RIA Custodian Comparison Guide for 2026

Registered investment advisors (RIAs) are generally required by the Investment Advisers Act of 1940 to have an independent custodian hold client assets. This requirement is designed to protect clients, but advisors have some leeway in deciding which custodian they want to use. Conducting an RIA custodian comparison can help you evaluate the options for your firm.

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RIA Custodian Comparison List for Financial Advisors

Many companies offer custodial services for RIAs, each with its own strengths, technology platforms and support models. An RIA custodian is a financial institution that holds client assets on behalf of the advisor, ensuring the safety of those assets and providing recordkeeping, trade execution and reporting services.

Choosing a custodian for your firm is an important decision that can influence your firm’s efficiency, client experience and long-term growth. It’s worth taking the time to evaluate not just costs, but also the level of service, technology integration and flexibility each custodian offers.

Below is a comparison of five prominent RIA custodians to help you begin your search and identify the partner that aligns best with your business goals and client needs.

BNY Pershing

Assets under custody or administration: $59.4 trillion as of May 18, 2026¹

BNY Pershing supports over 100,000 advisors and broker-dealers through a user-friendly digital platform. The company offers global clearing and settlement services for a range of investment types, including stocks, bonds and annuities. BNY’s custody platform is centralized and supports multiple currencies.

Advisors can access a consolidated view of all client holdings, regardless of account type. Clients receive account information through various delivery channels, including a mobile app and mailed statements. This setup could help advisors manage portfolios efficiently across different investment vehicles.

To protect client assets and data, BNY Pershing uses strong internal controls, including regular audits and asset inspections. The firm also offers consulting support to help RIAs align their services with long-term business goals.

Fidelity

Assets under administration: $17.9 trillion as of May 18, 2026²

Fidelity works with more than 3,400 advisory firms, offering custody and clearing services alongside business growth support. Their consultative model includes help with trading, operations and practice management. Advisors can access a full suite of brokerage and technology tools.

The firm provides dedicated service teams, including a relationship manager and implementation manager, to guide RIAs. Its Wealthscape platform gives advisors access to data, analytics and a range of integrated technology tools, such as customer relationship management (CRM) and portfolio management systems.

The firm emphasizes cybersecurity and offers access to proprietary tools like Fidelity Capital Markets and the Fidelity Managed Account Xchange (FMAX). These features can support trading efficiency and give firms added flexibility in how they manage client portfolios.

LPL

Advisory and brokerage assets: $2.4 trillion as of May 18, 2026³

LPL offers brokerage and custody services through a single, integrated platform built specifically for RIAs. Unlike many other custodians, LPL does not offer products directly to consumers, which allows it to focus entirely on supporting advisory firms. This hybrid model is designed to meet the needs of both fee-only and hybrid RIAs.

Each advisor works with a relationship manager and service team. LPL also provides practice management support in areas like marketing, operational efficiency and growth strategy. Advisors can access tools and guidance to improve client experience and streamline their firm’s workflow.

For RIAs planning for the future, LPL offers M&A support, succession planning and resources to launch a new firm. It also delivers custodial support for different business models, whether you’re starting an RIA or scaling an existing one.

Schwab

Assets under custody: $5.2 trillion as of Jan. 21, 2026⁴

Schwab offers custodial services to independent RIAs of all sizes, with no minimum asset requirement and no custody fees.

Advisors can benefit from technology tools built for RIAs, including streamlined onboarding and integrations with third-party software, as well as iRebal, Schwab’s proprietary rebalancing tool. Schwab also provides institutional-level services tailored for high-net-worth and ultra-high-net-worth clients, along with access to a wide range of investment products.

Support includes compliance insights to help navigate regulatory updates and trends. Schwab also offers help for advisors transitioning to independence.

Altruist

Client assets: Not disclosed

Altruist is another RIA custodian known for its digital platform and low fees. It has quickly gained traction among advisors seeking modern, tech-first solutions. The company’s website claims that it’s the number one choice for advisors who are switching custodians.

Advisors benefit from a unified digital onboarding experience, customizable investment modeling and automated rebalancing. The platform also offers built-in tax management tools to support efficient client portfolio oversight.

Altruist serves a wide range of RIA firms, from breakaway advisors launching solo practices to large, multi-advisor firms. As of May 2026, more than 6,000 advisors currently use Altruist for custody.

RIA Custodian Cost Comparison

Cost is an important consideration when engaging any service provider for your advisory business. In some RIA custodian arrangements, an advisor may pay no direct fees to the provider. The custodian instead generates revenue by charging fees that are passed on to the client.

Here’s a summary of how RIA custodian fees may work. Keep in mind that pricing structures are platform specific and may vary from custodian to custodian.

Asset-Based Pricing	Asset-based pricing works similarly to the AUM fee model that advisors use. The custodian charges a percentage of the advisor’s total managed assets; the fee may be tiered and decrease as AUM increases. For example, you may pay 0.15% at a lower tier and 0.10% at a higher tier.
Ticket-Based Pricing	In a ticket-based pricing structure, the custodian applies a fixed fee per transaction. So, if you place a block order, for example, the custodian may charge a $5 to $10 fee per account included in the order.
Subscription Fees	Subscription fees are flat, recurring fees that are charged monthly, quarterly or annually for access to the custodian’s technology platform and services. For example, you might pay $25 per month to access your provider’s tech tools, but pay no additional transaction fees.

Custodians may also charge fees for margin loans or collect part of the expense fee paid to maintain mutual funds and ETFs offered through the platform. Some custodians, like Schwab and Altruist, market themselves to advisors as “free”. While you may pay no fees directly, it’s important to remember that other fees may apply that your client will be expected to shoulder.

Requesting a detailed fee schedule before committing to a custodian can help you better understand what you might pay, if anything, and what a particular provider might cost your clients. Balancing cost with service is important for client acquisition and retention.

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Frequently Asked Questions

Who Needs an RIA Custodian?

If you operate as a registered investment advisor and charge fees for financial advice then you need to have a qualified RIA custodian. Advice-only, fee-for-service financial planners generally don’t need to custody client assets, though you may want to review compliance regulations to determine which rule applies to you.

Do RIA Custodians Require a Minimum AUM?

Some RIA custodians offer their services to advisors with a minimum AUM, while others don’t. That’s an important consideration if you’re starting an RIA with zero assets under management. You may need to spend a little more time researching your options to find a custodian that’s willing to work with you.

What Is the Best RIA Custodian?

The best RIA custodian is the one that delivers the level of services you need at a price that you find reasonable. Larger custodians can offer a broader range of services and enhanced technology tools, but they may charge higher fees. Meanwhile, working with a smaller custodian could offer a more personalized feel as you grow your advisory firm. Comparing all the options can help you find the right custodian for your business.

Bottom Line

An advisor sitting down with a new client.

Choosing a custodian takes time, and it’s important to compare the scope of services and types of technology offered, along with the fees and support. The RIA custodians profiled here are some of the largest and best-known, but there are numerous other firms to choose from. Analyzing your firm’s needs can guide you toward the custodian that’s your best match.

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What is the typical RIA custodian fee? It’s usually somewhere between 10 and 15 basis points, or 0.10% to 0.15% for asset-based pricing. However, fees can vary greatly from one custodian to another. Asking for a detailed explanation of fees can help you understand what you’ll pay if you choose to work with a particular custodian.