Lisa Shidler

Awareness and Education

Yes, it was rather nice to see the Schwab, Fidelity and Pershing custody chiefs agreeing on some things in support of the RIA community. 

Marty Morua

I would love to see the major custodians offer a robo-adviser option to its existing RIA clients as a low-cost way we could serve the lower net worth investor. The strenuous and high standards expected of an independent RIA almost preclude being able to serve those people. If they could offer an alternative service that could be branded by the RIA, along with appropriate disclosure for the differential tier of service it would be a great boon. 

It will take an or some organizations with a lot of resources to pioneer this type of operation as it would be effectively breaking new ground with the SEC and states. The custodians, by providing it as a service to be offered by their existing RIA clients would bring in a much greater asset base than by blind marketing, at least in my opinion.

Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco

Shirl Penney [l.] listens to Bernie Clark (far r.) response as Mike Durbin and Mark Tibergien listen in.

Dynasty Financial Partners

Schwab Advisor Services

Fidelity Institutional Wealth Services

Pershing Advisor Solutions

TD Ameritrade Institutional

Shirl Penney

Asset custodians are the central players in the RIA business and choosing one is the biggest decision most financial advisors will make to build their business. As the place where RIAs park their assets (the same way a captive broker would park assets at Merrill Lynch or UBS), custodians serve hundreds or thousands of these registered investment advisors and make big investments in technology and service on their clients' behalf.

This section features a series of articles under the “Asset Custody Project” label that cover these companies in a way that keeps advisors abreast of their progress – both with journalistic commentary and a common set of data so that advisors can easily compare them. The articles look at the strengths, weaknesses and niche capabilities of these companies.

&mdash; Brooke Southall

Here are links to the profiles of custodians:

 <li><a href="http://www.riabiz.com/a/11942001/">Equity Advisor Solutions</a></li>
 <li><a href="http://www.riabiz.com/a/4977738934910976/with-robo-advisors-on-the-rise-robo-custodian-apex-is-rising-them-a-diamond-mined-from-the-rubble-of-the-penson-worldwide-debacle">Apex Clearing</a></li>
 <li><a href="http://www.riabiz.com/a/11320001">Raymond James</a></li>
 <li><a href="http://www.riabiz.com/a/10207085">State Street</a></li>
 <li><a href="http://www.riabiz.com/a/1812010">Ceros Financial</a></li>
 <li><a href="http://www.riabiz.com/a/9033656">Fidelity</a></li>
 <li><a href="http://www.riabiz.com/a/7435709">Pershing</a></li>
 <li><a href="http://www.riabiz.com/a/1212007">Royal Bank of Canada</a></li>
 <li><a href="http://www.riabiz.com/a/133138">Scottrade</a></li>
 <li><a href="http://www.riabiz.com/a/8101589">Schwab</a></li>
 <li><a href="http://www.riabiz.com/a/8788433">TD Ameritrade</a></li>
 <li><a href="http://www.riabiz.com/a/124061">Trade-PMR</a></li>
 <li><a href="http://www.riabiz.com/a/1161005">Trust Company of America</a></li>
 <li><a href="http://www.riabiz.com/a/1490002">BNY Mellon</a></li>
 <li><a href="http://www.riabiz.com/a/5385142">Folio Institutional</a></li>
 <li><a href="http://www.riabiz.com/a/108011">Shareholders Service Group</a></li>
 <li><a href="http://www.riabiz.com/a/5933001">National Advisors Trust</a></li>
 <li><a href="http://www.riabiz.com/a/22600260/how-us-bank-appeared-on-the-scene-as-an-ria-custodian-and-where-it-might-find-love">US Bank</a></li>
</ul>

If you want a more chronological look at news about the custodians, just scroll down.

RIA Custodians

Fresh off a Schwab-hosted meeting to find common ground, Bernie Clark, Mike Durbin and Mark Tibergien each gave a two-minute pitch on their company and hashed out robo-advisors

Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco

Marty Morua

Jeffrey McClure

Related Moves

September 21, 2023 at 1:53 AM

November 3, 2022 at 1:59 AM

September 24, 2019 at 2:02 AM

January 11, 2025 at 3:01 AM

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Schwab, Fidelity and Pershing custody chiefs square off in Vegas but not before a private meeting in San Francisco

Marty Morua

Jeffrey McClure

Related Moves

September 21, 2023 at 1:53 AM

November 3, 2022 at 1:59 AM

September 24, 2019 at 2:02 AM

January 11, 2025 at 3:01 AM

RIABiz Directory

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