Charles Schwab is making a significant change to the Schwab Advisor Network (SAN), its referral program that connects high-net-worth investors to independent registered investment advisors (RIAs) on the Schwab custody platform.
Starting in 2026, Schwab will raise the minimum investable assets required for clients to qualify for SAN referrals from $500,000 to $2 million. The shift marks a decisive move toward positioning the program as a channel for wealthier investors seeking specialized, holistic advisory relationships.
According to a Schwab spokeswoman, the new minimum “will better align client referrals with the asset levels and specialized needs that are served through the SAN program.” The change, first reported by CityWire, follows a series of updates Schwab has made to refine its RIA referral strategy and reinforce the program’s role as a bridge between affluent investors and experienced advisory firms.
For participating advisors, SAN has long been a valued source of high-quality client leads. But it’s also a costly one. Earlier this year, Schwab raised the fees that participating RIAs pay by 5%, part of an ongoing effort to rebalance program economics while maintaining its appeal for top-tier firms.
The higher minimum will likely reduce the volume of referrals but could improve lead quality—something many advisors have sought as the program matures. Schwab appears to be leaning into that feedback, emphasizing quality over quantity as it continues to scale its custody platform and deepen relationships with established RIAs.
Participation in SAN is not open to every firm on Schwab’s platform. Eligible RIAs generally must oversee at least $250 million in assets under management and operate primarily on a fee-only basis. Schwab also conducts a detailed screening process before admitting firms, reviewing factors such as the advisor’s professional experience, client service model, and firm stability.
According to Schwab, the average advisor accepted into SAN has roughly 12 years of experience and holds advanced credentials such as the CFP, CFA, or CPA. Firms that advertise financial planning services are required to employ at least two CFP professionals, ensuring that participating advisors can deliver the comprehensive financial planning and portfolio management expertise SAN clients expect.
All participating advisors must custody client assets with Schwab, a key feature that reinforces the firm’s integrated ecosystem of custodial, investment, and referral services.
“The Schwab Advisor Network has been running since 2002, continues to experience healthy growth in assets, and is an important component of how we serve investors,” the spokeswoman says. “As we always have, we will continue to evolve and enhance the program to ensure it’s positioned to meet the increasing wealth and advice needs of our clients.”
The new $2 million minimum signals Schwab’s intention to refine the SAN client base toward more complex, higher-net-worth households that demand deeper planning capabilities. It also reflects the broader evolution of the RIA industry, where advisors are competing for larger, more sophisticated relationships and clients are seeking more bespoke advice across investment, estate, and tax strategies.
For Schwab, which now custodies more than $4 trillion in RIA assets, SAN remains a critical touchpoint between the firm’s retail and institutional businesses. The referral network gives Schwab’s retail clients an avenue to access fiduciary advice from independent firms, while offering advisors a pipeline of prospects already embedded in the Schwab ecosystem.
By raising both the client minimum and the program’s advisor requirements over time, Schwab appears to be doubling down on quality and alignment. For participating RIAs, the change could translate into fewer but higher-value referrals—clients who are more likely to meet the profile of their ideal household.
Still, some advisors may view the move with mixed emotions. The SAN program’s previous $500,000 threshold opened the door to a broader client base, including mass affluent investors transitioning into higher wealth tiers. With the new minimum, that segment may no longer qualify for referrals through the program, potentially shifting them back toward Schwab’s in-house advisory options or digital wealth services.
For RIAs that have built practices catering to clients in the $500,000–$2 million range, the change may require rethinking growth strategies or exploring other referral sources. Some may pivot toward organic marketing, strategic alliances, or third-party lead programs to fill the gap. Others, especially those managing well above $250 million and focusing on UHNW families, may welcome the shift as a step toward better-matched prospects.
Advisors say SAN referrals often come with a degree of pre-vetting—clients typically arrive aware of Schwab’s custody model and ready to engage with an independent fiduciary. As the average referred client’s wealth profile increases, those relationships could deepen further, aligning with the comprehensive planning services that many RIAs now emphasize.
The program’s evolution also highlights Schwab’s balancing act as both a custodian and a retail financial services provider. While Schwab continues to promote independence for RIAs, it also runs its own wealth management business through Schwab Private Client Services, which competes directly in some segments of the market. The decision to raise SAN’s asset minimum may help draw a clearer line between those channels—directing ultra-affluent prospects toward independent RIAs while serving mass affluent clients through in-house solutions.
Advisors participating in SAN typically pay an ongoing fee based on the assets of referred clients, creating a long-term economic tie between Schwab and the RIA. While exact percentages vary, the structure incentivizes Schwab to match clients with firms that can maintain strong retention and satisfaction rates.
As client expectations evolve, Schwab’s referral ecosystem has become a strategic differentiator for its custody platform. Competing custodians, including Fidelity and Pershing, also operate referral programs, but Schwab’s SAN remains one of the most established and widely recognized. The increased minimum may set a new industry benchmark for how custodians define “qualified” referrals in an environment where wealth concentration continues to rise.
For many RIAs, the program’s value goes beyond new business. SAN referrals often serve as a credibility signal—proof of a firm’s experience, operational scale, and alignment with Schwab’s high standards for fiduciary advice. As Schwab tightens eligibility and refines the program, that brand association could become even more meaningful.
The broader backdrop is one of steady consolidation across the advisory landscape. As larger RIAs absorb smaller firms and private equity continues to fuel rollups, Schwab’s move may further tilt the playing field toward scaled, well-established advisory businesses. Firms with the resources to meet Schwab’s criteria—and the capacity to onboard $2 million-plus clients—stand to gain.
Meanwhile, smaller independent advisors may face more pressure to differentiate outside traditional custodial referral programs. That could spur greater adoption of digital marketing, niche specialization, or local referral networks as alternative growth engines.
From Schwab’s perspective, the SAN shift fits neatly into its broader strategy of serving increasingly affluent clients while optimizing advisor partnerships. By tightening entry standards on both sides—client and advisor—the firm is curating a more exclusive network aimed at deeper relationships and better client outcomes.
In practice, this means that starting next year, RIAs in SAN can expect fewer but more targeted referrals—households with complex financial lives, multiple accounts, and greater demand for planning depth. For advisors positioned to serve that demographic, the update may prove a net positive.
The program’s long-running success underscores Schwab’s influence in shaping the independent advice ecosystem. Since its launch in 2002, SAN has funneled tens of billions in assets to participating firms, helping solidify Schwab’s dominance as the leading RIA custodian. By emphasizing quality, expertise, and alignment, the firm is reinforcing that role as the industry matures.
For wealth advisors, the message is clear: Schwab is refining its referral network to target a narrower, wealthier slice of the market. Firms that meet the criteria—and can deliver the sophisticated planning and investment management that $2 million households demand—stand to benefit most.
At the same time, the move underscores the importance of diversification in business development. As custodial referral programs evolve, RIAs will need to pair them with independent growth strategies that keep pipelines healthy and client relationships strong.
Schwab’s SAN overhaul is less about exclusion and more about evolution—a recalibration to ensure the right advisors are matched with the right clients, and that both sides benefit from deeper, more durable relationships. For the RIA community, it’s another reminder that scale, specialization, and service depth increasingly define success in the modern wealth landscape.
