Who serves whom (recordkeeper, custodian, advisor, and auditor market share) and what good fees look like for plans of your size. Every figure is computed from DOL Form 5500 filings, plan years 2022–2025 — no panel data, no estimates. To benchmark a specific plan, start with a Form 5500 lookup.
Which recordkeepers serve the most large U.S. 401(k) plans — ranked by plans served and by plan assets, with year-over-year movement, from DOL Form 5500 Schedule C.
Read the report →What large 401(k) plans pay for plan-level services — all-in Schedule C compensation as basis points of assets, benchmarked by plan size, sponsor industry, and primary recordkeeper.
Read the report →Which recordkeepers gained and lost the most 401(k) plans and assets year-over-year — net wins and losses, plus the largest individual plan moves, read directly from DOL Form 5500 Schedule C.
Read the report →| Plan-asset band | Plans | Plans w/ Sched C | Median assets | Median participants | Median total Sched C comp | Median fee (bps) |
|---|---|---|---|---|---|---|
| < $1M | 1,300,238 | 4,454 | $191K | 8 | $5K | 101.0 |
| $1M – $10M | 770,617 | 61,230 | $2.4M | 21 | $24K | 50.1 |
| $10M – $50M | 115,066 | 75,932 | $17.0M | 154 | $58K | 28.4 |
| Provider | Plans | Total assets | Median plan assets | Avg direct comp | |
|---|---|---|---|---|---|
| BANK OF NEW YORK MELLON Custodian | 193 | $272.5B | $299.8M | $220K | Open → |
| NORTHERN TRUST Custodian | 212 | $241.7B | $371.4M | $228K | Open → |
| STATE STREET BANK AND TRUST Custodian | 39 | $193.6B | $609.9M | $401K | Open → |
| Provider | Plans | Total assets | Median plan assets | Avg direct comp | |
|---|---|---|---|---|---|
| FIDELITY INVESTMENTS INSTITUTIONAL Recordkeeper | 32,519 | $7.5T | $29.6M | $95K | Open → |
| ALIGHT SOLUTIONS Recordkeeper | 989 | $3.2T | $840.0M | $1.4M | Open → |
| VANGUARD GROUP Recordkeeper | 9,076 | $2.1T | $20.0M | $72K | Open → |
| Provider | Plans | Total assets | Median plan assets | Avg direct comp | |
|---|---|---|---|---|---|
| STRATEGIC ADVISORS Advisor / Consultant | 9,444 | $3.1T | $73.2M | $71K | Open → |
| FINANCIAL ENGINES Advisor / Consultant | 230 | $599.9B | $793.4M | $743K | Open → |
| BLACKROCK INSTITUTIONAL TRUST CO Advisor / Consultant | 110 | $444.4B | $733.6M | $359K | Open → |
| Auditor | Plans | Total plan assets |
|---|---|---|
| CLIFTONLARSONALLEN LLP | 7,681 | $866.7B |
| BAKER TILLY US, LLP | 6,327 | $1.2T |
| FORVIS MAZARS, LLP | 4,029 | $634.7B |
| RSM US LLP | 3,230 | $352.3B |
| CROWE LLP | 2,635 | $1.1T |
| BDO USA, P.C. | 2,587 | $908.6B |
| MOSS ADAMS LLP | 2,359 | $885.7B |
| PLANTE & MORAN, PLLC | 2,306 | $265.4B |
| CARON & BLETZER, PLLC | 2,299 | $156.4B |
| EIDE BAILLY LLP | 2,236 |
| $50M – $100M | 16,993 | 15,803 | $67.4M | 530 | $107K | 15.6 |
| $100M – $500M | 16,555 | 15,584 | $176.8M | 1,335 | $186K | 9.8 |
| $500M – $1B | 3,025 | 2,817 | $676.2M | 4,152 | $443K | 6.4 |
| $1B+ | 3,438 | 3,193 | $2.0B | 11,495 | $1.0M | 4.8 |
| BNY MELLON Custodian | 22 | $46.8B | $273.6M | $179K | Open → |
