At a glance
- Orion says the program funds infrastructure, governance and connectivity.
- Fidelity plans to lift its RIA custody minimum to $100 million, from $15 million, with a June 2027 deadline, Kitces reported.
- BNY Pershing is retiring Wove and shifting the reset of its RIA platform to Adam Vos, RIABiz reports.
Orion has begun quoting third-party vendors a Connected Ecosystem Support Fee for platform data, and vendors told WealthTech Today the quoted price runs as high as $20,000 a month. Orion says the program funds infrastructure, governance and connectivity.
| Platform move | Who is charged | What the coverage reports |
|---|---|---|
| Orion Connected Ecosystem Support Fee | Third-party vendors | Quoted as high as $20,000 a month, per WealthTech Today |
| Fidelity RIA custody minimum | Advisory firms below the line | Rising to $100 million from $15 million, June 2027 deadline, per Kitces |
| BNY Pershing RIA platform | Advisors on the platform | Wove retired; successor unnamed; Vos leads the reset, per RIABiz |
| Merrill manager access | Asset managers | Up to $860,000 plus 0.1% of revenue from Jan. 1, 2027, per Form ADV |
Fidelity custody minimum rises
Fidelity plans to lift its RIA custody minimum to $100 million, from $15 million, with a June 2027 deadline, Kitces reported. Brad Wales says the deadline leaves enough time for a three-phase transition, but advisors should not wait to start repapering accounts.
BNY Pershing retires Wove
BNY Pershing is retiring Wove and shifting the reset of its RIA platform to Adam Vos, RIABiz reports. The successor platform does not have a name, and RIABiz describes Vos, Pershing's new RIA head, as unproven in custody.
Merrill manager access
Merrill's Form ADV prices manager access at up to $860,000 plus 0.1% of revenue beginning Jan. 1, 2027, a charge aimed at asset managers seeking distribution.
In each case, the platform owner sets a price on access; what changes is who pays: a data vendor at Orion, an advisory firm below $100 million at Fidelity, an asset manager at Merrill.
In each case, the platform owner sets a price on access; what changes is who pays: a data vendor at Orion, an advisory firm below $100 million at Fidelity, an asset manager at Merrill.
Reported by The Advisor's Note desk from WealthTech Today, Kitces, RIABiz and Merrill Form ADV. Published . Corrections