The non-Big Four RIA custodians, no longer runts but stunted in growth, are applying tougher love to hobbyist RIAs

 It’s a tricky proposition. The prime RIA custodians have increased their minimums. These smaller custodians need to decide if they want to start focusing on bigger firms. But someone needs to work with smaller firms. About two-thirds of the market is under $100 million [in AUM]. You’ve got to figure out how to work with these advisors with scale.”

Alois Pirker, analyst, Aite Group