| JPMORGAN CHASE BANK N A Custodian | 23 | $22.5B | $164.7M | $65K | Open → |
| STATE STREET BANK & TRUST Custodian | 22 | $12.5B | $145.1M | $88K | Open → |
| CHARLES SCHWAB TRUST BANK Custodian | 439 | $12.0B | $16.8M | $7K | Open → |
| CHARLES SCHWAB & CO Custodian | 228 | $6.6B | $17.8M | $3K | Open → |
| MATRIX TRUST Custodian | 123 | $6.6B | $24.9M | $11K | Open → |
| US BANK Custodian | 41 | $4.0B | $64.1M | $28K | Open → |
| AMALGAMATED BANK Custodian | 20 | $4.0B | $153.5M | $27K | Open → |
| CHARLES SCHWAB Custodian | 45 | $3.7B | $22.8M | $10K | Open → |
| COMERICA BANK Custodian | 37 | $3.2B | $29.1M | $33K | Open → |
| CHARLES SCHWAB TRUST Custodian | 60 | $2.9B | $20.3M | $11K | Open → |
| BENEFIT TRUST Custodian | 195 | $2.6B | $10.6M | $0 | Open → |
| PRINCIPAL LIFE INSURANCE Recordkeeper | 20,288 | $1.3T | $16.4M | $91K | Open → |
| VANGUARD ADVISERS Recordkeeper | 1,440 | $1.2T | $224.7M | $237K | Open → |
| EMPOWER ADVISORY GROUP Recordkeeper | 12,603 | $1.1T | $13.7M | $30K | Open → |
| EMPOWER ANNUITY INSURANCE Recordkeeper | 9,192 | $927.8B | $15.1M | $61K | Open → |
| VOYA INVESTMENT MANAGEMENT CO Recordkeeper | 44 | $898.6B | $15.6B | $1.2M | Open → |
| TIAA Recordkeeper | 3,668 | $869.9B | $51.9M | $52K | Open → |
| EMPOWER ANNUITY INSURANCE O Recordkeeper | 11,944 | $745.1B | $15.9M | $55K | Open → |
| SCHWAB RETIREMENT PLAN SERVICES Recordkeeper | 2,355 | $671.4B | $99.0M | $124K | Open → |
| FIDELITY INVESTMENTS Recordkeeper | 580 | $593.0B | $59.8M | $165K | Open → |
| T ROWE PRICE RPS Recordkeeper | 1,953 | $588.4B | $80.0M | $122K | Open → |
| TRANSAMERICA RETIREMENT SOLUTIONS Recordkeeper | 4,920 | $563.8B | $25.3M | $96K | Open → |
| CONDUENT HR SERVICES Recordkeeper | 99 | $560.1B | $1.5B | $1.3M | Open → |
| CAPFINANCIAL PARTNERS Advisor / Consultant | 1,332 | $440.4B | $59.5M | $49K | Open → |
| NISA INVESTMENT ADVISORS Advisor / Consultant | 90 | $396.2B | $1.1B | $1.8M | Open → |
| STATE STREET GLOBAL ADVISORS TRUST Advisor / Consultant | 62 | $386.7B | $2.3B | $211K | Open → |
| PIMCO Advisor / Consultant | 67 | $331.0B | $459.7M | $631K | Open → |
| T ROWE PRICE ASSOCIATES Advisor / Consultant | 40 | $330.6B | $1.5B | $827K | Open → |
| JP MORGAN INVESTMENT MANAGEMENT Advisor / Consultant | 42 | $308.5B | $868.5M | $646K | Open → |
| MERCER Advisor / Consultant | 259 | $304.7B | $477.3M | $134K | Open → |
| DODGE & COX Advisor / Consultant | 42 | $294.4B | $1.8B | $756K | Open → |
| MERCER INVESTMENTS Advisor / Consultant | 416 | $284.4B | $116.6M | $116K | Open → |
| CALLAN ASSOCIATES Advisor / Consultant | 51 | $273.2B | $631.9M | $97K | Open → |
| NEPC Advisor / Consultant | 166 | $273.0B | $390.0M | $100K | Open → |
| STATE STREET GLOBAL ADVISORS Advisor / Consultant | 98 | $250.0B | $375.4M | $1.2M | Open → |
| $165.7B |
| PENSION ASSURANCE LLP | 2,222 | $70.2B |
| CBIZ CPAS P.C. | 2,138 | $341.2B |
| FORVIS, LLP | 2,105 | $247.1B |
| WIPFLI LLP | 1,902 | $150.0B |
| GRANT THORNTON LLP | 1,758 | $843.4B |
