Firms compared · Updated October 10, 2026
Edward Jones vs. LPL Financial: Employee partnership vs. independence
The short answer
Edward Jones and LPL Financial are similar in client assets but built very differently: Edward Jones reported more than 20,000 advisors and about $2.6 trillion in client assets at June 30, 2026, and LPL reported about 32,475 advisors and $2.56 trillion on the same date. The models differ sharply. Edward Jones is a private partnership whose advisors are employees, generally paid 36% to 40% of the revenue the firm earns from their clients according to a 2022 disclosure, while LPL's core model is the independent contractor and LPL reported an 87.44% firmwide production-based payout rate for the second quarter of 2026. The two figures are calculated differently and aren't directly comparable.
Regional & bank
- Financial advisors · Jun 2026
- more than 20,0001
- Client assets under care · Jun 2026
- about $2.6 trillion1
- Financial advisors (year-end, per 10-K) · Dec 2025
- 20,42512
- Ownership
- Private partnership owned by its partners3
- Parent company
- The Jones Financial Companies, L.L.L.P.3
- Partnership change
- New Class B limited partnership interest of about $1.25 billion announced November 2025, later raised to about $1.4 billion12
How advisors affiliate
- Employee advisor
- Partnership
Full Edward Jones profile and news →Independent BD
- Financial advisors · Jun 2026
- about 32,4752
- Total client assets · Jun 2026
- $2.56 trillion2
- Advisory assets · Jun 2026
- $1.55 trillion (60.4% of total client assets)2
- Ownership
- Public (Nasdaq: LPLA)2
- Commonwealth acquisition
- Closed Aug. 1, 2025 ($2.7 billion); Commonwealth runs as a wholly owned unit while its advisors move onto LPL's platform13
- Mariner Advisor Network acquisition
- Completed in Q2 2026, adding 367 advisors with about $31 billion in client assets2
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: Edward Jones reported more than 20,000 advisors and about $2.6 trillion in client assets under care at June 30, 2026. LPL reported about 32,475 advisors and $2.56 trillion in client assets on the same date.1,2
- Ownership: Edward Jones is a private partnership owned by its partners through The Jones Financial Companies, L.L.L.P. LPL is public (Nasdaq: LPLA).2,3
- Affiliation model: Edward Jones advisors are employees who typically run a branch and can become limited partners. LPL's core model is the independent contractor, plus Linsco employee, Strategic Wealth Services and hybrid RIA options.4,5,6,7,8,9
- Payout: An Edward Jones disclosure dated July 2022 says advisors generally receive 36% to 40% of the revenue the firm earns from client accounts. LPL reported an 87.44% production-based payout rate, its advisory and commission expense as a share of advisory and commission revenue, for the second quarter of 2026. The figures are defined differently and aren't comparable.2,4
- Transition deals: As of October 2026, Edward Jones's careers site describes a package of at least two times trailing-12-month production, paid over two years with no forgivable loans, for advisors with at least $30 million in assets and $250,000 in production. LPL's reported Commonwealth retention offers ranged from 10 to 50 basis points.10,11
- Partnership changes: Edward Jones announced a new Class B limited partnership interest of about $1.25 billion in November 2025, later raised to about $1.4 billion.12
Which pays advisors more, Edward Jones or LPL?
The figures measure different things. Edward Jones advisors are employees who generally receive 36% to 40% of the revenue the firm earns from their clients, per a July 2022 disclosure, with the firm covering branch costs. LPL reported an 87.44% production-based payout rate for the second quarter of 2026, calculated as advisory and commission expense over advisory and commission revenue across the firm. The two numbers aren't calculated the same way, and our LPL profile doesn't detail what its independent advisors pay in overhead.
Is Edward Jones bigger than LPL?
They're similar in client assets, about $2.6 trillion at Edward Jones and $2.56 trillion at LPL as of June 30, 2026. LPL has more advisors, about 32,475 versus more than 20,000 at Edward Jones.
What does Edward Jones offer experienced advisors who join?
Its careers site, as of October 2026, describes a transition package of at least two times trailing-12-month production paid over the first two years, with no forgivable loans, for advisors with at least $30 million in assets and $250,000 in annual gross production.
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.