Masters in Business · Friday, July 17, 2026
Jason Wenk outlined the ideal conditions for disruption in the custodian market, citing its large, fast-growing nature and dominance by older companies with outdated infrastructure and low Net Promoter Scores (NPS). He noted that Schwab holds over 50% market share in the RIA segment, with Fidelity being the second largest.
“big, fast growing market dominated by old companies using old infrastructure with generally low NPS like low customer satisfaction. That is exactly the market that we are in today.”
“Schwab being the largest they're north to fifty percent market share, and then Fidelity being the second largest.”
“So the approximate number is ten trillion today, it's about thirty five thousand firms. These firms are roughly half our SEC registered investment advisors, meaning. More than one hundred million or more than a hundred million, and then the other half are state registered firms that are a sub one hundred million.”