# LPL Financial vs. Cetera: Scale, ownership and affiliation channels

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

LPL Financial reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, while Cetera described itself as home to about 12,000 financial professionals and institutions in June 2026 and reported about $688 billion in assets under administration at June 30, 2026. LPL is publicly traded; Cetera is majority owned by private equity firm Genstar Capital. Both offer independent, hybrid RIA and W-2 employee options. After LPL agreed to buy Commonwealth, recruiters said Cetera offered Commonwealth advisors 120 to 125 basis points on platform assets, while LPL's retention packages were reported at 10 to 50 basis points.

## Key differences

- Size: LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026. Cetera reported about 12,000 financial professionals and institutions as of June 9, 2026, and about $688 billion in assets under administration and $330 billion in assets under management at June 30, 2026. [1] [2] [3]
- Ownership: LPL is public (Nasdaq: LPLA). Cetera, based in San Diego, has been majority owned by Genstar Capital since 2018, which reinvested through a newer fund in December 2023. [1] [4] [5]
- Employee channels: LPL's Linsco channel employs advisors who run branded local practices. Cetera Planning Partners, formed April 28, 2026, is a national employee-advisor RIA with roughly $19 billion in assets. [6] [7]
- Other models: LPL offers Strategic Wealth Services and a hybrid RIA option. Cetera offers a hybrid RIA option on its Blueprint platform, a large-enterprise channel for multi-advisor OSJs and separate channels for institutions and tax professionals. [8] [9] [3] [10]
- Recruiting deals: Recruiters told WealthManagement.com in April 2025 that Cetera was offering Commonwealth advisors 120 to 125 basis points on platform assets and 25 to 50 basis points on off-platform assets; LPL offered Commonwealth advisors retention packages of 10 to 50 basis points. [11] [12]
- Head-to-head recruiting: In August 2026 Cetera added Sierra Ridge Advisor Group, a roughly $2.1 billion OSJ that InvestmentNews described as coming from LPL. [3] [4]

## Questions

**Is LPL bigger than Cetera?** Yes. LPL reported about 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026. Cetera reported about 12,000 financial professionals and institutions as of June 2026 and about $688 billion in assets under administration as of June 30, 2026. Cetera's count includes institutions, so it isn't a pure advisor headcount.

**Who owns Cetera?** Private equity firm Genstar Capital has been Cetera's majority owner since October 2018 and reinvested through a newer fund in December 2023. LPL is a public company.

**Which pays advisors more, LPL or Cetera?** Our profiles don't support a direct comparison. LPL reported a firmwide production-based payout rate of 87.44% for the second quarter of 2026; Cetera's profile doesn't include a published payout rate.

Sources:
[1] 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)
[2] Cetera: Cetera Welcomes Honeycomb Wealth Advisors (https://cetera.com/press/cetera-welcomes-honeycomb-wealth-advisors)
[3] Cetera (PR Newswire): Sierra Ridge Advisor Group with Approximately $2.1 Billion in AUA Selects Cetera to Help Fuel its National Expansion (https://cetera.com/press-room/cetera-welcomes-sierra-ridge-advisor-group)
[4] InvestmentNews: Cetera lands $2.1 billion LPL OSJ in latest West Coast move (https://www.investmentnews.com/independent-broker-dealers/cetera-lands-21-billion-lpl-osj-in-latest-west-coast-move/268003)
[5] Cetera (PR Newswire): Cetera Announces Close of Equity Reinvestment from Genstar Capital (https://www.prnewswire.com/news-releases/cetera-announces-close-of-equity-reinvestment-from-genstar-capital-302021965.html)
[6] 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)
[7] Cetera: Cetera Planning Partners (https://cetera.com/press-room/cetera-planning-partners)
[8] LPL Financial: LPL Introduces Support Model for Wirehouse Advisors (https://www.lpl.com/news-media/press-releases/lpl-financial-launches-strategic-wealth-services.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] Cetera: Cetera Launches Dedicated RIA and Branches Channel to be Led by Wealth Management Industry Veteran Jen Hanau (https://cetera.com/press-room/cetera-launches-dedicated-ria-and-branches-channel-to-be-led-by-wealth-management-industry-veteran-jen-hanau)
[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: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (https://www.wealthmanagement.com/ibd-news/large-ibds-sweeten-their-recruiting-deals-for-commonwealth-fas)