Topic
Custody and clearing services that hold client assets and execute trades for registered investment advisors, a market led by Schwab, Fidelity and Pershing.
Schwab executives said wealth advisory net flows grew 55% in the third quarter, in a division with about 2% of a $37 trillion advice market. Consultant Tim Welch says the firm is shrinking its RIA referral program while it builds a competing offer.
Reality
Fidelity is giving advisory firms with less than $100 million on its custody platform until June 30 to move their accounts elsewhere. For firms that use Fidelity as their only custodian, the move means months of repapering client accounts, American Banker reported.
Reality
Fidelity will require RIAs already on its custody platform to hold at least $100 million there by June 30, 2027, or leave. AdvizorPro data counts about 1,150 firms below that line, The Daily Upside reported, while Fidelity puts the number at a few hundred.
Reality
Fidelity has set a $100 million asset minimum for RIA clients, whose median firm already runs $328 million, according to AdvizorPro. Advisers below the line can pool assets through a consolidator, move to another custodian or grow, and each route has a cost.
Reality
RQD's $74 million Bain-led raise was focused on international clearing, Datos Insights analysts say, as Fidelity moves to drop smaller RIAs. Fidelity's July 2027 cutoff at $100 million held with it gives a lift to an RQD adviser business of roughly 50 clients.
Reality
Fidelity's plan to drop custody clients under $100 million has Schwab, Axos and Betterment courting advisors who have to move assets by June 30, 2027. The only offer with published terms loses value each month an advisor waits.
Reality
Betterment will charge RIAs 0.20% on custody assets under $10 million and 0.12% above that from Jan. 1, with a negotiated rate past $100 million. Setting the rate by assets held at Betterment pays advisers to move a bigger slice there while Schwab or Fidelity keeps the main book.
Reality
The largest acquisition in Vanguard's history is a distribution deal with a second target: the net interest income rival custodians earn on client cash.
Perspective Coverage
4 publishersReality
Interactive Brokers is selling advisors published pricing, no custody fees and no ticket charges, while declining to say how much advisory money it actually holds, which leaves the wedge visible and its results unmeasurable.
Reality
Fidelity takes 15% of an ETF's revenue for shelf space and Schwab is bringing platform fees back, while Altruist says it takes nothing from asset managers. Vanguard now owns Altruist, which turns that zero into a pricing weapon.
Reality