Concept twins
playerIdentical
Custodian — two sectors, one word
A custodian safekeeps assets and settles trades in both worlds. The role travels; the client relationship does not.
Wealth management
Custodian as distribution platform
US wealth custodians bundle safekeeping with advisor technology, cash sweep economics, lending and practice support. The custodian is a commercial partner, not a utility.
SchwabFidelityPershing
Asset management
Custodian as institutional utility
Safekeeping, settlement, depositary oversight and asset servicing for funds. Chosen on network reach, pricing and servicing quality.
State StreetBNYNorthern TrustJ.P. Morgan
What surprises people
Schwab is unusual not because it custodies differently, but because it monetises advisors, cash and lending around the custody.