The custodian landscape has been undergoing major transformation, with new players entering the market, notable acquisitions like TD Ameritrade by Charles Schwab, and significant funding rounds for firms such as Altruist.

To better understand these shifts, the AdvizorPro data team analyzed custodians serving more than 20,000 independent RIAs in the separately managed account (SMA) space. Using our proprietary custodian database built from the latest SEC ADV filings, we examined both the top custodians and emerging firms that are gaining traction.

The following analysis reflects data as of April 7, 2023.

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Key takeaways:

• Charles Schwab and TD Ameritrade together account for more than 65 percent of all SMA accounts.
• Four of the top five custodians experienced relatively small growth in Q1 2023.
• Schwab achieved an impressive 7 percent growth despite already having strong market penetration among independent RIAs.

It is worth noting that Schwab announced its acquisition of TD Ameritrade more than three years ago, with the final migration expected to complete on September 5, 2023, just ahead of the firm’s annual conference.

For a broader view of RIA activity, explore the RIA Custodian Trends Report 2025 and the Advisor Movement Trends Report 2025 to see how these shifts continue to shape the market.

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The Growing Competition in the Custodian Space

The custodian sector continues to evolve as competition intensifies among both established players and fast-growing disruptors. Larger firms like Schwab and Fidelity maintain dominance through scale and infrastructure, while newer entrants such as Altruist and Goldman Sachs are gaining market share with innovation, technology, and client-focused solutions.

AdvizorPro’s proprietary database provides financial institutions, asset managers, and technology platforms with real-time insights into RIA custodian relationships, helping them identify potential partners and market opportunities. Learn more about how our Data Feeds and API can help your firm stay ahead of these trends.

The custody landscape will likely see continued consolidation, tech-driven efficiency, and increasing demand for transparency in the years ahead.

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