Custodians for Independent Firms Who Need Ops and Marketing Help

Going independent has its benefits, including flexibility and freedom. Half of advisors who go independent choose to start their own registered investment advisor firm, according to a 2024 Schwab survey.¹ If you follow this path, you’ll need a trusted RIA custodian to hold client assets. What’s the best custodian for small independent advisors needing ops support and marketing help? While there’s no single “best” choice, several custodians may be able to deliver what you need.

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Custodians for Independent RIAs Who Need More Than Just Custody Services

An RIA custodian’s primary responsibility is holding client assets securely, but they can do more than that. Some custodians provide additional support services for smaller, independent RIAs who need assistance with:

• Administrative tasks
• Marketing
• Business planning
• Financial planning and advice

Your choice of custodian may hinge on your assets under management (AUM) and the scope of services you need to run your business smoothly. With that in mind, here are some of the custodians you may consider if you need help with your independent RIA.

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1. LPL Financial

LPL Financial offers practice management support and business solutions for independent RIAs who also need a reliable custodian. ² Advisors who choose LPL get the benefit of streamlined technology, concierge-level support and a full suite of resources to meet their needs.

Specifically LPL Financial assists advisors with:

• Scheduling and calendar management
• Client communications
• Document preparation
• Account management
• Strategic marketing plans
• Marketing progress tracking and analytics
• Website search engine optimization (SEO)
• Email marketing
• Social media marketing campaigns

LPL’s experts can handle all of these tasks in full compliance with state and federal regulations. Every piece of marketing content created on your firm’s behalf, for example, is sent to you for approval and compliance review.

You can also get help with CFO services, if that’s something you’re interested in outsourcing. Your CFO can help you create actionable plans to reduce costs and increase revenue, enabling you to scale more efficiently.

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2. Betterment

Betterment is more than a robo-advisor; it’s also an all-in-one solutions provider for RIAs. ³ The platform is “purpose-built” for independent RIAs who need support services, in addition to custody services.

Some of the ways Betterment assists advisors include:

• Simplifying back office tasks, such as onboarding, account setup, billing and compliance
• Automating portfolio management
• Enhancing the client experience through a secure portal
• Streamlining your RIA tech stack

While Betterment doesn’t offer marketing-specific resources, advisors do have access to the platform’s segmentation tool. This tool is designed to help you maximize client portfolios to generate the best outcomes while increasing revenue. You can book a demo to explore all of Betterment’s custody and support features.

If you need more marketing help, SmartAsset Advisor Marketing Platform (AMP). SmartAsset AMP uses a holistic approach to help growth-focused RIAs connect with qualified leads. Schedule a free demo to learn more.

3. Altruist

Altruist is a custodial platform built exclusively for RIAs who want to enjoy lower costs while scaling their businesses. ⁴ While Altruist is a relative newcomer to the RIA custodian field, several features make it a standout.

Advisors who choose Altruist get the benefit of:

• Reduced paperwork and accurate digital reporting
• Built-in reporting that makes it easy to generate client portfolio snapshots
• Automated billing services
• Convenient support, with fast response times
• AI-powered productivity tools that can assist with meeting prep, note-taking, and creating content for marketing emails and social media posts

Lower costs are another built-in feature that may appeal to independent advisors. Altruist works with breakaway RIAs, established RIAs and enterprise firms of all sizes. That may be ideal if you’re starting an RIA with zero assets under management. Connect with an Altruist representative to explore service options.

4. Raymond James

Raymond James is a well-known name in RIA custodian circles, and the company has earned a positive reputation for delivering top-tier service. ⁵ Advisors who work with Raymond James have control over which services they take advantage of, beyond custody.

The menu of services offered covers:

• Marketing advice and consulting, including help with strategy, advertising and PR, event planning and referral marketing
• Branding and social media marketing support
• Client communications and marketing campaign management
• Recruiting assistance if you’re ready to expand your team
• Succession planning to help you make your exit
• Access to client management tools
• Turnkey operations support to help you navigate client relationships, manage risk, and keep the back end running smoothly

 Raymond James advisors typically serve high-net-worth clients, which may be of interest to you if you’re hoping to target that niche. You can schedule a consultation with a Raymond James recruiter to discuss service and support plans to fit your firm’s needs.

5. RFG Advisory

RFG Advisory offers custodian services as well as a complete suite of tools to help fuel your RIA’s growth. ⁶ The platform helps independent advisors spend less time on the more tedious aspects of their business, so they can stay focused on their clients.

On the marketing side, RFG Advisory helps with:

• Developing a complete brand strategy, and revising existing ones
• Building out a professional website that helps you attract new leads
• Marketing strategy development and execution
• Automating core marketing tasks while ensuring compliance
• Marketing analytics tracking

On the operations side, you’ll have access to a centralized operations team and dedicated support. You can also explore other services, such as strategic coaching, to help with new client acquisition and talent sourcing when you’re ready to add to your team.

How to Choose an RIA Custodian as an Independent Advisor

Finding the right custodian requires some research and an understanding of your firm’s needs. If you specifically need assistance with marketing and operations, the custodians listed here can help, but you may want to expand your search to include more companies.

As you shop for an RIA custodian, ask these questions:

• What is the full range of services offered?
• In what ways could a particular platform assist with operations?
• How will the platform help me market my business to attract new clients?
• Will I work with a team of consultants or an individual?
• What type of service commitment is required?
• Is there a minimum AUM the custodian requires?
• How easy is it to contact customer support?
• What are the costs?

Booking a call or a demo with an RIA custodian is an opportunity to get these and other questions you might have answered. You can also talk to other advisors in your network about which custodian they use and their overall experience.

Bottom Line

Working with an RIA custodian is non-negotiable, but you don’t have to choose just any company. Taking time to weigh multiple options can help you find the right custodian to meet your operations and marketing needs.

Tips for Growing Your Advisory Business

• Digital marketing is only one way to bring in new potential clients. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• What is the typical RIA custodian fee? That’s a good question to ask if you’re looking for a custodian for the first time or hoping to change custodians to save money. A typical RIA custodian fee is usually somewhere between 10 and 15 basis points, or 0.10% to 0.15% for asset-based pricing. Fees can vary greatly from one custodian to another. Asking for a detailed explanation of costs can help you understand what you’ll pay.

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