SKN | Wells Fargo Prepares Revamped RIA Custody Platform as Advisor Competition Intensifies

Key Takeaways

• Wells Fargo Advisors plans to launch a redesigned fee-only RIA custody platform in late 2026, with broader market access in 2027.

• The initiative targets advisors transitioning from broker/dealer and hybrid models toward fee-only structures.

• The move positions Wells Fargo more aggressively against custodians, wirehouses, and large independent broker/dealers competing for advisor talent.

Wells Fargo Advisors is preparing to roll out a newly designed fee-only registered investment adviser (RIA) custody platform, marking a strategic push to capture a larger share of the rapidly expanding independent advice market. The platform is expected to launch later in 2026 with a limited group of internal advisory firms, before opening more broadly to the external market in 2027.

The initiative builds on Wells Fargo’s existing fee-only RIA channel, which allows advisors to custody assets through First Clearing. While that channel has grown steadily since its launch in 2019, management believes demand now warrants a more comprehensive, purpose-built custody and technology solution.

A Platform Designed Around the Advisor Lifecycle

According to Erik Karanik, head of independent solutions within Wells Fargo’s wealth and investment management division, the revamped RIA platform is intended to support advisors at multiple stages of their careers. The new structure will provide due diligence oversight, client transition support, operational and relationship management, and deeper technology integration, alongside access to Wells Fargo’s broader product and lending capabilities.

The strategy reflects a shift away from rigid employment models toward greater flexibility. Wells Fargo is positioning itself as agnostic to how advisors are affiliated, focusing instead on retaining relationships as advisors evolve from wirehouse or broker/dealer frameworks into fee-only RIAs.

Strategic Contrast With Wirehouse Peers

Wells Fargo’s approach stands out among major wirehouses. While peers such as UBS, Morgan Stanley, and Bank of America’s Merrill Lynch have emphasized traditional employee-advisor models, Wells Fargo is leaning into an attached-RIA structure that allows advisors to operate independently while remaining connected to a large banking platform.

This puts the firm in more direct competition with independent broker/dealers and custodians such as LPL Financial, Raymond James, Cetera, and Osaic, all of which are expanding RIA offerings that blend independence with institutional-scale resources and succession planning.

Timing Aligns With Industry Migration Trends

The timing is notable. Despite overall net advisor outflows across the industry in 2025, the RIA channel continues to attract experienced advisors seeking control, fiduciary alignment, and long-term enterprise value. Wells Fargo itself recorded a net gain in advisors last year, and management expects the revamped RIA custody platform to contribute to further growth in 2026 and beyond.

By testing the technology internally before opening it externally, Wells Fargo aims to reduce execution risk while ensuring the platform can scale in a competitive marketplace.

Forward-Looking Perspective

The planned RIA custody launch underscores Wells Fargo’s ambition to be a disruptor rather than a follower in the advisor ecosystem. As advisor independence becomes the dominant structural trend, firms that can combine flexibility with institutional infrastructure are likely to gain share.

For a confidential discussion on how structural shifts in U.S. wealth management, advisor migration, and custody-platform strategy can be evaluated within a broader financial sector allocation, contact our senior advisory team.