Custodian market share

Which custodians RIAs use, from their SEC filings: each adviser lists the custodians holding 10% or more of its separately managed account assets, and how much. 7,353 wealth managers and planners, latest filings through December 2024.

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Read with care: the SEC publishes custodian names only in its bulk Form ADV data, so this is as of December 2024 (the monthly SEC files say whether an adviser uses a custodian, not which one). It covers SEC-registered RIAs only, not state-registered firms or broker-dealers. It counts only custodians holding 10% or more of a firm's separately managed account assets. So it understates custodians that grew fast since then, Altruist above all, whose reported platform assets are far larger than this shows.

At a glance

Wealth managers and planners. Each box is sized by the number of RIAs using that custodian, or by the assets it holds for them. Hover for the numbers; click to open its page.

Wealth managers and planners

RIAs where half or more of the assets are for individuals. Many use more than one custodian, so shares of RIAs add up to more than 100%.

#	Custodian	RIAs	Share of RIAs	Assets held	Share of assets
1	Schwab	4,867	66%	$2.84T	21%
2	Fidelity	1,855	25%	$2.04T	15%
3	Pershing	512	7.0%	$760.44B	5.7%
4	LPL Financial	310	4.2%	$236.13B	1.8%
5	Raymond James	250	3.4%	$682.87B	5.1%
6	Interactive Brokers	217	3.0%	$18.56B	0.1%
7	SEI	138	1.9%	$33.96B	0.3%
8	Wells Fargo	119	1.6%	$201.79B	1.5%
9	J.P. Morgan	102	1.4%	$427.94B	3.2%
10	Morgan Stanley	97	1.3%	$1.37T	10%
11	RBC	85	1.2%	$74.35B	0.6%
12	Axos Clearing	76	1.0%	$15.72B	0.1%
13	Altruist	72	1.0%	$3.47B	0.0%
14	UBS	67	0.9%	$43.93B	0.3%
15	BNY	64	0.9%	$165.55B	1.2%
16	AssetMark	57	0.8%	$89.07B	0.7%
17	U.S. Bank	50	0.7%	$26.37B	0.2%
18	Merrill	47	0.6%	$1.95T	15%
19	Folio	46	0.6%	$10.21B	0.1%
20	Northern Trust	45	0.6%	$27.14B	0.2%
21	Vanguard	34	0.5%	$364.52B	2.7%
22	Goldman Sachs	30	0.4%	$22.2B	0.2%
23	Matrix Trust	26	0.4%	$5.48B	0.0%
24	Apex Clearing	25	0.3%	$9.13B	0.1%
25	Citi	25	0.3%	$13.3B	0.1%
26	Trade-PMR	22	0.3%	$3.53B	0.0%
27	State Street	15	0.2%	$28.73B	0.2%
28	Empower	15	0.2%	$72.57B	0.5%
29	Millennium Trust	11	0.1%	$651.6M	0.0%
30	Stifel	10	0.1%	$4.99B	0.0%
	Other custodians	754	10%	$1.77T	13%

All advisers

Every SEC-registered adviser that reported custodians, including institutional managers (9,801 firms).

#	Custodian	RIAs	Share of RIAs	Assets held	Share of assets
1	Schwab	5,424	55%	$3.24T	11%
2	Fidelity	2,154	22%	$2.98T	9.7%
3	Pershing	647	6.6%	$863.18B	2.8%
4	BNY	630	6.4%	$4.33T	14%
5	Northern Trust	508	5.2%	$1.95T	6.3%
6	State Street	487	5.0%	$2.58T	8.4%
7	J.P. Morgan	486	5.0%	$2.56T	8.3%
8	LPL Financial	331	3.4%	$244.86B	0.8%
9	Interactive Brokers	311	3.2%	$24.68B	0.1%
10	Raymond James	281	2.9%	$692.42B	2.2%
11	Morgan Stanley	265	2.7%	$1.51T	4.9%
12	U.S. Bank	224	2.3%	$628.56B	2.0%
13	Wells Fargo	181	1.8%	$233.3B	0.8%
14	SEI	155	1.6%	$123.96B	0.4%
15	UBS	148	1.5%	$266.89B	0.9%
16	RBC	146	1.5%	$152.15B	0.5%
17	Goldman Sachs	145	1.5%	$390.94B	1.3%
18	Citi	131	1.3%	$878.09B	2.8%
19	Merrill	97	1.0%	$1.97T	6.4%
20	Axos Clearing	87	0.9%	$23.42B	0.1%
21	Altruist	77	0.8%	$3.58B	0.0%
22	AssetMark	60	0.6%	$89.49B	0.3%
23	Empower	58	0.6%	$149.25B	0.5%
24	Vanguard	53	0.5%	$370.68B	1.2%
25	Folio	48	0.5%	$10.25B	0.0%
26	Matrix Trust	45	0.5%	$10.82B	0.0%
27	Apex Clearing	32	0.3%	$15.95B	0.1%
28	Trade-PMR	24	0.2%	$3.66B	0.0%
29	Millennium Trust	15	0.2%	$739M	0.0%
30	Stifel	14	0.1%	$6.19B	0.0%
	Other custodians	1,555	16%	$4.51T	15%

Source: SEC Form ADV, Schedule D section 5.K(3), from the SEC's bulk Form ADV data (each adviser's latest filing through December 2024). Custodians are grouped by brand (TD Ameritrade counts as Schwab). Each RIA's custodians are on its page, under Tech stack. See RIA tech stacks.