Savvy Wealth Launches Custodial Platform for RIAs

Savvy Wealth, a digital-first RIA managing $9 billion in assets under management, has introduced its Savvy Custodial Platform, a suite of integrated technologies and services designed to streamline client onboarding and asset movement. The platform, touted by Savvy Wealth CEO Ritik Malhotra, aims to cut down paperwork and delays associated with traditional custodial relationships by offering a seamless digital experience for both advisors and clients.

However, the platform is not a standalone legal entity or actual custodian; instead, it is a collection of integrated technology and services accessible to Savvy Wealth registered advisors and interested unaffiliated RIAs. Savvy Wealth Management LLC, a registered broker/dealer, serves as the introducing broker/dealer for the new platform, while Fidelity's National Financial Services LLC takes care of clearing, execution, and account custody.

The Savvy Custodial Platform draws inspiration from similar offerings in the market, such as Shareholder Services Group's RIA custodial platform, for which Pershing provided clearing and custody services prior to its acquisition by Altruist in 2023. The platform's infrastructure was co-developed with advisors based on their specific pain points.

Advisors already registered with Savvy's RIA have immediate access to the custodial integration, and the launch of this platform extends its benefits to the broader RIA market. Interested advisors can explore the Savvy Custodial Platform website for more information. Recently, Savvy Wealth raised $100 million in a Series C funding round, bringing its valuation to $600 million, following a week after State Street Wealth Services unveiled its new custody platform in partnership with Apex Fintech Solutions and just over a month after Vanguard's acquisition of Altruist.