Firms compared · Updated October 10, 2026
LPL Financial vs. Ameriprise: Independent contractors vs. franchisees
The short answer
LPL Financial reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, compared with more than 10,000 advisors and $1.2 trillion in total client assets at Ameriprise on the same date. Both are public. LPL's core model is the independent contractor running their own practice, while most Ameriprise advisors are franchisees who use the Ameriprise brand and pay a franchise fee, alongside an employee channel. In 2025, Ameriprise was reported to be willing to pay up to 125% of trailing revenue to recruit top Commonwealth producers, while LPL offered those advisors retention packages of 10 to 50 basis points.
Independent BD
- Financial advisors · Jun 2026
- about 32,4751
- Total client assets · Jun 2026
- $2.56 trillion1
- Advisory assets · Jun 2026
- $1.55 trillion (60.4% of total client assets)1
- Ownership
- Public (Nasdaq: LPLA)1
- 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 assets1
How advisors affiliate
- Independent contractor (traditional independent)
- Strategic Wealth Services
- Employee advisor (Linsco by LPL Financial)
- Hybrid RIA
Full LPL Financial profile and news →Regional & bank
- Financial advisors · Jun 2026
- more than 10,0002
- Total client assets · Jun 2026
- $1.2 trillion (wrap assets: $732 billion)2
- Franchise (non-employee) advisors · Dec 2025
- about 8,5003
- Headquarters
- Minneapolis, Minn.3
- Ownership
- Public (NYSE: AMP)3
- Channels
- Employee advisors, franchisee advisors (Ameriprise Franchise Group), and a bank and credit union channel3
How advisors affiliate
- Employee advisor
- Independent franchisee (Ameriprise Franchise Group)
- Bank and credit union channel
Full Ameriprise profile and news →Key differences
- Size: LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026. Ameriprise reported more than 10,000 advisors and $1.2 trillion in total client assets, including $732 billion in wrap assets, at June 30, 2026.1,2
- Ownership: Both are public, LPL on Nasdaq (LPLA) and Ameriprise, based in Minneapolis, on the NYSE (AMP).1,3
- Affiliation models: LPL's core model is the independent contractor, with employee, supported and hybrid RIA options. Ameriprise had about 8,500 franchise advisors at Dec. 31, 2025, who use its brand, cover their own overhead and pay a franchise fee, plus employee advisors and a bank and credit union channel.3,4,5,6,7
- Payout: LPL reported an 87.44% production-based payout rate for the second quarter of 2026. Ameriprise says franchisees receive a higher payout than its employee advisors, but its profile doesn't include a figure.1,3
- Recruiting: InvestmentNews reported in April 2025 that Ameriprise was willing to pay up to 125% of trailing revenue for top Commonwealth producers. LPL offered Commonwealth advisors retention packages of 10 to 50 basis points, WealthManagement.com reported.8,9
- Bank channels: Ameriprise said in the second quarter of 2026 that a Huntington Bank partnership would bring about 260 advisors and $28 billion onto its platform in late 2026 or early 2027.10
Is LPL bigger than Ameriprise?
By advisors and client assets, yes. LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, versus more than 10,000 advisors and $1.2 trillion for Ameriprise.
Is an Ameriprise franchise the same as being independent at LPL?
Not exactly. Ameriprise franchisees are independent contractors who use the Ameriprise brand, cover their own overhead and pay a franchise association fee and other fees for support and brand rights. LPL's independent contractors run their own practices using LPL's broker-dealer and advisory platform.
Which pays advisors more, LPL or Ameriprise?
We can't compare them directly. LPL reported a firmwide payout rate of 87.44% for the second quarter of 2026. Ameriprise says its franchisees earn a higher payout than its employees but doesn't publish a figure in the sources we reviewed.
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.