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Firms compared · Updated October 10, 2026

LPL Financial vs. Osaic: Public giant vs. private equity-backed network

The short answer

LPL Financial reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026, roughly three times Osaic's advisor count of about 10,000 and its $747 billion in assets under administration as of March 31, 2026. LPL is publicly traded, while Osaic, formerly Advisor Group, is owned by Reverence Capital Partners, which closed a recapitalization of more than $2 billion in April 2026 that added Bain Capital. Both center on independent contractors and have added W-2 employee channels. After LPL agreed to buy Commonwealth, recruiters said Osaic offered Commonwealth advisors 115 to 125 basis points on AUM, while LPL's retention offers were reported at 10 to 50 basis points.

Independent BD

LPL Financial

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 platform4
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 →

Independent BD

Osaic

Financial advisors · Mar 2026
about 10,0002
Assets under administration · Mar 2026
about $747 billion2
Headquarters
Phoenix, Ariz.3
Ownership
Private; portfolio company of Reverence Capital Partners. A recapitalization of more than $2 billion closed April 30, 2026, led by Ares secondaries funds and Lexington Partners, with Bain Capital joining as a new investor and Reverence putting in new money from its Fund IV2
Former name
Advisor Group (renamed Osaic on June 21, 2023)3

How advisors affiliate

  • Independent contractor (1099)
  • W-2 corporate RIA (Empowered Independence)
  • Fee-only RIA
  • Bank and credit union programs
Full Osaic profile and news →

Key differences

  • Size: LPL reported about 32,475 advisors and $2.56 trillion in total client assets at June 30, 2026. Osaic reported about 10,000 advisors and about $747 billion in assets under administration at March 31, 2026.1,2
  • Ownership: LPL is public (Nasdaq: LPLA). Osaic is a private portfolio company of Reverence Capital Partners; a recapitalization of more than $2 billion closed April 30, 2026, with Bain Capital joining as an investor.1,2
  • History: Osaic was known as Advisor Group until June 21, 2023, when it combined eight broker-dealers, including Royal Alliance, SagePoint and Securities America, under one brand. LPL closed its $2.7 billion purchase of Commonwealth on Aug. 1, 2025.3,4
  • Affiliation models: Both treat the independent contractor as the core model. LPL adds Strategic Wealth Services, the Linsco employee channel and a hybrid RIA option. Osaic adds a W-2 corporate RIA channel launched in 2023, a fee-only RIA option through its CW Advisors deal, and bank and credit union programs.5,6,7,8,9,10,11
  • Recruiting deals: WealthManagement.com reported in April 2025 that recruiters said Osaic was offering Commonwealth advisors 115 to 125 basis points on AUM, possibly up to 150, while LPL offered Commonwealth advisors retention packages of 10 to 50 basis points as seven- to 10-year promissory notes.12,13
  • Payout: LPL reported an 87.44% production-based payout rate for the second quarter of 2026. Osaic's profile does not include a published payout figure.1

Questions

Is LPL bigger than Osaic?

Yes. LPL reported about 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026. Osaic reported about 10,000 advisors and about $747 billion in assets under administration as of March 31, 2026.

Who owns Osaic and LPL?

LPL is a public company traded on Nasdaq under LPLA. Osaic is privately owned by Reverence Capital Partners; its recapitalization of more than $2 billion, which closed April 30, 2026, was led by Ares secondaries funds and Lexington Partners and added Bain Capital as an investor.

Which pays advisors more, LPL or Osaic?

There isn't a like-for-like figure. LPL reported a firmwide production-based payout rate of 87.44% for the second quarter of 2026. Our Osaic profile doesn't include a published payout rate, so the two can't be compared directly.

Do LPL and Osaic offer employee models?

Yes. LPL's Linsco channel employs advisors who run their own branded practices. Osaic's Empowered Independence channel, launched in 2023, lets advisors work as W-2 employees of its corporate RIA while keeping their practice's brand.

More comparisons

Sources

  1. 1LPL Financial: LPL Financial Announces Second Quarter 2026 Results (Jul 2026) →
  2. 2Reverence Capital Partners (PR Newswire): Reverence Capital Partners Closes More Than $2 Billion Recapitalization of Osaic (Apr 2026) →
  3. 3InvestmentNews: Forget Advisor Group. It's now Osaic (Jun 2023) →
  4. 4LPL Financial (SEC Form 8-K, Exhibit 99.1): Press release on completion of Commonwealth Financial Network acquisition (Aug 2025) →
  5. 5WealthManagement.com: LPL Recruits $13B in Q3 as New Affiliation Models Appeal to Advisors (Oct 2021) →
  6. 6LPL Financial: LPL Introduces Support Model for Wirehouse Advisors (Apr 2020) →
  7. 7LPL Financial: LPL Financial Welcomes Servant Path Wealth Partners to Linsco Channel (Feb 2025) →
  8. 8WealthManagement.com: LPL Stakes $41B Super OSJ Private Advisor Group (Nov 2025) →
  9. 9Osaic: Custom-fit affiliation →
  10. 10Osaic (Business Wire): Osaic Expands Empowered Independence Channel with $575 Million Tri-State Financial Group (Jun 2026) →
  11. 11Wealth Solutions Report: Osaic to add $13.5 billion in AUM with CW Advisors acquisition (Jun 2025) →
  12. 12WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (Apr 2025) →
  13. 13WealthManagement.com: Large IBDs Sweeten Their Recruiting Deals for Commonwealth FAs (Apr 2025) →

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.