RIA Custodian Comparison Guide for 2025

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 for Financial Advisors

Many companies offer custodial services for RIAs. Here’s a comparison of five RIA custodians to help you begin your search as a financial advisor.

BNY Pershing

Client assets: $2.5 trillion

Pershing supports over 100,000 advisors and broker-dealers through its digital platform. It offers global clearing and settlement services for a range of investment types, including stocks, bonds and annuities. Its 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

Client assets: $3.9 trillion

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 each 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 cyber security and offers access to proprietary tools like Fidelity Capital Markets and the Fidelity Managed Account Exchange. These features can support trading efficiency and give firms added flexibility in how they manage client portfolios.

LPL

Client assets: $1.7 trillion

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

Client assets: $4.2 trillion

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. 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.

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. Almost 5,000 advisors currently use Altruist for custody.

Frequently Asked Questions

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.

Does JP Morgan Offer RIA Custodian Services?

JP Morgan sold its RIA servicing business to Royal Bank of Canada (RBC) in 2010. The company no longer provides a traditional custodial platform for investment advisors. JP Morgan Private Bank offers custody services directly to clients, in partnership with their investment managers, principals and advisors.

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.