What is a Primary Custodian in the context of a Registered Investment Advisor (“RIA”)?

Definition: A Primary Custodian is an unofficial term typically used to the describe the custodian an RIA uses for the largest share of their client assets. While not always the case, it is often the first custodian the RIA began utilizing when the RIA first launched.

When used in an RIA context: “While the RIA is indifferent to which of their custodial relationships their clients desire to use, clients often lean towards using the firm’s primary custodian.”

See also: Episode 17, Episode 27, Custodian, Single custodial, Multi custodial