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PWD View, OpinionThe Close

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.

At a glance

  1. Of those, 706 hold less than $100 million across all custodians, not just at Fidelity.
  2. A firm holding $60 million across two custodians cannot clear a $100 million single-platform floor by rearranging accounts.
  3. Axos is courting Fidelity clients.

Fidelity's $100 million custody minimum, with a compliance deadline of June 30, 2027, applies to 986 RIA relationships, per PWD's reporting on ADV data. Of those, 706 hold less than $100 million across all custodians, not just at Fidelity.

A firm holding $60 million across two custodians cannot clear a $100 million single-platform floor by rearranging accounts. It can grow the book or it can leave.

Betterment is waiving its full wrap fee for RIAs at Fidelity, and the waiver carries a June 30, 2027 signing deadline — the same date Fidelity set. Axos is courting Fidelity clients. Schwab counts 11,000 sub-$100 million RIA relationships, which suggests the tail is a served market at the right price.

State Street and Apex Clearing launched an RIA custody unit aimed at $1 billion-plus RIAs, per our reporting. Fidelity's floor sits at $100 million, State Street's door at $1 billion, and Schwab counts what sits below both. Asset totals now determine which tier a firm is in.

Fidelity's floor is not a target most of them can reach by moving assets; it is a relationship to replace. The same June 30, 2027 date now appears in Fidelity's requirement and in Betterment's waiver, and for most of the 706, which of those two documents an owner treats as the operative one is the decision.

Reported by PWD Editors from AdvisorHub — RIA, Private Wealth Daily archive, Private Wealth Daily archive and Private Wealth Daily archive. Published . Updated Oct 26, 2026 · 10:47 p.m. ET. Corrections

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