Fidelity extends $100M custody minimum to 986 RIA relationships

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.