Firms compared · Updated October 10, 2026
LPL Financial vs. Raymond James: Independent scale vs. multichannel model
The short answer
LPL Financial is the larger firm by advisor count, reporting about 32,475 advisors and $2.56 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. Both are publicly traded. LPL is built mainly around independent contractors, with employee, supported and hybrid RIA options added on, while Raymond James runs separate employee, independent contractor, bank and RIA custody channels. Their reported payout figures measure different things: LPL's 87.44% second-quarter 2026 payout rate is a firmwide average, while Raymond James's brochure lists an 81% to 90% grid for independent contractors.
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 platform13
- 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 · Mar 2026
- 9,0762
- Private Client Group assets under administration · Jun 2026
- $1.86 trillion3
- Total client assets under administration (firmwide) · Jun 2026
- $1.92 trillion3
- Headquarters
- St. Petersburg, Fla.3
- Ownership
- Public (NYSE: RJF)3
How advisors affiliate
- Employee advisor
- Independent contractor (RJFS)
- Bank and credit union channel (Financial Institutions Division)
- RIA-only custody and services (RIA & Custody Services)
Full Raymond James profile and news →Key differences
- Size: LPL reported about 32,475 advisors and $2.56 trillion in total client assets as of June 30, 2026. Raymond James reported 9,076 advisors as of March 31, 2026, and $1.86 trillion in Private Client Group assets under administration as of June 30, 2026.1,2,3
- Ownership: Both are public companies, LPL on Nasdaq (LPLA) and Raymond James on the NYSE (RJF). Raymond James is based in St. Petersburg, Fla., and was founded in 1962.1,3,4
- Affiliation models: LPL's core model is the independent contractor, alongside Strategic Wealth Services for wirehouse breakaways, the Linsco employee channel and a hybrid RIA option. Raymond James offers employee advisors at Raymond James & Associates, independent contractors at Raymond James Financial Services (RJFS), a bank and credit union channel and RIA-only custody.5,6,7,8,9,10
- Payout: LPL reported an 87.44% production-based payout rate for the second quarter of 2026, a firmwide figure adjusted for advisor deferred compensation. Raymond James's AdvisorChoice brochure, posted on its site as of October 2026, lists an 81% to 90% payout for RJFS independent contractors, set by branch production, before branch expenses.1,9
- Recruiting: Raymond James said it recruited advisors with $156 million of trailing-12-month production and nearly $23 billion of client assets in its fiscal third quarter ended June 30, 2026, and carried $1.77 billion in net advisor loans at Dec. 31, 2025. LPL reportedly offered Commonwealth advisors retention packages of 10 to 50 basis points on assets as seven- to 10-year promissory notes, according to an April 2025 report.3,11,12
- Acquisitions: LPL closed its $2.7 billion purchase of Commonwealth Financial Network on Aug. 1, 2025, and completed its acquisition of Mariner Advisor Network, with 367 advisors and about $31 billion in client assets, in the second quarter of 2026.1,13
Which pays advisors more, LPL Financial or Raymond James?
The figures aren't directly comparable. LPL reported a firmwide production-based payout rate of 87.44% for the second quarter of 2026. Raymond James's AdvisorChoice brochure, as posted in October 2026, says independent contractors at RJFS receive 81% to 90% depending on branch production, with net payout depending on branch expenses. Employee advisors at Raymond James & Associates are paid differently, and their grid isn't in our profile.
Is LPL bigger than Raymond James?
By advisor count, yes. LPL reported about 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026. Raymond James reported 9,076 advisors as of March 31, 2026, and $1.92 trillion in firmwide client assets under administration as of June 30, 2026.
Can advisors be employees at LPL or Raymond James?
Yes, at both. LPL's Linsco channel employs advisors as W-2 employees who run their own branded practices. Raymond James employs advisors through Raymond James & Associates, its traditional branch channel, where the firm covers office and staff costs.
Can an RIA use LPL or Raymond James as custodian?
Both offer it. LPL's hybrid RIA model lets advisors run their own RIA while using LPL as broker-dealer and custodian. Raymond James's RIA & Custody Services channel lets independent RIAs custody with the firm without joining its broker-dealer.
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.