![]() ![]() Axos is also relatively new to the custodial space, entering through its 2021 acquisition of ETrade Advisor Services from Morgan Stanley. RBC Clearing & Custody and Axos Advisor Services, two smaller custodial firms by asset size, also posted strong growth of 22% and 15%, respectively, according to the survey. “LPL is taking an intentional approach with supporting RIAs and, as a result, we’re seeing a material inflow of new clients, opportunities and positive market reaction.” “We recognized a unique opportunity for a custodian to provide an integrated experience and deliver upon the promise of partnership, service and support,” said Rich Steinmeier, LPL’s managing director and divisional president of business development. The firm had provided custodial services mostly for hybrid firms since 2008 but instantly found success with a full-service offering for pure-play RIAs. ![]() LPL Financial, which repositioned its custodial offering over the past year in response to growth in the RIA channel, led the pack with 53% growth in assets under custody. ![]()
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