise from its retail brand
Watch out for- A platform fee where Schwab and Altruist charge $0 custody, the comparison only works if the automation saves equivalent cost, investment approach is Betterment's model portfolios at its core: firms wanting open architecture should look elsewhere, less suited to complex households, alternatives and bespoke portfolios, smaller custody share than every name above it
Starting priceSee website
Free planNo
Raymond James closes the list for the adviser who wants independence with an institution still visibly behind them. Its model, like LPL's, trades a measure of autonomy for support, brand and infrastructure, and its adviser-satisfaction record suggests the trade suits its firms.
Judge it against LPL directly if the affiliation route is yours: culture, payout and technology differ in ways a conversation with firms inside both will reveal faster than any comparison table.
What we like- Offers RIA custody and support inside a respected full-service firm, with a strong adviser culture and US presence, freedom-with-support positioning between pure custody and full affiliation, substantial wealth management parent with banking and capital markets behind the platform, known for adviser satisfaction in industry surveys across its channels
Watch out for- Like LPL, an affiliation-flavoured model rather than pure open custody, economics and compliance expectations come with the parent, smaller RIA custody share than the platform leaders, technology stack is the parent's, limiting the open-architecture assembly Schwab permits
How we chose
Platforms were included if they provide custody and platform services to independent SEC or state-registered RIAs today. Ranking leans on AdvizorPro's 2026 RIA Custodian Trends Report (Form ADV data on 15,722 RIAs, pulled 1 October 2026) for firm share and asset share, on published fee and minimum facts (Schwab's no-minimum, no-custody-fee stance; Fidelity's $100 million requirement by 30 June 2027; Betterment's 0.20 percent platform fee for firms under $10 million), and on each platform's service model. Custody fees are rarely the whole cost, as the Schwab entry notes; sweep yields, fund expenses and ticket or platform fees belong in any firm's own comparison.
The custody decision, done properly
Separate custody from platform in your scoring. Custody is safety, asset breadth and the client's trust in the name on the statement. Platform is your daily workflow: account opening, trading, billing, reporting and integrations. Schwab wins custody by default for most firms; platform is where Altruist or a second custodian can win your workflow honestly.
Price the whole relationship. A $0 custody fee beside low sweep yields can cost clients more than a 10 basis point platform fee beside money market rates, and the client, not the firm, pays the sweep difference. Model a representative $500,000 account's full economics at each finalist.
Finally, plan the exit before you need it. Fidelity's $100 million decision turned custody into a 2027 project for hundreds of firms through no fault of theirs. Multi-custody, even a small second relationship, is insurance against a platform's strategy changing underneath you.
Frequently asked questions
What is an RIA custodian, and why does the platform matter?
The custodian holds client assets, settles trades and produces statements, which the Advisers Act framework requires to be independent of the adviser. The platform is everything the adviser works in daily: account opening, model trading, rebalancing, billing, performance reporting and the client portal. A weak platform taxes every hour of the firm's operations; a strong one is invisible, which is the point.
How much do RIA platforms charge?
Headline custody fees range from $0 (Schwab, Altruist and Interactive Brokers advertise $0 baseline custody) to asset-based platform fees; SmartAsset's October 2026 review puts typical asset-based custodian pricing around 10 to 15 basis points where charged, and Betterment charges 0.20 percent for firms under $10 million. Total cost includes sweep yields, fund expenses and trading charges, which is why headline comparisons mislead.
What is Fidelity's $100 million minimum?
Fidelity has told existing RIA clients they must hold at least $100 million of client assets at Fidelity by 30 June 2027 to remain on its custody platform; the threshold counts only assets held at Fidelity. Analysis of SEC filings suggests more than 400 registered firms fall below it.
Should a new RIA start at Schwab or Altruist?
Those are the two natural doors: Schwab for default stability, the deepest integrations and no minimums, with the service attention limits of scale; Altruist for the modern all-in-one platform and no minimums, with a younger company's due diligence to complete. If your stack is third-party best-of-breed, Schwab's integrations lead; if you want one system, Altruist's case strengthens.
Can an RIA use more than one custodian?
Yes, and most larger firms do: the ADV data behind this list counts 20,381 custodian relationships across 15,722 RIAs. Multi-custody hedges platform risk and matches custodians to client types. The cost is operational complexity, which is why firms usually consolidate at one primary platform and keep a deliberate second.
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Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.
BNY Pershing
Altruist
Interactive Brokers
Betterment for Advisors
Raymond James