# Raymond James vs. Stifel: Two public regional firms compared

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

Raymond James is the larger firm, with 9,076 advisors as of March 31, 2026, and $1.92 trillion in firmwide client assets under administration at June 30, 2026, compared with more than 2,350 advisors and $580.1 billion in total client assets at Stifel. Both are publicly traded, but Stifel now runs only an employee model after selling its independent unit to Equitable in February 2026, while Raymond James keeps employee, independent contractor, bank and RIA custody channels. Stifel's most recent reported grid, from 2024, paid about 25% below a $15,000 monthly threshold and 50% above it.

## Key differences

- Size: Raymond James reported 9,076 advisors at March 31, 2026, and $1.92 trillion in firmwide client assets under administration at June 30, 2026. Stifel reported more than 2,350 advisors as of April 2026 and $580.1 billion in total client assets at June 30, 2026. [1] [2] [3] [4]
- Ownership: Both are public, Raymond James (NYSE: RJF) and Stifel (NYSE: SF). [2] [5]
- Affiliation models: Stifel completed the sale of Stifel Independent Advisors to Equitable on Feb. 2, 2026, leaving only its employee model. Raymond James offers employee, RJFS independent contractor, bank and credit union and RIA custody channels. [4] [6] [7] [8]
- Payout: For 2024, Stifel raised its grid's monthly production threshold to $15,000 from $12,000, with advisors keeping about 25% below and 50% above it, Financial Planning reported. Raymond James's AdvisorChoice brochure lists 81% to 90% for RJFS independent contractors, who pay their own overhead. [9] [7]
- Recruiting: Raymond James recruited advisors with $156 million in trailing production and nearly $23 billion in client assets in its fiscal third quarter ended June 30, 2026. [2]

## Questions

**Is Raymond James bigger than Stifel?** Yes. Raymond James reported 9,076 advisors at March 31, 2026, and $1.92 trillion in firmwide client assets under administration at June 30, 2026. Stifel reported more than 2,350 advisors and $580.1 billion in total client assets.

**Does Stifel still have independent advisors?** No. Stifel sold Stifel Independent Advisors to Equitable in a deal completed Feb. 2, 2026, and its Private Client Group now consists of employee advisors. Raymond James still runs an independent contractor channel, RJFS.

**Which pays advisors more, Raymond James or Stifel?** The available figures cover different models and years. Stifel's 2024 grid paid employee advisors about 25% below a $15,000 monthly threshold and 50% above it, per Financial Planning. Raymond James's brochure lists 81% to 90% for independent contractors, who pay their own overhead. Raymond James's employee grid isn't in our profile.

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] Stifel Financial: Stifel Financial Corp. Form DEF 14A (2026 proxy statement) (https://www.sec.gov/Archives/edgar/data/0000720672/000119312526191643/d939496ddef14a.htm)
[4] Stifel Financial: Stifel Reports Second Quarter 2026 Results (https://www.sec.gov/Archives/edgar/data/0000720672/000119312526311288/d137168dex991.htm)
[5] Equitable: Equitable Announces Acquisition of Stifel Independent Advisors (https://www.nasdaq.com/press-release/equitable-announces-acquisition-stifel-independent-advisors-2025-10-27)
[6] Stifel Financial: Stifel Financial Corp. Form 10-Q for the quarter ended June 30, 2026 (https://www.sec.gov/Archives/edgar/data/0000720672/000119312526333953/sf-20260630.htm)
[7] 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)
[8] Diamond Consultants: Raymond James introduces channel No. 4, a user-friendly RIA model after its three current channels - IBD, RIA and captive - make negligible net recruiting advances (https://www.diamond-consultants.com/raymond-james-introduces-channel-no-4-a-user-friendly-ria-model-after-its-three-current-channels-ibd-ria-and-captive-make-negligible-net-recruiting-advances/)
[9] Financial Planning: What to expect in advisor pay in 2024 (https://www.financial-planning.com/news/what-to-expect-in-financial-advisor-pay-in-2024)