Individuals who have a net worth of at least $5 million are most likely to utilize Charles Schwab as the primary custodian for their investable assets.

Research shows 14% of ultra-high net worth individuals entrust their assets to Charles Schwab. That’s nearly twice the percentage of those who use Fidelity or Merrill Lynch, the second most popular choice of custodian at 8% each.

Smith Barney is the primary custodian choice of 7% of the very rich, followed by Morgan Stanley (6%), Paine Webber (5%), and Bank of America, Vanguard and Wachovia (4% each)

While Charles Schwab holds a dominant position among primary custodians, relatively few ultra-high net worth individuals entrust all of their assets to it or any of its competitors. Most of these individuals split their assets among multiple custodians; only 5%, in fact, use a single custodian.

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