# Raymond James vs. Ameriprise: Multichannel firm vs. franchise model

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

Raymond James reported $1.86 trillion in Private Client Group assets under administration at June 30, 2026, and 9,076 advisors as of March 31, 2026, while Ameriprise reported more than 10,000 advisors and $1.2 trillion in total client assets at June 30, 2026. Both are public and both offer employee, independent and bank channels, but Ameriprise's independent advisors are franchisees who use its brand and pay a franchise fee, while Raymond James independents affiliate through RJFS. Raymond James's AdvisorChoice brochure lists an 81% to 90% payout for RJFS independent contractors; Ameriprise says franchisees earn more than employees but doesn't publish a figure in our sources.

## Key differences

- Size: Raymond James reported 9,076 advisors as of March 31, 2026, and $1.86 trillion in Private Client Group assets under administration at June 30, 2026. Ameriprise reported more than 10,000 advisors and $1.2 trillion in total client assets at June 30, 2026. [1] [2] [3]
- Ownership: Raymond James (NYSE: RJF) is based in St. Petersburg, Fla.; Ameriprise (NYSE: AMP) is based in Minneapolis. [2] [4]
- Independent model: RJFS independent contractors run their own businesses and pay their own overhead, organized into branches and OSJ-led groups. Ameriprise's roughly 8,500 franchise advisors, as of Dec. 31, 2025, use the Ameriprise brand, cover their own overhead and pay a franchise association fee. [5] [4]
- Payout: Raymond James's AdvisorChoice brochure, as posted in October 2026, lists an 81% to 90% payout for RJFS independent contractors based on branch production. Ameriprise says its franchisees receive a higher payout than its employee advisors, without a figure in our sources. [5] [4]
- Bank channels: Raymond James runs a Financial Institutions Division inside banks and credit unions. Ameriprise said in the second quarter of 2026 that a Huntington Bank partnership would add about 260 advisors and $28 billion in late 2026 or early 2027. [5] [6]
- Recruiting: Raymond James recruited advisors with $156 million in trailing production and nearly $23 billion in assets in its fiscal third quarter ended June 30, 2026. Ameriprise was reported in April 2025 to be willing to pay up to 125% of trailing revenue for top Commonwealth producers. [2] [7]

## Questions

**Which pays advisors more, Raymond James or Ameriprise?** We can't compare them directly. Raymond James's AdvisorChoice brochure lists an 81% to 90% payout for RJFS independent contractors, with net payout depending on branch expenses. Ameriprise says franchisees receive a higher payout than its employees, but the sources we reviewed don't give a rate.

**Is Raymond James bigger than Ameriprise?** By client assets, yes: $1.86 trillion in Raymond James Private Client Group assets under administration versus $1.2 trillion in Ameriprise total client assets, both at June 30, 2026. Ameriprise reported more than 10,000 advisors at June 30, 2026, and Raymond James 9,076 at March 31, 2026.

**Is an Ameriprise franchisee independent?** Ameriprise franchisees are independent contractors, but they use the Ameriprise brand and pay a franchise association fee and other fees for support and brand rights. Raymond James's RJFS independents run their own businesses and pay their own overhead.

Sources:
[1] 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/)
[2] 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)
[3] Ameriprise Financial: Ameriprise Financial Reports Second Quarter 2026 Results (https://ir.ameriprise.com/news/news-details/2026/Ameriprise-Financial-Announces-Second-Quarter-2026-Results/default.aspx)
[4] Ameriprise Financial: Form 10-K for the fiscal year ended December 31, 2025 (https://www.sec.gov/Archives/edgar/data/820027/000082002726000011/amp-20251231.htm)
[5] 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)
[6] MarketBeat: Ameriprise Financial Q2 Earnings Call Highlights (https://www.marketbeat.com/instant-alerts/ameriprise-financial-q2-earnings-call-highlights-2026-07-23/)
[7] InvestmentNews: Details emerge of Ameriprise's offer to Commonwealth advisors (https://www.investmentnews.com/independent-broker-dealers/details-emerge-on-ameriprises-offer-to-commonwealth-advisors/260213)