Participants March 31, 2025

SPARK Institute Announces Financial Literacy Initiatives

The advocacy group hopes to close the financial education gap and help young people learn ‘real-world’ financial skills.

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Recognizing that April is Financial Literacy Month the SPARK Institute announced several financial literacy initiatives it hopes will help close the financial education gap.

SPARK [the Society of Professional Asset Managers and Recordkeepers] is working closely with other organizations to support the inclusion of financial literacy in K-12 curriculum nationwide.

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“Our goal is to level the playing field by bringing structured, high-quality financial education into schools,” said Snezana Zlatar, co-chair of SPARK’s financial literacy committee, in a statement. “Financial literacy should not be a privilege passed down through wealth—it should be a fundamental part of every student’s education.”

In a recent study, “Financial and Retirement Literacy Among Students and Recent Hires,” conducted with Corporate Insight Inc., SPARK found that younger generations have low literacy aptitude rates. For example, most respondents did not demonstrate a basic understanding of inflation and did not correctly answer a question about the difference between a stock and a mutual fund.

Many of those surveyed also could not identify a 401(k) as a type of employer-sponsored retirement plan, including 42% of recent hires. Many also showed a lack of urgency to save for retirement, as, on average, respondents thought that 30 was the proper age to start saving.

The study also found that wealthier families tend to teach their children financial skills at home, whereas lower-income families frequently lack the confidence or resources to do the same. SPARK surveyed nearly 1,600 recent hires (ages 19 to 35), college students (ages 18 to 23) and high school students (ages 14 to 18) in the study.

SPARK’s financial literacy initiatives include:

  • Expanding financial education in schools by advocating for state-level legislation to mandate personal finance courses in grade schools and high schools;
  • Transforming learning models by collaborating with others to shift from passive financial literacy instruction to hands-on training that “builds confidence and intuition”;
  • Increasing workplace and community engagement by working with employers, policymakers and financial institutions to expand literacy programs beyond the classroom; and
  • Addressing misinformation by raising awareness about the risks of financial misinformation on social media and creating accessible, trustworthy resources for young people.

SPARK is encouraging financial services leaders, educators and policymakers to leverage financial literacy month as a time to advocate for widespread financial education, ensuing that “all students, not just those from wealthy families, are equipped to make informed financial decisions.”

Deals and People March 31, 2025

LPL Financial Buying Commonwealth Financial Network

LPL said it signed the deal March 28, and anticipates closing in the second half of 2025. 

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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.”

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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. 

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