At a glance
- The 706 figure comes from ADV filings, which report assets across every custodian rather than assets held at any one of them.
- Betterment is waiving its full wrap fee for RIAs at Fidelity, with a June 30, 2027 signing deadline.
- Schwab counts 11,000 sub-$100 million RIA relationships of its own.
Fidelity has extended a $100 million custody minimum to 986 existing RIA relationships. ADV data show 706 affected firms hold less than $100 million across every custodian.
The 706 figure comes from ADV filings, which report assets across every custodian rather than assets held at any one of them. A custody minimum presumably applies to what a firm keeps at the custodian itself. A firm with more than $100 million in total assets but less than that at Fidelity would fall short of the threshold without appearing in the 706. That makes the count a floor rather than the complete set below the line.
Betterment is waiving its full wrap fee for RIAs at Fidelity, with a June 30, 2027 signing deadline. Axos is courting Fidelity clients as well.
Schwab counts 11,000 sub-$100 million RIA relationships of its own. The Betterment and Axos responses are competitive positioning and do not show that firms have left Fidelity.
Reported by the Numbers desk from ADV filings (as reported in the assignment dossier) and assignment dossier: load-bearing facts. Published . Updated Oct 26, 2026 · 10:44 p.m. ET. Corrections