Wells to Launch Revamped RIA Custody Platform in Late 2026

Core Viewpoint - Wells Fargo Advisors is launching a newly designed fee-only RIA custody platform, which will initially be seeded by a few firms from its Financial Advisor Network, with a broader market launch planned for 2027 [1][2]. Group 1: RIA Platform Development - The fee-only RIA channel at Wells Fargo has expanded to several dozen firms over the years, with a new custodial tech stack being developed to onboard existing advisors seeking a fee-only model [2]. - The revamped RIA program will provide comprehensive services including due diligence, client transitions, operational support, relationship management, and technology integration, leveraging the full capabilities of the Wells platform [3]. Group 2: Leadership and Strategy - Erik Karanik, head of wealth and investment management independent solutions, emphasized the platform's role in cultivating the advisor lifecycle and maintaining an agnostic approach to advisor employment [3]. - The RIA solution was initially launched through the First Clearing division in 2019, and Leeann Markovitz has recently been promoted to lead First Clearing [4]. Group 3: Future Plans and Market Demand - The company plans to integrate some internal practices onto the new platform by the end of the year, with an aim to expand to external practices by 2027, indicating a strong demand for such services [6]. - Karanik noted the importance of testing the platform with existing advisors to ensure robustness before a wider market introduction [6].