Fidelity will require RIAs already on its custody platform to hold at least $100 million there by June 30, 2027, or leave. AdvizorPro data counts about 1,150 firms below that line, The Daily Upside reported, while Fidelity puts the number at a few hundred.
Reality
- Evidence60
- Adoption
- Insufficient
- Hype gap+20
- Incentives65
- Confidence58
Fidelity has set a $100 million asset minimum for RIA clients, whose median firm already runs $328 million, according to AdvizorPro. Advisers below the line can pool assets through a consolidator, move to another custodian or grow, and each route has a cost.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+10
- Incentives65
- Confidence50
RQD's $74 million Bain-led raise was focused on international clearing, Datos Insights analysts say, as Fidelity moves to drop smaller RIAs. Fidelity's July 2027 cutoff at $100 million held with it gives a lift to an RQD adviser business of roughly 50 clients.
Reality
- Evidence45
- Adoption20
- Hype gap+15
- Incentives60
- Confidence45
Fidelity's plan to drop custody clients under $100 million has Schwab, Axos and Betterment courting advisors who have to move assets by June 30, 2027. The only offer with published terms loses value each month an advisor waits.
Reality
- Evidence55
- Adoption
- Insufficient
- Hype gap+10
- Incentives85
- Confidence60
Betterment will charge RIAs 0.20% on custody assets under $10 million and 0.12% above that from Jan. 1, with a negotiated rate past $100 million. Setting the rate by assets held at Betterment pays advisers to move a bigger slice there while Schwab or Fidelity keeps the main book.
Reality
- Evidence45
- Adoption30
- Hype gap+10
- Incentives70
- Confidence50
The largest acquisition in Vanguard's history is a distribution deal with a second target: the net interest income rival custodians earn on client cash.
Perspective Coverage
4 publishers
- Builder
- Builder 11%
- Operator
- Operator 46%
- Investor
- Investor 43%
Reality
- Evidence58
- Adoption35
- Hype gap+30
- Incentives60
- Confidence60
Interactive Brokers is selling advisors published pricing, no custody fees and no ticket charges, while declining to say how much advisory money it actually holds, which leaves the wedge visible and its results unmeasurable.
Reality
- Evidence44
- Adoption26
- Hype gap+34
- Incentives76
- Confidence46
TradePMR will not quote from a rate card, and it reopens each negotiated rate once a year, because the line Robinhood is underwriting is net deposits from the advisor channel rather than custody fees. The referral volume that would settle it is undisclosed.
Reality
- Evidence44
- Adoption31
- Hype gap+24
- Incentives76
- Confidence49
The pitch that landed in one advisor's voicemail offered help growing his practice rather than a cheaper custody bill, and Schwab's own referral minimum has moved from $500,000 to $5 million in a year.
Reality
- Evidence46
- Adoption24
- Hype gap+34
- Incentives76
- Confidence54
Terms are undisclosed and the close is still conditional, so the only firm figure is the advisor count, 6,500, set against a reported price above $4bn. Jason Wenk says a cash-management agent follows within a year.
Reality
- Evidence30
- Adoption40
- Hype gap+35
- Incentives82
- Confidence38
Fidelity takes 15% of an ETF's revenue for shelf space and Schwab is bringing platform fees back, while Altruist says it takes nothing from asset managers. Vanguard now owns Altruist, which turns that zero into a pricing weapon.
Reality
- Evidence44
- Adoption38
- Hype gap+32
- Incentives71
- Confidence52