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Launch RIA Firm Which Custodian To Use?


wescobrk
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Anyone on this board own their own RIA? If so, who do you use as a custodian?

I've considered using interactive brokers but I have heard they are difficult to get the account setup and the assets transferred. The prospective clients that I will be contacting aren't very tech savvy, I don't want them just saying "forget it" out of frustration if it is a hassle.

I'm thinking of using Schwab as I've heard even people that don't know technology can setup the account and do a transfer.

 

I'm not considering TD as once the merger goes through they will probably push everyone to Schwab anyway.

 

I've heard Fidelity is fine but not as easy to use as Schwab.

 

Thanks!

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We've been happy with Fidelity. Almost went with Schwab, but our firm uses eMoney financial planning software which Fidelity owns. That integration was important for us.

 

I do like the fact that Fidelity is privately held. I think it give them more flexibility in making long-term decisions. But, Schwab has a good reputation in the RIA space. I'm sure you'll be fine either way.

 

One strike against IB, in my opinion, is their website. I have a separate account there that someone on this board manages. I just find the website clumsey to navigate. Schwab and Fidelity seem to have far better platforms particularly for non-savvy retail investors.

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