LPL Finalizes Acquisition of Commonwealth Financial Network
LPL Financial Holdings Inc. has completed the acquisition of Commonwealth Financial Network. The deal brings Commonwealth’s network of approximately 3,000 advisers and $305 billion in managed assets under the LPL umbrella.
As previously reported by AltsWire, LPL’s definitive agreement to acquire Commonwealth – the largest independently owned wealth management firm in the United States – for approximately $2.7 billion in cash was completed on schedule.
According to LPL Financial’s Rich Steinmeier, chief executive officer, the acquisition was a natural fit. “Adviser success is woven into every aspect of the Commonwealth business, and we’re proud to welcome an incredible community of advisers and the talented team at Commonwealth,” he said.
Steinmeier highlighted Commonwealth’s long-standing culture of premium service, which he says will be a key component of the new partnership. “With Commonwealth joining LPL, we’re creating the best-in-class firm for financial advisers through customized experiences and a breadth of wealth management solutions that enable advisers to achieve sustainable success,” he added.
Commonwealth CEO Wayne Bloom will continue to lead the firm while also joining LPL’s management committee as a managing director. According to LPL, Bloom and his management team will remain responsible for maintaining Commonwealth’s award-winning adviser experience; the acquisition comes on the heels of Commonwealth being ranked No. 1 in “independent adviser satisfaction” by J.D. Power for the 12th consecutive year.
Bloom expressed confidence in the new partnership, stating, “This partnership is rooted in our shared commitment to provide advisers and their clients with the highest standard of service to foster their continued success.” He noted that Commonwealth advisers will now benefit from LPL’s advanced technology and expanded wealth management solutions, all while the Commonwealth brand and service experience are preserved.
LPL said it remains on track to achieve its 90% retention target, despite Cetera Wealth Management and other firms’ aggressive courtship of Commonwealth advisers this year.
All the while since the acquisition announcement, Commonwealth continued to add firms to its network of independent advisers, first with Rochester, N.Y.-based Angelo Planning Group, an ex-Osaic team with reportedly more than $1.5 billion in client assets; and then with Phoenix-based Patrick Funke & Associates with reportedly $430 million in client assets. Both teams joined from Osaic.
According to LPL, Commonwealth will operate as a wholly-owned portfolio company through the onboarding of Commonwealth advisers to LPL’s platform, which is expected to be completed in the fourth quarter of 2026.
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