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Private Wealth Daily
DataBy the NumbersThe Signal

Betterment waives full wrap fee for RIAs at Fidelity

The waiver carries a June 30, 2027 signing deadline, as Axos courts Fidelity clients and Schwab counts 11,000 sub-$100 million RIA relationships.

By the Numbers desk3 min read

At a glance

  1. The offer applies only to firms already custodied at Fidelity.
  2. Axos is targeting every advisor who custodies at Fidelity.
  3. Fidelity is extending its $100 million custody minimum to 986 existing RIA relationships.

Betterment said it will waive 100% of its wrap fee for RIAs that custody at Fidelity and sign by June 30, 2027. The offer applies only to firms already custodied at Fidelity.

Axos is targeting every advisor who custodies at Fidelity.

Fidelity is extending its $100 million custody minimum to 986 existing RIA relationships.

Schwab says it already serves 11,000 RIA relationships below $100 million in assets, and that those relationships have no terms in writing.

Reported by the Numbers desk from PWD franchise brief (load-bearing facts). Published . Corrections

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Fidelity's $100M custody minimum applies to 986 RIA relationships; 706 fall short

Betterment's wrap-fee waiver for Fidelity RIAs carries the same June 30, 2027 deadline.

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Fidelity extends $100 million custody minimum to 986 existing RIA relationships

ADV data show 706 of the affected firms hold less than $100 million across every custodian, so moving accounts around cannot clear the threshold.

PWD View, OpinionThe Close

Fidelity's $100 million custody minimum draws Betterment, Axos and Schwab

Betterment will forgo 100% of its wrap fee for Fidelity-custodied firms that sign by June 30, 2027, while Schwab says no terms are in writing.

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