Use cases / Custodian market share

For custodians, platforms and equity analysts

See which custodians are winning advisers, firm by firm.

Earnings report market share once a quarter, as a single number. We show every adviser that added or dropped a custodian, what it holds there, and where it went, as the filings arrive.

Get the monthly flows report See 2026 so far

12,050

advisers report their custodians, with assets at each

2,212

changed custodians in 2026

372

swapped one custodian for another

+299

net advisers gained by Schwab

Live tracker The Fidelity exodus tracker Fidelity drops RIAs with under $100M on its platform after June 30, 2027. See who's below the line and where each one moves. Open the tracker

The problem

Totals, too late

Market share shows up in quarterly results as one number, weeks after the quarter ends.

No names

You can't see which firms left, which competitor they chose, or how much they took with them.

Found out by accident

Field teams learn about a lost firm months later, when a win-back is no longer realistic.

2026 so far: net advisers gained

Firms that added the custodian minus firms that dropped it, January to October 2026.

Net advisers gained per custodian in 2026; values shown beside each bar.

Charles Schwab

+299

Fidelity

+81

Raymond James

+19

Interactive Brokers

+19

National Financial Services

+18

Altruist

+17

Northern Trust

+13

LPL Financial

+11

Pershing

−9

Pershing Advisor Solutions

−13

Blue: net gain. Orange: net loss. Source: firms' consecutive Form ADV filings, Schedule D 5.K(3), Jan–Oct 2026.

Where the growth comes from

Net advisers gained by firm size (regulatory AUM). Schwab's gain is mostly small firms. Fidelity's is split evenly between small and mid-size. Pershing is losing mid-size firms.

Custodian	Under $500M	$500M–$5B	Over $5B
Charles Schwab	+207	+75	+8
Fidelity	+38	+34	+7
Altruist	+11	+4	0
LPL Financial	+10	+1	0
Pershing (both entities)	−4	−14	−3

Firms with a reported AUM; a few firms without one are left out, so rows can differ slightly from the chart.

Firm by firm

A few recent switches, as filed. Customers see the firm names, assets and a link to each filing.

Filed	Adviser	AUM	From	To
Oct 29	Florida adviser	$109M	Charles Schwab	Altruist
Oct 23	Michigan adviser	$912M	Empower	National Financial Services
Oct 1	Colorado adviser	$171M	Raymond James	Charles Schwab
Sep 30	New York adviser	$2.0B	Pershing Advisor Solutions	Fidelity

What you get

Monthly flows report

Net advisers and reported assets per custodian, by firm size and state, every month.

Win-back and prospect alerts

Know the week a firm drops your platform, or drops a competitor you could replace.

Firm-level export

Every switch with firm, AUM, state, from, to, assets and filing link, as CSV or through the API.

Ask your AI

The same data in Claude through the connector, for one-off questions and analysis.

Questions to try

With the connector added, ask Claude in plain language.

"Which custodians gained and lost the most advisers this year, and how much in assets moved?"
"Compare custodian flows for firms under $1B versus over $1B."
"List firms that dropped Pershing since July and which custodian each one chose instead."
"Which Texas advisers with $200M–$1B moved to Schwab this year?"

How we count

Every adviser lists its custodians in Form ADV, Schedule D 5.K(3). We compare each firm's filing with its previous one.
Custodians are matched by SEC number or legal entity identifier, else by name with spelling noise removed, so a rename isn't counted as a switch.
Assets are as reported by the adviser. Most advisers file once a year, by the end of March, so changes cluster in spring.

Get the monthly custodian flows report

Free while we're in early access. Want alerts or the firm-level data for your team? Talk to us.

Early access

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