LPL Financial Buying Commonwealth Financial Network

LPL Financial Holdings Inc. Monday announced it is purchasing broker/dealer Commonwealth Financial Network for $2.7 billion.

The news comes after rumors of the pending deal grew louder over the last week. It is expected that Commonwealth’s approximately 2,900 advisers and their $285 billion in assets will migrate to the LPL platform mid-2026. The Commonwealth advisers will join the nearly 29,000 LPL advisers.  

Following the closing, LPL said it will evaluate opportunities to bring the Commonwealth adviser experience into the broader LPL ecosystem, including the review of key capabilities at Commonwealth that have been developed in partnership with Advisor360°.

“Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their advisers is embedded in all aspects of their business,” said Rich Steinmeier, LPL’s CEO, in a statement. “A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all advisers across the LPL network.”

LPL said it signed the deal Friday, March 28, and anticipates closing in the second half of 2025, subject to regulatory approvals. The deal will be financed through a combination of corporate cash, debt and equity. The conversion to the LPL platform is expected to be completed in mid-2026, subject to the receipt of regulatory approvals and other conditions, LPL said. 

“As we’ve grown our business over the past 46 years, Commonwealth has placed a premium on delivering the industry’s highest standards of service. We’ve been diligent in finding a partner that shares our mission of prioritizing Advisor needs above all else. LPL became the logical choice for our next chapter,” said Joseph Deitch, Commonwealth founder, who will assume an advisory role to LPL’s Board of Directors through the conversion. “We are confident that LPL’s shared commitment to adviser centricity, advocacy for adviser independence, highly experienced team and value-added offerings will serve our advisers extraordinarily well for the long-term.”

Commonwealth CEO Wayne Bloom will join LPL’s Management Committee and report to LPL’s CEO Steinmeier, and will continue to lead the Commonwealth community and the adviser experience.

Bloom will also partner with the LPL leadership team to launch LPL’s Office of Advisor Advocacy, the companies said. This office will “leverage Commonwealth’s differentiated service model and elevate the experience for all LPL advisers.”

LPL presented more information on a call Monday morning and an overview of the transaction in an investor presentation.

The deal comes nearly six months after LPL ousted former CEO Dan Arnold for violating “respectful workplace” rules and Steinmeier, LPL’s former chief growth officer, became the firm’s CEO. The leadership change came the same week that LPL announced the closure of its deal to acquire Atria Wealth Management Solutions Inc., a $100 billion brokerage and advisory business.