Firms compared · Updated October 10, 2026
Cambridge vs. LPL Financial: Family-controlled IBD vs. public platform
The short answer
LPL Financial is far larger, reporting about 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026, while Cambridge Investment Research supports more than 4,100 advisors with over $280 billion in assets under advisement, according to an August 2026 report. Cambridge is privately held, with its parent majority owned by the Schwartz Family Trust, while LPL is publicly traded. Both offer corporate RIA and hybrid RIA options, and Cambridge also runs BridgePort, a fee-only RIA that buys stakes in advisor businesses. Cambridge's profile doesn't include a published payout rate; LPL reported 87.44% for the second quarter of 2026.
Independent BD
- Financial advisors · Aug 2026
- more than 4,1001
- Assets under advisement · Aug 2026
- more than $280 billion1
- Annual revenue · Oct 2025
- more than $2 billion (milestone reached Oct. 31, 2025)2
- Headquarters
- Fairfield, Iowa1
- Ownership
- Privately held; parent Cambridge Investment Group, Inc. is majority owned by the Schwartz Family Trust4
- Leadership
- Founder Eric Schwartz became executive chairman in January 2017, when Amy Webber became CEO12
How advisors affiliate
- Independent advisor (corporate RIA)
- Hybrid RIA
- Fee-only (Advisor Advantage)
- Sell equity (BridgePort Financial Solutions)
Full Cambridge profile and news →Independent BD
- Financial advisors · Jun 2026
- about 32,4753
- Total client assets · Jun 2026
- $2.56 trillion3
- Advisory assets · Jun 2026
- $1.55 trillion (60.4% of total client assets)3
- Ownership
- Public (Nasdaq: LPLA)3
- Commonwealth acquisition
- Closed Aug. 1, 2025 ($2.7 billion); Commonwealth runs as a wholly owned unit while its advisors move onto LPL's platform11
- Mariner Advisor Network acquisition
- Completed in Q2 2026, adding 367 advisors with about $31 billion in client assets3
How advisors affiliate
- Independent contractor (traditional independent)
- Strategic Wealth Services
- Employee advisor (Linsco by LPL Financial)
- Hybrid RIA
Full LPL Financial profile and news →Key differences
- Size: Cambridge had more than 4,100 advisors and over $280 billion in assets under advisement as of August 2026, and passed $2 billion in annual revenue on Oct. 31, 2025. LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026.1,2,3
- Ownership: Cambridge, based in Fairfield, Iowa, is privately held; its parent is majority owned by the Schwartz Family Trust. LPL is public (Nasdaq: LPLA).1,3,4
- Affiliation models: Cambridge advisors can be dually registered with its broker-dealer and corporate RIA, run their own hybrid RIA, or go fee-only through Advisor Advantage. LPL offers independent contractor, Strategic Wealth Services, Linsco employee and hybrid RIA models.5,6,7,8,9
- Equity option: Cambridge launched BridgePort Financial Solutions in January 2024, a fee-only RIA that takes minority, majority or full stakes in advisor businesses.10
- Growth: Cambridge recruited 189 advisors in the first half of 2026, according to Connect Money. LPL closed its Commonwealth acquisition on Aug. 1, 2025, and completed its purchase of Mariner Advisor Network in the second quarter of 2026.1,3,11
Is Cambridge bigger than LPL?
No. LPL reported about 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026. Cambridge had more than 4,100 advisors and over $280 billion in assets under advisement as of August 2026.
Who owns Cambridge Investment Research?
Cambridge is privately held. Its parent, Cambridge Investment Group, is majority owned by the Schwartz Family Trust, the family of founder Eric Schwartz, according to its Form ADV. LPL is publicly traded.
Which pays advisors more, Cambridge or LPL?
There isn't a comparable published figure. LPL reported a firmwide production-based payout rate of 87.44% for the second quarter of 2026; our Cambridge profile doesn't include a payout rate.
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.