LPL Financial completes acquisition of Commonwealth Financial Network

LPL Financial Holdings Inc. (NASDAQ: LPLA) announced it has completed its acquisition of Commonwealth Financial Network, a wealth management firm supporting approximately 3,000 advisors managing $305 billion in assets.

Commonwealth Chief Executive Officer Wayne Bloom will join LPL's management committee as a managing director while retaining his role as Commonwealth's CEO. Bloom and the Commonwealth management team will continue to lead the firm and maintain its advisor experience.

Commonwealth will operate as a wholly-owned portfolio company through the onboarding of Commonwealth advisors to LPL's platform, which is expected to be completed in the fourth quarter of 2026. LPL stated it remains on track to achieve its 90% retention target.

"This partnership is rooted in our shared commitment to provide Advisors and their clients with the highest standard of service to foster their continued success," Bloom said. Commonwealth will retain its brand while gaining access to LPL's technology and wealth management portfolio.

In July, Commonwealth was ranked number one in Independent Advisor Satisfaction Among Financial Investment Firms by J.D. Power for the 12th consecutive year. The firm was founded in 1979 and has headquarters in Waltham, Massachusetts and San Diego, California.

LPL Financial announced the acquisition on March 31, 2025. The company supports over 29,000 financial advisors and approximately 1,100 financial institutions, servicing approximately $1.9 trillion in brokerage and advisory assets.

Morgan Stanley served as exclusive financial advisor to LPL, while Goldman Sachs advised Commonwealth on the transaction.

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