---
title: Fidelity's $100M Minimum Makes RIA Custodian Data a Sales Priority
description: Fidelity's $100M RIA custody minimum will move small advisory firms by June 2027. Here is why RIA custodian data is now a sales priority for lean teams.
image: https://www.demandignition.com/hubfs/DI%20Blog%20Image%20-%202026-10-17.jpg
---

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 Oct 27, 2026, 1:00:00 PM

# Fidelity's $100M Minimum Makes RIA Custodian Data a Sales Priority

[Manny Favetta](https://www.demandignition.com/blog/author/manny-favetta)

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Fidelity has told registered investment advisers with less than $100 million in custodial assets that they must reach that minimum or move their accounts by June 30, 2027, according to WealthManagement.com. For asset managers, this is a distribution story. Small RIAs are the firms lean distribution teams reach through digital campaigns and cross-channel coverage, and many are about to change platforms. That makes RIA custodian data, the record of where each advisory firm holds client assets, a sales priority. Demand Ignition helps smaller, resource-constrained asset and wealth managers get more out of the advisor data and CRM they already pay for. Here, that data decides who keeps the relationship.

## How many RIAs does Fidelity's custody minimum affect?

Estimates run from a few hundred firms to about 1,150, and the gap is itself a warning. Fidelity told WealthManagement.com the change affects "a few hundred firms," less than 1% of its roughly $5.8 trillion in clearing and custody assets, and that most of them are multi-custodial. AdvizorPro's analysis of Form ADV filings put the number near 1,150 RIAs, The Daily Upside reported.

Rival custodians are not waiting. Schwab, which has more than 11,000 client firms under $100 million and no asset minimum, is contacting prospects directly, and Betterment is waiving its platform fee through 2028 for advisors who add it as a custodian. Whatever the count, a meaningful group of small advisory firms will reshuffle custody over the next eight months. If you don't know which of your advisors are in that group, you can't plan around it.

## Why custodian moves distort your sales data

When an RIA moves client accounts, your fund positions move with them, usually by transfer rather than by trade. In platform and distributor data, that can look like a redemption at one custodian and a new purchase at another. A wholesaler or internal desk reading those reports at face value may chase a "lost" account that never left, or miss credit for one that just arrived.

A custody move is neither a sale nor a redemption, but your reports will treat it as one unless your data knows the difference.

## What should lean teams do with RIA custodian data before June 2027?

- **Put custodian in the CRM.** Form ADV Schedule D lists each RIA's custodians, and most third-party RIA data providers already carry the field. If you bought that data, map it in instead of leaving it in a vendor portal.
- **Build a watch list.** Filter for small RIAs that list Fidelity as a custodian, then flag the ones that hold or have recently bought your funds.
- **Check platform access at the destinations.** Have national accounts confirm your share classes and ETFs are available, and competitively priced, at Schwab, Altruist, and the other custodians courting these firms.
- **Tell the field what a transfer looks like.** Give wholesalers and internal sales a simple rule for reading platform data, so a transfer is not logged as a loss.
- **Use the move as a reason to call.** Advisors changing custodians are rebuilding models and reviewing lineups. A timely, useful touch beats a generic campaign.

Advisor relationships ride on infrastructure your team does not control. The managers who come through it intact will be the ones whose RIA custodian data is current, sitting in the CRM, and read by the people making calls. Demand Ignition helps smaller managers turn advisor data they already own into that kind of coverage. [See how we work with lean distribution teams](https://www.demandignition.com/services).

## Key Takeaways

- Fidelity will stop custodying RIAs with under $100 million in assets after June 30, 2027, and estimates of affected firms run from a few hundred to about 1,150.
- Custody moves can appear as redemptions and new purchases in platform data, so teams need to recognize transfers before they misread them.
- Adding custodian data to the CRM and building a Fidelity watch list now gives lean teams eight months to protect and grow small-RIA relationships.

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