Check out the full survey here. A quick note on scoring methodology: “...the ratings themselves deserve a word of explanation. We believe that any rating of 7.00 or above represents satisfaction, anything above 7.50 indicates an above-average grade, and any figure above 8.0 should be considered remarkable.“
Big Picture
Advisors are not afraid to switch custodians if they get better scale, simplified operations, and an improved client experience. Our top 5 takeaways are below.
1. RIAs are actively reconsidering their custodial relationships.
The 2025 T3/Inside Information Software Survey reveals that 10-20% of RIAs are actively exploring alternative custodial relationships. Three factors are driving this shift: technology capability, service quality, and the need for operational efficiency. Firms aren’t staying with custodians out of habit or tradition—they are strategically choosing the providers that can best support their growth.
2. Technology is a deciding factor.
Legacy custodians often require advisors to rely on multiple third-party integrations for essential functions like portfolio management, trading, and billing. This fragmentation creates inefficiencies and slows firms down. According to the survey, custodians that invest in integrated technology and automation are seeing significantly higher advisor satisfaction scores, with modern platforms like Altruist earning ratings 7-10% higher than category averages in key technology areas.
3. Billing and cash management are critical custody services.
RIAs increasingly view efficient billing and cash management as core custodial functions, not optional add-ons. The survey highlights that custodians offering these capabilities natively—without extra fees or manual processes—are becoming the preferred choice. Altruist ranked #2 in fee billing software with a 9.10 rating (one of the highest in the category) and Altruist Cash ranked #2 in automated cash management, demonstrating the importance advisors place on these operational essentials.
4. Industry consolidation and changing service models are disrupting advisor relationships.
The Schwab-TD Ameritrade merger disrupted many advisory firms, forcing them to navigate platform transitions and shifts in client service models. Meanwhile, Fidelity has introduced higher AUM minimums for new firms, limiting access for smaller RIAs. These changes have advisors questioning whether their current custodian actually supports their growth or is instead creating friction.
5. The future belongs to integrated, advisor-centric platforms.
The survey data clearly shows that advisors are prioritizing custodial platforms that:
- Automate time-consuming processes
- Reduce dependency on third-party software
- Offer a modern, intuitive experience
- Eliminate unnecessary complexity
- Provide strong service without prioritizing only the largest firms
So how did Altruist perform?
We’re proud to share that Altruist ranked as a T3 Software All-Star in five categories, up from three in 2024. This means that across every category in which it was evaluated, Altruist earned an 8.0+ average user rating, an extremely high signal of advisor satisfaction.
Advisors choose Altruist because our platform eliminates many of the inefficiencies that advisors have long endured with legacy custodians. We scored an 8.36 rating in portfolio management (7% above the category average) and an 8.60 rating in trading and rebalancing (10.4% above average), highlighting that advisors value having these tools built in rather than relying on fragmented third-party solutions.
With an 8.24 rating in the custodian category, we were 9.5% higher than the average. We also saw one of the most significant market share gains in the survey, jumping from 2.85% to 6.25%, securing our place as the #4 custodian overall—a reflection of our commitment to building products that help advisors drive better client outcomes.
To learn more, connect with Altruist today by visiting altruist.com/talk-to-us.
