There are several reputable fee-based custodians available in the market. The best choice for you will depend on your specific needs and preferences. Here are some of the top fee-based custodians widely recognized in the industry:
Charles Schwab Institutional:
Charles Schwab offers a comprehensive custodial platform for independent registered investment advisors (RIAs). They provide various services, including custody, trading, technology solutions, and practice management support. They are known for their robust technology, competitive pricing, and extensive product offering.
TD Ameritrade Institutional:
TD Ameritrade Institutional is a popular custodial platform for RIAs. They offer various investment products, advanced trading tools, and technology. Their Veo platform provides access to different third-party integrations and practice management tools. They also offer competitive pricing and vital client service. (Soon to be consolidated into Charles Schwab/Schwab Advisor Services)
Fidelity Institutional:
Fidelity Institutional provides custody, trading, and technology solutions for RIAs. They offer a broad range of investment products and services, including access to Fidelity’s extensive mutual fund and ETF lineup. Their Wealthscape platform provides comprehensive technology solutions, and they have a reputation for solid customer support.
Pershing Advisor Solutions:
Pershing Advisor Solutions, a subsidiary of The Bank of New York Mellon, offers custody, clearing, and brokerage services to RIAs. They provide various technology solutions, practice management support, and access to different investment products. Pershing is known for its robust technology platform and comprehensive service offering.
LPL Financial:
LPL Financial is one of the largest independent broker-dealers and custodians serving independent advisors. They offer various investment products, technology solutions, research, and practice management support. LPL Financial is known for its scale and breadth of services.
Schwab Advisor Services:
Schwab Advisor Services is the division of Charles Schwab that caters explicitly to independent RIAs. They offer custody, trading, technology, and practice management support. Schwab Advisor Services is known for its strong brand, robust technology, and extensive product offering.
When evaluating custodians, you must consider their reputation, financial stability, technology platform, product offering, pricing structure, customer service, and any specific needs or requirements you may have for your advisory business. Conducting thorough due diligence and assessing how well a custodian aligns with your business goals and client needs will help you make an informed decision.