Firms compared · Updated October 10, 2026
Raymond James vs. Wells Fargo: Comparing employee and independent channels
The short answer
Raymond James and Wells Fargo both let advisors choose between employee and independent models. Raymond James reported $1.86 trillion in Private Client Group assets under administration at June 30, 2026, while Wells Fargo's wealth segment reported $2.4 trillion in client assets on that date. Wells Fargo's independent channel, FiNet, turned 25 in 2026; Raymond James's equivalent is RJFS, whose brochure lists an 81% to 90% payout. Wells Fargo's employee grid pays 50% above a $13,500 monthly hurdle for 2026, and its recruiting deals can reach 400% of trailing revenue, per a 2023 report.
Regional & bank
- Financial advisors · Mar 2026
- 9,0762
- Private Client Group assets under administration · Jun 2026
- $1.86 trillion1
- Total client assets under administration (firmwide) · Jun 2026
- $1.92 trillion1
- Headquarters
- St. Petersburg, Fla.1
- Ownership
- Public (NYSE: RJF)1
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 →Wirehouse
- Wealth & Investment Management client assets · Jun 2026
- $2.4 trillion3
- Advisory assets · Jun 2026
- $1.23 trillion13
- Net change in experienced wirehouse advisors, first half 2026 (Diamond Consultants) · Jun 2026
- +4614
- Parent company
- Wells Fargo & Co.3
- Ownership
- Public, through parent (NYSE: WFC)3
- Business segment
- Wealth & Investment Management3
How advisors affiliate
- Employee advisor (Private Client Group)
- Independent contractor (FiNet)
- RIA custody and services
- Bank branch channel (employee)
Full Wells Fargo profile and news →Key differences
- Size: Raymond James reported $1.86 trillion in Private Client Group assets under administration at June 30, 2026, and 9,076 advisors at March 31, 2026. Wells Fargo's Wealth & Investment Management segment reported $2.4 trillion in client assets at June 30, 2026.1,2,3
- Ownership: Raymond James is public (NYSE: RJF). Wells Fargo Advisors is part of Wells Fargo & Co. (NYSE: WFC).1,3
- Independent channels: RJFS independent contractors run their own businesses and pay their own overhead. Wells Fargo's FiNet lets advisors own their practices while using Wells Fargo's broker-dealer, custody and platform; more than 1,400 representatives moved there from its employee channels over four years.4,5
- Payout: Raymond James's AdvisorChoice brochure lists 81% to 90% for RJFS independent contractors. Wells Fargo's employee grid for 2026 pays 50% above a $13,500 monthly hurdle and 22% below it.4,6,7
- RIA options: Raymond James lets RIAs custody through RIA & Custody Services without joining its broker-dealer. Wells Fargo began moving some FiNet advisors to a fee-only RIA custodial platform in 2026, with a broader launch planned for 2027.8,9
- Recruiting: Raymond James recruited $156 million in trailing production in its fiscal third quarter ended June 30, 2026. Wells Fargo's deals can reach 400% of trailing revenue including deferred bonuses, per AdvisorHub in September 2023.1,10
Which pays advisors more, Raymond James or Wells Fargo?
The published figures cover different channels. Raymond James lists 81% to 90% for independent contractors, who pay their own overhead. Wells Fargo's figures are for employee advisors: 50% above a $13,500 monthly hurdle and 22% below it in 2026. Neither profile gives the other side's comparable channel rate.
Is Raymond James bigger than Wells Fargo Advisors?
By reported client assets, Wells Fargo's wealth segment is larger, at $2.4 trillion versus $1.86 trillion in Raymond James Private Client Group assets under administration, both at June 30, 2026. Raymond James reported 9,076 advisors; Wells Fargo doesn't disclose a headcount.
Do both firms offer an independent option?
Yes. Raymond James has RJFS, and Wells Fargo has FiNet, which marked its 25th anniversary in 2026.
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.