Firms compared · Updated October 10, 2026
RBC vs. Raymond James: Employee brokerage vs. multichannel model
The short answer
Raymond James is the bigger U.S. advisor force, with 9,076 advisors as of March 31, 2026, compared with more than 2,200 at RBC Wealth Management-U.S. as of April 2026. RBC's U.S. business is an employee-advisor brokerage owned by Royal Bank of Canada, while Raymond James offers employee, independent contractor and bank channels. Both serve outside firms too: RBC through RBC Clearing & Custody for independent broker-dealers and RIAs, and Raymond James through its RIA & Custody Services channel. RBC's profile doesn't include payout or deal figures; Raymond James lists an 81% to 90% payout for its independent contractors.
Regional & bank
- Financial advisors (U.S.) · Apr 2026
- more than 2,2001
- U.S. branches · Jun 2026
- 1962
- Wealth Management assets under administration (all RBC wealth businesses worldwide, not U.S.-only) · Jul 2026
- C$5.84 trillion5
- Parent company
- Royal Bank of Canada5
- Ownership
- Public (NYSE and TSX: RY), via parent Royal Bank of Canada5
- U.S. footprint
- 196 offices in 43 states (June 2026)2
How advisors affiliate
- Employee advisor
- Clearing and custody for independents (RBC Clearing & Custody)
Full RBC profile and news →Regional & bank
- Financial advisors · Mar 2026
- 9,0763
- Private Client Group assets under administration · Jun 2026
- $1.86 trillion4
- Total client assets under administration (firmwide) · Jun 2026
- $1.92 trillion4
- Headquarters
- St. Petersburg, Fla.4
- Ownership
- Public (NYSE: RJF)4
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: RBC Wealth Management-U.S. had more than 2,200 advisors as of April 30, 2026, and 196 U.S. branches as of June 2026. Raymond James reported 9,076 advisors at March 31, 2026, and $1.86 trillion in Private Client Group assets under administration at June 30, 2026.1,2,3,4
- Ownership: RBC Wealth Management-U.S. is part of Royal Bank of Canada (NYSE and TSX: RY). Raymond James is a U.S. public company (NYSE: RJF) based in St. Petersburg, Fla.4,5
- Affiliation models: RBC's U.S. advisors are W-2 employees in its branch network. Raymond James offers an employee channel plus RJFS independent contractors and a bank and credit union channel.1,6
- Services for independents: RBC Clearing & Custody, renamed from RBC Correspondent and Advisor Services in December 2020, provides clearing and custody to independent broker-dealers and RIAs. Raymond James's RIA & Custody Services lets RIAs custody there without joining its broker-dealer.7,8
- Payout: Raymond James's AdvisorChoice brochure, as posted in October 2026, lists an 81% to 90% payout for RJFS independent contractors. RBC's profile doesn't include a published grid.6
Is RBC bigger than Raymond James?
In U.S. advisors, no. Raymond James reported 9,076 advisors at March 31, 2026; RBC Wealth Management-U.S. reported more than 2,200 as of April 2026. RBC's C$5.84 trillion in wealth assets under administration, as of July 31, 2026, covers all of its wealth businesses worldwide, so it isn't comparable to Raymond James's U.S.-focused figures.
Can I go independent at RBC?
RBC Wealth Management-U.S. advisors are employees. Independent firms can use RBC Clearing & Custody for clearing and custody, but that's a service relationship rather than affiliation as an RBC advisor. Raymond James offers an independent contractor channel, RJFS.
Which pays advisors more, RBC or Raymond James?
Our RBC profile doesn't include a published payout grid, so we can't compare. Raymond James lists 81% to 90% for RJFS independent contractors, with net payout depending on branch expenses.
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.