Q&A: State Street Goes Live With Custody Offering

2 hours ago

1 min read

Britton, D. (2026, September 17). Q&A: State Street goes live with custody offering. WealthManagement.com. https://www.wealthmanagement.com/ria-news/state-street-launches-new-ria-custody-business

State Street went live this week with State Street Wealth Services, a new RIA clearing and custody business that the firm is now actively marketing to wealth managers.
The firm intends to bring on its first anchor client, a top U.S.-based RIA, within the next couple of months, and has approximately 40 additional RIA firms in the pipeline.
The offering is built on the digital clearing and custody platform of Apex Fintech Solutions, in which State Street took a minority interest last October, with State Street acting as introducing broker and adding its own layer of data, services and AI capabilities around Apex's APIs.
State Street sold a majority stake in its Wealth Manager Services business to FNZ about five years ago and continues to hold a minority stake in that business.
The unit hired Jennifer Stokes, former head of clearing operations at Altruist, as head of wealth custody and clearing, and Pete Dorsey, previously of LPL Financial, Altruist and TD Ameritrade, as chief revenue officer for wealth custody and clearing.
John Plansky, executive vice president and head of State Street Wealth Services, said the offering targets RIAs with $1 billion or more in assets rather than smaller firms, and that State Street has decided not to operate as a wealth manager itself.
Plansky cited legacy custodian practices such as charging ETF providers for platform placement, an issue analysts raised in connection with Vanguard's decision to buy Altruist, as an opening for a new entrant.