LPL Layoffs to Impact 152 Employees, Including From Recent Atria Acquisition

LPL Financial announced two distinct rounds of layoffs impacting a total of 152 employees, signaling a period of organizational restructuring. The cuts include 70 positions at LPL’s main San Diego offices, set to begin Aug. 22, and an additional 82 jobs at Atria Wealth Solutions, a firm that LPL acquired last year. The latter’s layoffs begin on July 4.

The wealth management company filed a worker adjustment and retraining notification, or WARN, act notice earlier this month detailing the upcoming eliminations. The affected roles at LPL are largely concentrated at senior and management levels, including 25 types of vice presidents and at least seven other manager titles. Other impacted job categories span marketing, engineering, and customer service.

In an emailed statement shared with The San Diego Union-Tribune, LPL indicated that the layoffs represent less than 2% of its overall firm. The company asserted that the decision followed “an extensive analysis” aimed at “simplifying and streamlining” how it operates. Despite the job cuts, LPL emphasized its continued growth and expansion in other areas, citing over 360 open roles currently available across its various U.S. locations, which include Austin and Boston in addition to its San Diego base.

Further, LPL announced its $2.7 billion definitive purchase agreement to acquire Commonwealth Financial Network – then, the largest independently owned wealth management firm in the United States – back in March.

The second wave of layoffs stems from LPL’s $805 million acquisition of Atria Wealth Solutions. Atria Wealth Solutions had previously filed its own WARN notice in May, outlining the 82 job losses at its Scripps Ranch office. These positions, being cut over a 90-day period starting on the Fourth of July, span various departments including accounting, marketing, compliance, and trading, with leadership and management roles also affected. Including these San Diego cuts, Atria is eliminating a total of 169 jobs across its offices, with additional layoffs occurring in Texas and New York.

LPL recently reported robust financial performance for the first quarter of 2025, with advisory and brokerage assets reaching $1.85 trillion by the end of May, a 3.7% increase from April. Net income for Q1 2025 was $319 million, up from $289 million in Q1 2024.

With the Commonwealth acquisition, AltsWire recently reported that LPL’s retention offer for Commonwealth advisers includes a bonus for attracting new client assets and an attractive option to affiliate directly with LPL’s corporate registered investment adviser for a higher payout.

Despite this growth, the company has navigated recent challenges. In January:

• LPL agreed to pay $18 million to settle charges by the U.S. Securities and Exchange Commission regarding violations of anti-money laundering policies; and
• LPL, as well as Wells Fargo Clearing Services, were each censured and fined $900,000 by the Financial Industry Regulatory Authority for submitting inaccurate trade data through thousands of “blue sheets,” an automated format used by FINRA, the U.S. Securities and Exchange Commission, and other regulators to investigate potential trading violations.

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