# RBC vs. Raymond James: Employee brokerage vs. multichannel model

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

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.

## 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. [5] [4]
- 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]

## Questions

**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.

Sources:
[1] RBC Wealth Management: About RBC Wealth Management (https://docs.rbcwealthmanagement.com/us/0147-about-rbc-wealth-management.pdf)
[2] RBC Wealth Management: RBC Wealth Management congratulates advisors named to the 2026 AdvisorHub Advisors to Watch list (https://www.rbcwealthmanagement.com/en-us/?p=27259)
[3] 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/)
[4] 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)
[5] Royal Bank of Canada: Third Quarter 2026 Results (https://www.rbc.com/investor-relations/_assets-custom/pdf/2026q3_report.pdf)
[6] 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)
[7] RBC Wealth Management: RBC Correspondent and Advisor Services announces corporate name change to RBC Clearing & Custody (https://www.rbcwealthmanagement.com/en-us/newsroom/2020-12-07/rbc-correspondent-and-advisor-services-announces-corporate-name-change-to-rbc-clearing-custody)
[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/)