LPL Reportedly Pursuing Acquisition of Commonwealth Financial Network

LPL Financial, the largest independent broker-dealer in the United States, has reportedly held discussions to acquire Commonwealth Financial Network, according to sources cited today by Citywire.

The potential deal would bring together two significant players in the independent wealth management space. Commonwealth, based in Waltham, Mass., oversees approximately $344 billion in assets and works with roughly 2,345 affiliated advisers.

Founded in 1979 by Joseph Deitch – who remains chairman – Commonwealth is owned by 12 active partners and three emeritus partners. Wayne Bloom has served as chief executive officer since 2009.

Sources told Citywire that it remains unclear whether the talks have resulted in a finalized transaction. In January 2025, Commonwealth retained Goldman Sachs to explore a possible sale of a minority stake in the firm.

Neither LPL, Commonwealth, nor Goldman Sachs have commented on the rumored transaction talks.

If finalized, the deal would mark another milestone in LPL’s measured mergers and acquisitions activity. The San Diego-based firm – now led by CEO Rich Steinmeier, who took over following the October 2024 termination of longtime CEO Dan Arnold – manages approximately $1.8 trillion in advisory and brokerage assets and supports a network of nearly 29,000 advisers.

LPL’s approach to acquisitions has historically favored larger, strategic transactions. In October 2024, the firm completed its acquisition of Atria Wealth Solutions – a broker-dealer with $100 billion in assets – for $805 million in upfront consideration, with up to $230 million in additional earnouts tied to adviser retention. LPL also completed its acquisition of Waddell & Reed’s $63 billion wealth unit in 2021 for $300 million.

Earlier this month, LPL filed a shelf registration with the SEC to raise up to $4 billion over the next three years, stating the funds could be used for working capital, acquisitions, and debt repayment.

If consummated, the acquisition of Commonwealth would further consolidate the independent advisory space, where many major firms – such as Cetera Financial Group and Osaic – are now backed by private equity or publicly traded entities.

Stay tuned to AltsWire for updates as this story develops.

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