LPL financial vs. Raymond James: which is better for financial advice?
Discover the key differences between LPL Financial and Raymond James, including their advisor-led services, models, fee structures, and client experiences, which differ significantly.
LPL financial vs. Raymond James: Overview
| Feature | LPL Financial | Raymond James |
|---|---|---|
| Feature | LPL Financial | Raymond James |
| Services offered | Independent advisor access, customizable planning, broad investment tools | Full-service financial planning, banking, insurance, investment management |
| Assets under management (AUM) | $1.0–1.8 trillion | $1.09 trillion |
| Advisor type | Independent advisors | In-house advisors with local branch network |
| Fee range | 0.53%–1.35% | 1.25%–2.25% (plus hourly/flat fees for planning) |
| Minimum account sizes | $1,000–$250,000 (varies by program) | $5,000 for managed accounts; no minimum for planning |
LPL Financial vs. Raymond James: Financial advisor services offered
LPL Financial and Raymond James both offer robust advisory services, but their delivery models and product access differ.
LPL Financial: Empowers independent advisors with flexible tools and no proprietary product requirements. Ideal for those wanting personalized, advisor-driven planning.
Advisors run their own practices under LPL’s platform
No in-house investment products, advice is product-neutral
Services range from entry-level portfolios to high-net-worth planning
Strong support for localized, long-term client relationships
Raymond James: Operates as a full-service firm with in-house advisors and bundled financial solutions. Ideal for clients seeking comprehensive wealth, banking, and estate planning solutions.
Centralized model with firm-employed advisors
Broad offerings, including investment, banking, lending, and insurance
Proprietary portfolios and firm-driven strategies
Suitable for clients with complex, multi-service financial needs
Overall, LPL offers more advisor flexibility and open product access, while Raymond James delivers an integrated, full-service experience under one roof.
LPL Financial vs. Raymond James: Fees and pricing structure
Both LPL Financial and Raymond James offer tiered advisory fees based on account size, but their pricing models and overall costs differ significantly.
LPL Financial combines an advisor fees with a program fees, resulting in lower overall costs, especially as assets grow. This structure offers flexibility and competitive pricing for both new and high-net-worth investors.
Raymond James, on the other hand, charges higher wrap fees, up to 2.25%, for managed portfolios. While its full-service model includes planning, banking, and investment management, it tends to be more expensive overall. Clients may also face additional charges, including hourly planning fees and account maintenance costs.
The table below outlines key fee breakdowns:
| Account value | LPL Financial (advisor + program fee) | Raymond James (wrap fee) |
|---|---|---|
| Account value | LPL Financial (advisor + program fee) | Raymond James (wrap fee) |
| $10,000 – $99,999 | 1.00% + 0.35% = 1.35% | 2.25% |
| $100,000 – $249,999 | 0.95% + 0.25% = 1.20% | 2.25% |
| $250,000 – $499,999 | 0.90% + 0.25% = 1.15% | 2.25% |
| $500,000 – $749,999 | 0.85% + 0.23% = 1.08% | 2.25% |
| $750,000 – $1.24M | 0.80% + 0.18% = 0.98% | 2.25% |
| $1.25M – $4.99M | 0.65% + 0.16% = 0.81% | 2.00% |
| $5M – $9.99M | 0.50% + 0.13% = 0.63% | 1.50% |
| $10M+ | 0.45% + 0.08% = 0.53% | 1.25% |
Note: Raymond James also applies additional maintenance fees, transaction charges, and hourly planning fees outside managed accounts.
LPL financial vs. Raymond James: Minimum account sizes
LPL Financial offers greater flexibility for entry-level investors, while Raymond James has a broader range of programs catering to both mass affluent and ultra-high-net-worth clients.
| Service | LPL Financial | Raymond James |
|---|---|---|
| Service | LPL Financial | Raymond James |
| Entry-level portfolios | $1,000 (Optimum Market Portfolios) | $5,000 (low-minimum advisory programs) |
| Personalized/managed portfolios | $250,000 (Personal Wealth Portfolios) | $25,000–$2M (standard advisory services) |
| Private wealth division | N/A | $1M net worth (Nautilus) |
| Ultra-high-net-worth services | N/A | $50M AUM (Investment Advisory Division) |
LPL Financial vs. Raymond James: Pros and cons
Both firms offer strong planning services.
LPL excels in advisor flexibility and lower fees, while Raymond James delivers bundled, full-service support at a higher cost.
Here’s a quick breakdown of what each firm does well, and where they may fall short:
Pros of LPL Financial
Independent advisors with the flexibility to tailor investments.
Wide range of investment and financial planning services.
No proprietary products — unbiased advice model.
Advisors have access to strong research and compliance tools.
Strong client portal and mobile access for account monitoring.
Cons of LPL Financial
No standardized pricing — fees vary between advisors.
Some advisors may have limited experience or small teams.
Not ideal for DIY investors or those seeking robo-advisory services.
Client experience may differ significantly based on location.
Pros of Raymond James:
Strong reputation with decades of experience
Custom investment strategies tailored to client goals
High level of advisor independence and autonomy
Deep bench of services for high-net-worth clients
Full banking services under one roof
Cons of Raymond James:
Fees can be higher than discount brokerages
Investment minimums may exclude smaller investors
Advisor experience varies by office
Technology tools slightly lag behind robo-focused platforms
LPL Financial vs. Raymond James: Technology & security
Both firms prioritize digital access and data protection, though their tech experiences differ based on setup and infrastructure.
Raymond James has invested heavily in its Client Access portal, which enables users to perform various functions, including secure communication with their advisor and reviewing their performance. It is also a member of FINRA and SIPC.
LPL Financial uses encrypted portals and mobile access but relies on the advisor's setup for client experience. It's a member of FINRA and SIPC.
LPL Financial vs. Raymond James: Customer service
Client service quality varies more at LPL due to its independent model, while Raymond James offers a more standardized in-branch
Raymond James' customer service model, as reflected in client feedback, highlights a few challenges related to customer service and fund transfers, although some users note successful resolutions after follow-up.
LPL Financial's service quality depends heavily on the individual advisor. Some clients appreciate strong, personal service, while others report mixed results due to the decentralized model.
LPL Financial vs. Raymond James: Which is better?
Choose LPL Financial if you want flexibility through independent advisors and are comfortable navigating variable service quality and pricing.
Choose Raymond James if you prefer a full-service firm with in-house support, bundled financial services, and structured advisory programs.
Still unsure? Let Unbiased help you find the right financial advisor for your goals.
FAQs about LPL Financial vs. Raymond James
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:
Is Raymond James a fiduciary?
Yes, Raymond James advisors act as fiduciaries when managing advisory accounts. Always confirm your advisor’s specific duties.
Is Raymond James better than Merrill Lynch?
Both are reputable. Raymond James is more flexible for independent advisors, while Merrill Lynch offers broader tech and banking integration with Bank of America.
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