Savvy Wealth Launches New Custodial Platform for RIAs
Savvy Wealth, an AI-native RIA managing $9 billion in AUM and with more than 150 advisors, has launched what it is calling the Savvy Custodial Platform, an integrated set of technologies and services meant to allow registered investment advisors to onboard clients in as little as 90 seconds and move assets in a few clicks, according to the firm.
The new platform is intended to eliminate the paperwork and delays associated with legacy custodial relationships by providing a digital experience for advisors and clients, according to Ritik Malhotra, founder and chief executive officer of Savvy Wealth.
As noted in a prepared statement, however, Savvy Custodial Platform is neither a separate legal entity nor an actual custodian; rather, it refers to a set of integrated technology and services designed for investment advisors, including its own, as well as for interested unaffiliated independent RIAs.
Savvy Wealth Management LLC, a registered broker/dealer, provides the new platform technology and serves as the introducing broker/dealer, while clearing, execution, and actual custody of accounts fall to Fidelity’s National Financial Services LLC, an unaffiliated clearing broker/dealer.
The Savvy Custodial Platform is reminiscent of Shareholder Services Group and its RIA custodial platform, in which Pershing served as the group’s clearing and custody provider. (SSG was acquired by Altruist in 2023.)
The new Savvy platform includes fully digital onboarding, white-labeled control for advisors to deliver a client experience branded to its firm and integration with CRM, billing, trading and reporting in one connected system, according to the company. The infrastructure was developed in partnership with advisors based on their pain points, according to the firm.
Advisors who register with Savvy’s RIA already have access to the custodial integration, and this launch extends the product to the broader RIA market. Those advisors interested in learning more can visit Savvy’s Custodial Platform website.
Earlier this month, Savvy announced it had raised $100 million in a Series C funding round, with its valuation hitting $600 million.
In April, Savvy rolled out Savvy Intelligence, its internally-developed agentic AI designed to bring together client data and streamline its financial advisory services. It integrates investments, tax and financial planning data into a single, real-time system, eliminating manual reconciliation and serves as a household-level system of record, meant to eliminate the need for manual reconciliation or switching between systems to gather data or client insights.
Savvy’s announcement follows a week after State Street Wealth Services announced its new custody platform built in partnership with Apex Fintech Solutions, and less than a month after Vanguard’s announcement of its acquisition of Altruist.
