When you invest with Range, your assets do not actually sit at Range. While Range manages your investments, an independent custodian holds them. That separation is by design, and it is an important protection you have as an investor. Each piece of that structure exists to protect you. Here is how it works.
What is a custodian? A custodian is an independent financial institution that holds and safeguards client assets, settles transactions, and provides account statements and tax documents.
Who does what?
Two separate firms play two separate roles in your account:
Range manages your investments. Our investment team decides what to buy and sell in your portfolio, based on your financial plan. You open and view your accounts right in your Range dashboard.
A custodian holds your assets. A custodian is an independent, regulated financial institution that safekeeps your cash and securities, settles your trades, and produces your account statements and tax documents.
This separation is standard practice across the investment-advisory industry. The same structure applies when an advisor works with Schwab or Fidelity: the advisor manages the portfolio, and a separate custodian holds the assets. Keeping the firm that gives advice separate from the firm that holds the money is an intentional safeguard for you.
Who are Range's custodians?
Range works with two custodians, depending on your account type: Apex and Altruist. Whichever custodian holds your account, it is still a Range Investment Management account, managed by our team, visible in your dashboard.
Who is Apex?
Apex Clearing Corporation is an SEC-registered broker-dealer, member of FINRA / SIPC, that provides custody and clearing infrastructure to financial firms. Founded in 2012, Apex reports more than $276 billion in assets under custody and more than 41 million brokerage accounts as of June 30, 2026.1 You may not know the name because Apex works behind the scenes, but it powers accounts for many well-known investment platforms.
Who is Altruist?
Altruist is a custodian built specifically for registered investment advisors and their clients. Founded in 2018, Altruist is a digital-first RIA custodian, and as of July 2026, they are the 3rd-largest RIA custodian by advisor count.
Why did Range select these custodians?
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How are my assets protected?
Your assets are protected in several ways:
Regulation and Segregation. Custodians are regulated financial institutions, subject to oversight designed to protect client assets. Your assets are held separately from the custodian's own finances under the SEC's customer-protection rules, which means a custodian cannot use your money to run its business. Custodians are also subject to routine regulatory examination, and assets on your statements are periodically verified by independent accountants.
SIPC coverage. Accounts at our custodians carry SIPC protection, the industry standard for brokerage accounts. SIPC ("Securities Investor Protection Corporation") helps restore customers' cash and securities if a brokerage firm fails and customer assets are missing. SIPC protects up to $500,000 per customer (including up to $250,000 in cash) at a given firm. This limit generally applies per customer and per ownership category, not strictly per account; meaning that multiple accounts of the same type for the same person are usually combined.
Excess SIPC coverage. This is an additional layer of insurance that provides protection for your assets above the standard limits provided by the Securities Investor Protection Corporation (SIPC). This additional insurance policy becomes available to securities customers if SIPC limits are exhausted.
- Altruist: Altruist carries an excess SIPC policy underwritten by Lloyd's of London. This policy extends per-account coverage by an additional $40 million, with a $2 million sub-limit for cash, subject to an aggregate limit of $150 million across all Altruist accounts. (Note: stock loan transactions and certain mutual funds may be excluded). More on Altruist coverage here.
- Apex: Apex also maintains an excess SIPC policy with an aggregate firmwide limit of $150 million, subject to sub-limits for any one customer of $37.5 million for securities and $900,000 for cash. More on Apex coverage here.
Because the excess policies have a firmwide aggregate limit, in the unlikely event of a very large, firmwide failure, the per-account excess coverage could be reduced (prorated) below the stated per-account figure.
What would happen to my money if Range went out of business?
Your assets would stay right where they are, at the custodian, in your name. You own your securities, not Range. If Range Advisory stopped operating, that would not by itself change your ownership of the assets held at the independent custodian. This is exactly the scenario the advisor/custodian structure is designed to protect against.
What would happen if a custodian (Apex or Altruist) failed?
This is the scenario the regulatory framework is built to handle. Because custodians are required to keep customer assets segregated from their own, your securities and cash are not part of the custodian's own balance sheet and cannot be used to pay the custodian's creditors. If a custodian failed, customer accounts are typically transferred to another custodian, and SIPC (backed by the excess coverage described above) exists to make customers whole if any assets are missing.
Why do I see the custodian's name on my paperwork and statements?
That is expected. Your statements, tax documents, and transfer paperwork are Range-branded, with the custodian noted as the clearing and custody provider. During account opening, you will also sign account agreements and disclosures directly with the custodian because Range and the custodian are separate companies; both are required to have agreements with you. This is standard across the industry; the same way clients of advisors who custody at Schwab or Fidelity see both names.
1 Source: Apex Fintech Solutions.
The information contained in this page is for informational purposes only. This content may not be relied on in any manner as legal, tax, regulatory, or investment advice. Range Advisory, LLC (“Range Advisory”) does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future events. All figures and allocations shown are for illustrative purposes only and are not recommendations. All investments involve a high degree of risk, including the possible loss of some or all of an investment. Past performance does not guarantee future results.
Range Advisory, LLC is an SEC-registered investment adviser. Registration with the SEC does not imply any level of skill or training. Investment advisory services by Range Advisory, LLC. Custody and brokerage services provided by Altruist Financial, LLC and Apex Clearing Corporation, both independent SEC-registered broker-dealers. Range Advisory, LLC pricing and additional information can be found at range.com. Please refer to Range's Form ADV Part 2A for additional information about advisory services, fees, and risks.