Devon’s RIA Custodian Context Research
Top Tier Custodians
Schwab
Largest, oldest
Lowest fees due to highest economy of scale
Fidelity
Emphasizes proprietary "Wealthscape" platform (rooted in their purchase of 'eMoney Advisor').
A more unified "set it and forget it" tech ecosystem.
TD Ameritrade
More open tech environment, less emphasis on their own proprietary software.
Customizable ecosystem, integrated with more APIs.
Pershing
Focuses on largest RIAs with ultra-high net worth, $100's of millions
Second Tier Custodians
10-100x smaller than one of the big four
More expensive due to less economy of scale
More focused on a niche, seeking to fit extremely well with certain types of advisors.
Most do not have a retail segment that could potentially compete with the RIA's they serve.
SSG
Built on top of Pershings
Rare: no asset minimum required to join the platform (the big 4 have aset minimums in the 10's of milions)
More expensive in terms of ticket costs and other feeds
Startup friendly
Trade PMR
Emphasis on technology
RIAs can manage accounts almost entirely on a mobile device
"Fusion" platform has a dashboard based highly on Windows.
Trust Company of America / Axos
"Liberty" platform for portfolio management, is also white-label-able
Good for "turnkey asset management" specializing in model portfolios
Folio Institutional
Can handle fractional shares
More API integration than most others
Apex Clearing
Most technologically capable. (Real-time validation for "Not in Good Order" paperwork, rather than waiting a few days for the NIGO notice.)
A network of APIs that provide services through other interfaces.
Millenium Trust
Emphasizes nontraditional assets
National Advisors Trust
RIA custodian co-op, most RIA's become shareholders.