Charles Schwab, on the other hand, delivers in-house and hybrid advisory services backed by strong tech and over $7 trillion in assets under management (AUM).
| Feature | LPL Financial | Charles Schwab |
|---|---|---|
| Services offered | Independent financial planning, investment management, research support | In-house fiduciary advisory, hybrid robo-human advice |
| Assets under management (AUM) | $1 trillion | $7.13 trillion |
| Advisor type | Independent advisors | In-house and hybrid advisors |
| Fee range | 0.53%–1.35% | 0.30%–0.80% |
| Minimum account sizes | $1,000–$250,000 (varies by program) | $25,000–$500,000 (depending on service) |
The key difference is that LPL offers independent advisors with flexible pricing, while Schwab provides in-house guidance with transparent fees and institutional tech support.
LPL financial vs. Charles Schwab: Financial advisor services
Charles Schwab offers two core advisor services:
- Schwab Wealth Advisory (SWA): For high-net-worth individuals ($500,000+), this service provides personalized wealth management from a dedicated fiduciary team.
- Schwab Intelligent Portfolios Premium: A hybrid robo-advisor plus human guidance for investors starting from $25,000, including unlimited access to CFP® professionals.
LPL Financial supports a network of over 29,000 independent advisors. These advisors deliver customized financial advice backed by LPL’s research and tools but operate as independent businesses. The services they offer include:
- Optimum Market Portfolios (OMP): Minimum investment $1,000
- Personal Wealth Portfolios: Minimum investment $250,000
- General planning services: No account minimum
LPL Financial vs. Charles Schwab: Fees
Charles Schwab employs a transparent, tiered fee structure starting at 0.80%, making it ideal for high-net-worth investors seeking in-house fiduciary support.
LPL Financial’s fees vary by advisor and program, making it a good fit for those wanting flexible, personalized guidance through independent advisors.
The table below outlines how fees compare across different account sizes:
| Account value | LPL Financial | Schwab Wealth Advisory |
|---|---|---|
| $10,000 - $99,999 | 1.35% | N/A |
| $100,000 - $249,999 | 1.20% | N/A |
| $250,000 - $499,999 | 1.15% | N/A |
| $500,000 - $999,999 | 1.08% | 0.80% |
| $1M - $2M | 0.98% - 0.75% | 0.75% |
| $2M - $5M | ~0.81% - 0.70% | 0.70% |
| $5M+ | Down to 0.53% | Down to 0.30% |
Note: Schwab Wealth Advisory charges tiered asset-based fees starting at 0.80% and decreasing with higher asset levels. LPL’s fees include advisor and program fees and vary by advisor.
LPL Financial vs. Charles Schwab: Minimum account sizes
Both firms offer tiered services with different minimum investment thresholds, ranging from just $1,000 with LPL to $500,000 with Schwab.
The table below breaks them down by service type:
| Service | Minimum investment | Human advisor | Service type |
|---|---|---|---|
| Schwab Intelligent Portfolios Premium | $25,000 | ✅ Yes | Hybrid (robo + CFP® support) |
| Schwab Wealth Advisory | $500,000 | ✅ Yes | In-house fiduciary team |
| LPL Optimum Market Portfolios | $1,000 | ✅ Yes | Independent advisor platform |
| LPL Personal Wealth Portfolios | $250,000 | ✅ Yes | Independent advisor platform |
| LPL General Planning Services | No minimum | ✅ Yes | Independent advisor platform |
LPL Financial vs. Charles Schwab: Pros and cons
Each firm has distinct advantages depending on your wealth level, desired personalization, and service expectations.
Here's a breakdown of the pros and cons.
Pros of Charles Schwab:
- Dedicated fiduciary teams (SWA)
- Transparent, tiered fee structure
- Strong digital platforms and security
- 24/7 customer service
Cons of Charles Schwab:
- High minimum for SWA ($500,000)
- Portfolios built primarily from Schwab products
Pros of LPL Financial:
- Independent advisors offer flexible, unbiased advice
- Wide range of investment services
- No proprietary products
- Lower minimums for entry-level investors
Cons of LPL Financial:
- Fees vary by advisor, lack of standardization
- Inconsistent client experience across advisors
- No in-house robo-advisory service
LPL Financial vs. Charles Schwab: Technology & security
Charles Schwab excels in technology with a modern mobile app, desktop interface, and research tools. Its platform offers 128-bit encryption, two-factor authentication, and voice recognition.
LPL Financial uses encrypted portals and mobile access but relies on the advisor's setup for client experience. It's regulated by FINRA and SIPC.
LPL Financial vs. Charles Schwab: Customer service
Charles Schwab provides 24/7 customer support and a consistent service experience across its advisor programs.
LPL Financial's service quality depends heavily on the individual advisor. Some clients enjoy strong, personal service, while others report mixed results due to the decentralized model.
LPL Financial vs. Charles Schwab: Which is better?
Charles Schwab suits those who want strong tech, transparent pricing, and access to in-house fiduciary advisors or CFP-backed robo-advice.
LPL Financial is suitable for those who want to work with an independent advisor and value flexible, personalized advice without being tied to a firm's investment products.
Still unsure? Let Unbiased help you find the right financial advisor for your goals.
FAQs about
What are the top alternatives to LPL Financial?
Top alternatives to LPL include:
- Edward Jones: For local, in-person advisor relationships
- Raymond James: For full-service, advisor-led wealth management
- Ameriprise Financial: Combines personalized financial planning with a wide range of investment options and insurance solutions.
- Vanguard: For low-cost, index-based investing with optional advisor support. Read more about LPL Financial vs Vanguard Personal Advisor.
Is my money safe with LPL Financial?
Yes. LPL Financial is a member of FINRA and SIPC, which protects client securities up to $500,000 (including $250,000 for cash claims).
How does LPL Financial compare to other financial advisory companies?
We’ve compared LPL Financial with other financial advisor companies. Find out more here: