Cetera President Makes Direct Play for Commonwealth Advisers Amid LPL Acquisition

With the recent announcement that LPL Financial Holdings is acquiring Commonwealth Financial Network for roughly $2.7 billion in cash, approximately 2,900 financial advisers from the Commonwealth network are expected to be added to LPL’s platform. Nonetheless and as expected, other wealth managers are courting the “not exactly single, but it’s complicated” Commonwealth community.

Today, the president of Cetera Wealth Management, Todd Mackay, shared his relationship pitch with Commonwealth advisers in an open letter, i.e., à la recruitment tool.

“As you ponder what LPL’s acquisition of Commonwealth means for you and your clients, I want to personally share why in my heart I believe Cetera can be the best home for you and your team,” said Mackay to the Commonwealth team.

Cetera Wealth Management is an independent retail firm within Cetera Financial Group.

For Commonwealth advisers who might be leery of LPL’s purchase, Mackay praised Cetera’s independent and community-driven environment, reminding readers about his own early days leading Avantax, which he said was known for its advisor-first approach and purposely maintained after Cetera purchased Avantax in November 2023.

Mackay described the “Cetera Advantage” across five major themes:

• Independence without isolation: Cetera said it champions independence, as Commonwealth did. MacKay said: “We are here to provide unwavering support of your unique approach.”
• A community with thriving culture and collaboration: Although it has the conveniences of scale, Cetera touted its community-centered model where each of its communities has dedicated home office support teams so it can “make the big feel small.” Cetera said its teams are built to serve any type of practice: stand-alone, sharing space with other advisers, a financial institution, tax-centric advisers, large enterprise offices of supervisory jurisdiction, or OSJs, and ensemble firms.
• A seamless transition and ongoing support: Cetera said its concierge-level onboarding team ensures smooth transitions for onboarding practices so advisers can focus on client satisfaction. Cetera also emphasized its continual personalized service.
• Growth resources: Mackay said Cetera delivers the right solutions to the right advisers at the right time through consultative business planning and advanced adviser diagnostics to meet goals, professional and personal.
• Your business. Your choice: “My first question to advisers considering joining us is, ‘What can I do to help?’” said Mackay. “Let me know what is most important to you, your team and your clients and we will make sure we align ourselves to that.”

The LPL-Commonwealth transaction is expected to close in the second half of 2025, with full integration anticipated by mid-2026, pending regulatory approvals and customary closing conditions.

Last month, the Bank of Hawai’I entered into a networking agreement with Cetera Financial Institutions to provide broker-dealer services for its investment services and insurance provider: Bankoh Investment Services Inc., or BISI. The transaction is expected to be finalized later this year, at which time BISI will rebrand as Bankoh Advisors. At the time of reporting, BISI had $2.5 billion in assets under administration.

Also last month, Cetera Investment Management – a U.S. Securities and Exchange Commission-registered investment adviser that provides market research, portfolio guidance and investment strategy to financial professionals affiliated with Cetera Financial Group – published its second quarter 2025 report, Steering Through Uncertainty, which advised investors to stay diversified amid a shifting, mixed macroeconomic picture.

Click here to visit the AltsWire directory page.