# Raymond James vs. Wells Fargo: Comparing employee and independent channels

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

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.

## 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]

## Questions

**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.

Sources:
[1] 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)
[2] 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/)
[3] Wells Fargo & Co.: Form 10-Q for the quarter ended June 30, 2026 (https://www.sec.gov/Archives/edgar/data/0000072971/000007297126000302/wfc-20260630.htm)
[4] 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)
[5] American Banker: How Wells Fargo keeps advisors by letting them go independent (https://www.americanbanker.com/news/how-wells-fargo-keeps-advisors-by-letting-them-go-independent)
[6] InvestmentNews: Wells Fargo Advisors keeps pay plan steady for 2026, adds new incentives (https://www.investmentnews.com/wirehouses/wells-fargo-advisors-keeps-pay-plan-steady-for-2026-adds-new-incentives/262624)
[7] The Wealth Advisor: Wells Fargo Advisors Is Rolling Out A New 2026 Compensation Plan (https://www.thewealthadvisor.com/article/wells-fargo-advisors-rolling-out-new-2026-compensation-plan)
[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] WealthManagement.com: Wells to Add FiNet Advisors to RIA Channel in 2026 (https://www.wealthmanagement.com/ria-news/wells-to-add-finet-advisors-to-ria-channel-in-26-broaden-push-in-27)
[10] AdvisorHub: Wells Fargo's Broker Recruiting Deals Can Hit 400%, Sommers Says (https://www.advisorhub.com/wells-fargos-broker-recruiting-deals-can-hit-400-sommers-says/)