Financial Planning reported that LPL Financial no longer expects to reach its goal of retaining 90% of the client assets Commonwealth Financial Network had at the time of its acquisition. LPL executives nonetheless said the transaction has been performing well in most other respects.
The revised figure of about 83% was given by CEO Rich Steinmeier on an analyst call after third-quarter 2026 earnings, according to AdvisorHub's coverage. The number has been reported from that call rather than from a formal filing or press release. CFO Matt Audette said some advisors who had signed agreements to stay later changed their minds. Steinmeier said softer markets nearly cancelled out organic growth in total client assets over the quarter, and noted that rival firms' transition-assistance rates stayed elevated, according to a transcript of the call published by Motley Fool.
LPL announced the acquisition on 31 March 2025, when Commonwealth had about 2,900 advisors and about $285 billion in brokerage and advisory assets, according to LPL's announcement. LPL's SEC filings put the purchase price at about $2.7 billion in cash. The deal closed on 1 August 2025, when LPL said Commonwealth supported about 3,000 advisors managing $305 billion in assets. Audette described the purchase as about 8 times EBITDA, a multiple rather than a price or revenue figure, as Financial Planning reported. LPL expects Commonwealth run-rate EBITDA of $415 million, according to the earnings call transcript.
Citizens JMP analyst Devin Ryan estimated, as Financial Planning reported, that Commonwealth's assets have grown to about $340 billion. At 83% retention, that would imply roughly $282 billion retained, about 1% below the roughly $285 billion assumed when the deal was announced. Ryan said market appreciation largely offset the lower retention rate.
The retention outlook has moved over the past year. LPL's pre-close updates said it had signed agreements with advisors representing nearly 80% of Commonwealth assets while keeping its 90% target, according to New Jersey Financial News. In October 2025, LPL said $275 billion in assets had moved over in the third quarter and that it still expected to reach 90%, according to Wealth Management. Earlier coverage noted that LPL's first-quarter 2026 update described retention as in the mid-80s and still tracking toward its goal, as InvestmentNews reported.
LPL Financial is Nasdaq-listed under the ticker LPLA, was founded in 1989 and is headquartered in San Diego, according to Wikipedia. The firm ended the third quarter of 2026 with 32,128 advisors, up a net 2,775 from the prior quarter, according to Financial Planning. Financial Planning also reported that it is unclear how many of those additions came from Commonwealth. Commonwealth was founded in 1979 by Joe Deitch and is headquartered in Waltham, Massachusetts, according to LPL's SEC filings. It was privately held. Under the deal structure described in those filings, Commonwealth will operate as a wholly owned portfolio company until it is onboarded to LPL's platform, which is expected in the fourth quarter of 2026.
Next, LPL expects the Commonwealth conversion to take place in mid-November 2026, according to AdvisorHub. The company's SEC filings continue to describe the advisor and asset transfer as expected in the fourth quarter of 2026. Whether the retention rate moves further before then will be visible in the next quarterly update.