# Cambridge vs. LPL Financial: Family-controlled IBD vs. public platform

URL: https://www.financialadvsr.com/compare/cambridge-vs-lpl-financial
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

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.

## 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] [4] [3]
- 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] [11] [3]

## Questions

**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.

Sources:
[1] Connect Money: Cambridge adds 189 advisors with $6.8B in first half (https://www.connectmoney.com/stories/cambridge-adds-189-advisors-with-6-8b-in-first-half/)
[2] Cambridge Investment Research: Cambridge Surpasses $2 Billion in Annual Revenue (https://www.joincambridge.com/about-cambridge/news/cambridge-surpasses-2-billion-in-annual-revenue/)
[3] LPL Financial: LPL Financial Announces Second Quarter 2026 Results (https://investor.lpl.com/news-releases/news-release-details/lpl-financial-announces-second-quarter-2026-results)
[4] Cambridge Investment Research Advisors: Form ADV Part 2A brochure (https://www.joincambridge.com/content/dam/joincambridge/documents/cira_form_adv_2a.pdf)
[5] Cambridge Investment Research: Frequently Asked Questions (https://www.joincambridge.com/about-cambridge/frequently-asked-questions/)
[6] WealthManagement.com: LPL Recruits $13B in Q3 as New Affiliation Models Appeal to Advisors (https://www.wealthmanagement.com/ria-news/lpl-recruits-13b-in-q3-as-new-affiliation-models-appeal-to-advisors)
[7] LPL Financial: LPL Introduces Support Model for Wirehouse Advisors (https://www.lpl.com/news-media/press-releases/lpl-financial-launches-strategic-wealth-services.html)
[8] LPL Financial: LPL Financial Welcomes Servant Path Wealth Partners to Linsco Channel (https://www.lpl.com/news-media/press-releases/lpl-financial-welcomes-servant-path-wealth-partners-to-linsco-channel.html)
[9] WealthManagement.com: LPL Stakes $41B Super OSJ Private Advisor Group (https://www.wealthmanagement.com/ibd-news/lpl-stakes-41b-super-osj-private-advisor-group)
[10] ThinkAdvisor: Cambridge launches new fee-only RIA (https://thinkadvisor.com/2024/01/09/cambridge-launches-new-fee-only-ria)
[11] LPL Financial (SEC Form 8-K, Exhibit 99.1): Press release on completion of Commonwealth Financial Network acquisition (https://www.sec.gov/Archives/edgar/data/0001397911/000119312525171084/d810447dex991.htm)