Schwab Advisor Services vs Fidelity Institutional: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Schwab Advisor Services and Fidelity Institutional are two of the largest custodians for independent advisers. Schwab serves more than 16,000 advisory firms. Fidelity also clears for broker-dealers and is raising its custody minimum to $100M.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Schwab Advisor Services and Fidelity Institutional.
Choose Schwab Advisor Services if
- you want the largest adviser custodian
- you use many outside software tools
- you manage under $100M
Choose Fidelity Institutional if
- you want Fidelity funds and research
- you are a broker-dealer that needs clearing
- you manage $100M or more
Schwab Advisor Services scores 80 and Fidelity Institutional scores 78 in our ratings. Both suit established firms. Fidelity's new minimum rules out smaller ones.
Key Features Compared
Schwab Advisor Services vs Fidelity Institutional at a Glance, November 2026
| Feature |  Schwab Advisor Services |  Fidelity Institutional |
|---|---|---|
| Ratings | ||
| Fintech Index score | 80 / 100Higher score | 78 / 100 |
| Overview | ||
| What it is | The Charles Schwab unit that holds client accounts and provides trading, technology, and support for independent investment advisers | The Boston-based Fidelity Investments unit that offers custody, clearing, and funds to advisers, banks, and broker-dealers |
| Who it suits | More than 16,000 independent advisory firms | RIAs, banks, broker-dealers, and family offices; more than 3,300 clearing and custody clients |
| Main products | Adviser custody, trading, back-office support, and iRebal rebalancing | Adviser custody, clearing for broker-dealers, Fidelity funds, ETFs, and model portfolios, on Wealthscape |
| Where it operates | United States | United States |
| Products and features | ||
| Holds client assets | Charles Schwab & Co. | Fidelity custody and clearing |
| Portfolio software | Rebalancing in-house; other software through integrations | Outside software |
| Pricing | ||
| How pricing works | No published custody price list | Set by contract; custody minimum rising to $100M of client assets for every RIA |
| Published prices | Quote only | Quote only |
| Technology and compliance | ||
| Regulation and protection | Accounts at Charles Schwab & Co., member SIPC; banking from Charles Schwab Bank, SSB | Unit of privately owned Fidelity Investments |
| App and platform | Schwab Advisor Center with iRebal | Wealthscape for accounts, money movement, and trading |
| Integrations and partners | More than 270 connected software platforms | Works with outside portfolio software |
| Onboarding and support | More than 3,000 employees in Advisor Services | Firms below the new minimum have until June 30, 2027 |
| Company | ||
| Founded | 1971 (Charles Schwab) | 1946 (Fidelity Investments) |
| Headquarters | Westlake, Texas | Boston, Massachusetts |
| Ownership | Unit of Charles Schwab, a public company (NYSE: SCHW) | Unit of Fidelity Investments, a private company |
| Funding | Part of The Charles Schwab Corporation, which trades on the NYSE and reported ~$23.9B of revenue in 2025; no separate outside investors | Part of Fidelity Investments, which is owned by FMR LLC and the Johnson family and reported ~$37.7B of revenue in 2025; no outside venture investors |
| Key leader | Jon Beatty | Vadim Zlotnikov |
| Scale | More than $5.8T of adviser assets | $5.1T of assets administered |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Schwab Advisor Services scores 80 and Fidelity Institutional scores 78.
Criterion Scores Out of 100
Key Differences Between Schwab Advisor Services and Fidelity Institutional
Scale
Schwab holds more than $5.8T for advisers. Fidelity administers $5.1T for more than 3,300 clearing and custody clients.
Minimums
Fidelity is raising its custody minimum to $100M for every RIA.
Ownership
Schwab is publicly traded. Fidelity is privately owned.
Pros and Cons
Schwab Advisor Services
Pros
- Largest independent-adviser custodian
- More than 270 software connections
- In-house rebalancing
- Public company with open finances
Cons
- No posted custody prices
- Daily portfolio software comes from other vendors
- Large-firm processes
Fidelity Institutional
Pros
- Large private custodian with its own funds and research
- Clearing for broker-dealers too
- Wealthscape platform
- $37.7B of Fidelity revenue in 2025
Cons
- Custody minimum rising to $100M
- No posted prices
- Portfolio software comes from others
Who Each Is Best For
Schwab Advisor Services
An independent US investment adviser that wants the largest adviser custodian, broad software connections, and in-house rebalancing.
Fidelity Institutional
A US registered investment adviser, bank, or broker-dealer that wants custody and clearing from a large private firm and will choose its own portfolio software.
Alternatives to Schwab Advisor Services and Fidelity Institutional
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Schwab Advisor Services and Fidelity Institutional.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Altruist | 82 | RIAs that want custody and software from one company | Altruist vs Fidelity Institutional Altruist vs Schwab Advisor Services |
Frequently Asked Questions
Do they post custody prices?
No.
Which offers clearing for broker-dealers?
Fidelity.
How many software connections does Schwab have?
More than 270.
Sources
- The Fintech Index analysis of Schwab Advisor Services and Fidelity Institutional, conducted November 2026 (As of November 10, 2026)
- Schwab Advisor Services home page: https://advisorservices.schwab.com/ (As of November 10, 2026)
- Schwab, Jon Beatty: https://www.aboutschwab.com/jon-beatty (As of November 10, 2026)
- Wikipedia, Charles Schwab Corporation: https://en.wikipedia.org/wiki/Charles_Schwab_Corporation (As of November 10, 2026)
- Fidelity Institutional home page: https://institutional.fidelity.com/ (As of November 10, 2026)
- Wikipedia, Fidelity Investments: https://en.wikipedia.org/wiki/Fidelity_Investments (As of November 10, 2026)
- Financial Advisor, January 23, 2026: https://www.fa-mag.com/news/fidelity-taps-insider-to-head--5-1t-clearing-and-custody-unit-85604.html?print= (As of November 10, 2026)
- Fidelity, Vadim Zlotnikov: https://institutional.fidelity.com/institutions/why-fidelity/vadim-zlotnikov (As of November 10, 2026)
- WealthManagement.com: Fidelity to raise RIA custody asset minimum to $100M (October 1, 2026): https://www.wealthmanagement.com/ria-news/fidelity-to-raise-custody-asset-minimum-to-100m (As of November 10, 2026)