https://www.investmentnews.com/ria-with-3-1b-leaving-schwabs-custodian-for-axos-240857
"CGAN has used TD Ameritrade since the late 1990s and came over to Schwab after the reported $22 billion acquisition closed in 2020. However, Schwab’s culture and strategy doesn’t align with what CGAN was looking for in a partner, said CEO Tony Mazzali.
Though he didn’t cite specific issues with Schwab’s custodian, Mazzali said Axos provided more clarity on how it could support CGAN’s growth as an independent firm.
'They were asking us questions for how they could become better partners for us,' he said. 'How they could build our brand to the clients, not build their brand to the client.'
Schwab declined to comment...."
"More independent firms are going to start looking outside the traditional big three custodians — Schwab, Fidelity Institutional and BNY Mellon Pershing — in response to a rapidly evolving industry, Mazzali said.
'The next three to five years are going to be really interesting to see what develops,' Mazzali said. 'There’s a lot of angst about what I would call this gap in this industry.'"