# Edward Jones vs. Raymond James: Partnership vs. public multichannel firm

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

Edward Jones is larger, reporting more than 20,000 advisors and about $2.6 trillion in client assets at June 30, 2026, compared with 9,076 advisors at Raymond James as of March 31, 2026, and $1.86 trillion in Private Client Group assets under administration at June 30, 2026. Edward Jones is a private partnership whose advisors are employees and can become limited partners; Raymond James is publicly traded and offers employee, independent contractor, bank and RIA custody channels. The reported pay figures aren't comparable: Edward Jones advisors generally receive 36% to 40% of firm revenue from their clients, per a 2022 disclosure, while RJFS independents receive an 81% to 90% grid payout before their own branch expenses.

## Key differences

- Size: Edward Jones reported more than 20,000 advisors and about $2.6 trillion in client assets at June 30, 2026. Raymond James reported 9,076 advisors at March 31, 2026, and $1.86 trillion in Private Client Group assets under administration at June 30, 2026. [1] [2] [3]
- Ownership: Edward Jones is a private partnership owned through The Jones Financial Companies, L.L.L.P. Raymond James is public (NYSE: RJF). [4] [3]
- Affiliation models: Edward Jones advisors are employees, typically running a branch office. Raymond James offers employee advisors at Raymond James & Associates, independent contractors at RJFS, a bank and credit union channel and RIA custody. [5] [6] [7]
- Payout: An Edward Jones disclosure dated July 2022 says advisors generally receive 36% to 40% of firm revenue from client accounts. Raymond James's AdvisorChoice brochure, as posted in October 2026, lists 81% to 90% for RJFS independent contractors, who pay their own overhead. [5] [6]
- Transition deals: Edward Jones's careers site, as of October 2026, describes a package of at least two times trailing-12-month production paid over two years with no forgivable loans. Raymond James carried $1.77 billion in net loans to advisors, used for recruiting and retention, at Dec. 31, 2025. [8] [9]
- Equity: Edward Jones advisors can become limited partners; existing limited partners earn a fixed 7.5% return on capital, and a new Class B interest ties distributions more closely to firm profitability. [10]

## Questions

**Which pays advisors more, Edward Jones or Raymond James?** The figures aren't comparable. Edward Jones employee advisors generally receive 36% to 40% of the revenue the firm earns from their clients, per a July 2022 disclosure. Raymond James's RJFS independent contractors receive an 81% to 90% payout based on branch production, but they cover their own overhead. Raymond James's employee-channel grid isn't in our profile.

**Is Edward Jones bigger than Raymond James?** Yes. Edward Jones reported more than 20,000 advisors and about $2.6 trillion in client assets at June 30, 2026. Raymond James reported 9,076 advisors at March 31, 2026, and $1.92 trillion in firmwide client assets under administration at June 30, 2026.

**Can I be independent at Edward Jones?** Edward Jones advisors are employees. Raymond James offers an independent contractor channel through Raymond James Financial Services alongside its employee channel.

**What transition deals do Edward Jones and Raymond James offer?** Edward Jones's careers site describes at least two times trailing-12-month production paid over two years, with no forgivable loans, for qualifying advisors. Raymond James's profile doesn't list a deal percentage, but its net advisor loans stood at $1.77 billion at Dec. 31, 2025.

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] The Motley Fool: Raymond James Keeps Poaching Advisors From Wall Street's Biggest Firms. Here's Why That Matters for the Stock. (https://www.fool.com/investing/2026/07/20/raymond-james-keeps-poaching-advisors-from-wall-st/)
[3] Raymond James Financial: Raymond James Financial Reports Fiscal Third Quarter of 2026 Results (https://www.globenewswire.com/news-release/2026/07/22/3331747/0/en/raymond-james-financial-reports-fiscal-third-quarter-of-2026-results.html)
[4] 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)
[5] 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)
[6] Raymond James: It's your business. AdvisorChoice lets you run it on your terms. (https://www.raymondjames.com/-/media/rj/dotcom/files/pcgac-resources/about-raymond-james-advisorchoice-resources/the_power_of_choice_brochure_updated.pdf)
[7] Diamond Consultants: Raymond James introduces channel No. 4, a user-friendly RIA model after its three current channels - IBD, RIA and captive - make negligible net recruiting advances (https://www.diamond-consultants.com/raymond-james-introduces-channel-no-4-a-user-friendly-ria-model-after-its-three-current-channels-ibd-ria-and-captive-make-negligible-net-recruiting-advances/)
[8] Edward Jones: Edward Jones Careers: experienced financial advisors (https://careers.edwardjones.com/?p=29113)
[9] Raymond James Financial (Form 10-Q): RJF 10-Q 2026-02-06 (https://www.boardroomalpha.com/sec/rjf-10-q-2026-02-06-0000720005-26-000035)
[10] 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)