At a glance
- Our records date the change to Oct. 2.
- Of those 986 relationships, 706 hold less than $100 million across every custodian they use, not just at Fidelity.
- Betterment will forgo 100% of its wrap fee for Fidelity-custodied firms that sign by June 30, 2027.
Fidelity has extended its $100 million custody minimum to 986 existing RIA relationships, according to ADV data. Our records date the change to Oct. 2.
Of those 986 relationships, 706 hold less than $100 million across every custodian they use, not just at Fidelity. For those firms, there is no combination of accounts they already custody that clears $100 million. The remaining 280 hold at least $100 million somewhere, leaving asset transfers as an option.
Betterment will forgo 100% of its wrap fee for Fidelity-custodied firms that sign by June 30, 2027. Schwab says no terms are in writing. Axos is also among the platforms the minimum has drawn.
Schwab's RIA marketplace now lists Save Technologies, a cash startup advertising a 7.5% yield. Save holds client cash in FDIC-insured bank deposits while a subsidiary RIA invests in equity and gold ETFs; its disclosures put the return floor at zero.
The extension does not force an immediate move. Fidelity is narrowing who qualifies for its platform, while Schwab is adding products to its RIA marketplace. For the 706, the options are another custodian or a sale; the 280 can transfer assets to reach the minimum.
Reported by PWD Editors from Private Wealth Daily coverage, Private Wealth Daily coverage and ADV data. Published . Corrections