# Edward Jones vs. LPL Financial: Employee partnership vs. independence

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

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.

## 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). [3] [2]
- 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. [4] [2]
- 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]

## Questions

**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.

Sources:
[1] Pulse 2.0: Edward Jones: Client Assets Reach $2.6 Trillion As More Than 20,000 Advisors Serve 9 Million Clients (https://pulse2.com/edward-jones-client-assets-reach-2-6-trillion-as-more-than-20000-advisors-serve-9-million-clients/)
[2] 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)
[3] The Jones Financial Companies, L.L.L.P.: Form 10-K for the year ended December 31, 2018 (https://www.sec.gov/Archives/edgar/data/815917/000156459019007788/ck0000815917-10k_20181231.htm)
[4] Edward Jones: LGL-8944AP-A (client disclosure on advisor compensation) (https://www.edwardjones.com/sites/default/files/acquiadam/2022-07/LGL-8944AP-A_Final.pdf)
[5] WealthManagement.com: Edward Jones Adds New LP Tier; Plans to Raise $1.25B in Early 2026 (https://www.wealthmanagement.com/ibd-news/edward-jones-plans-new-1-25b-limited-partnership-offer)
[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] Edward Jones: Edward Jones Careers: experienced financial advisors (https://careers.edwardjones.com/?p=29113)
[11] WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (https://www.wealthmanagement.com/ibd-news/large-ibds-sweeten-their-recruiting-deals-for-commonwealth-fas)
[12] WealthManagement.com: Edward Jones Ups Advisor Headcount in 2025 While Trimming Home Office Staff (https://www.wealthmanagement.com/ibd-news/edward-jones-ups-advisor-headcount-in-2025-while-trimming-home-office-staff)