Charles Schwab, one of the largest custody providers for independent financial advisors with over $10 trillion in client assets, is aiming to launch spot cryptocurrency trading, transfers, and custody for advisors in 2027. The plan, disclosed during a virtual media roundtable by Jalina Kerr, managing director at Schwab Advisor Services, would extend the firm’s digital asset strategy beyond retail clients and into registered investment advisor (RIA) workflows.
The timeline targets mid-2027, though Kerr noted it is “subject to change,” indicating that product design, cash movement rules, and custody controls are still being finalized. The advisor initiative follows Schwab Crypto, which already offers spot Bitcoin and Ether trading to select retail clients via Charles Schwab Premier Bank, SSB, with trade execution and sub-custody provided by Paxos.
Advisors have largely relied on crypto exchange-traded products for client exposure, but demand for direct spot trading is rising among clients who already hold crypto elsewhere. Schwab’s planned service would meet that demand by integrating custody, transfers, and portfolio reporting into a single platform, reducing the need for external exchanges. Competitors like Morgan Stanley have also entered the space, piloting ETF-style crypto trading with lower fees, pressuring Schwab to deliver a competitive advisor solution.
The move signals a broader shift of digital assets into regulated wealth management infrastructure. Even a modest crypto allocation from Schwab’s advisor base could represent billions of dollars in demand, though adoption will depend on compliance, custody execution, and client suitability. The plan underscores how major financial platforms are preparing for a future where crypto is part of standard portfolio construction.
