Firms compared · Updated October 10, 2026
Commonwealth vs. LPL Financial: What the acquisition means for advisors
The short answer
Commonwealth Financial Network is no longer an LPL rival: LPL Financial bought it for about $2.7 billion in cash, a deal that closed Aug. 1, 2025, and Commonwealth runs as a wholly owned unit until its advisors move onto LPL's platform, a conversion LPL said in July 2026 was on track for the fourth quarter of 2026. At closing, Commonwealth had about 3,000 advisors and $305 billion in assets, compared with LPL's roughly 32,475 advisors and $2.56 trillion in client assets as of June 30, 2026. LPL reported retaining assets in the mid-80s percent range, against a 90% target, as of July 30, 2026, and offered Commonwealth advisors retention packages reported at up to 50 basis points.
Independent BD
- Financial advisors · Aug 2025
- about 3,000 (at deal close)1
- Advisory and brokerage assets · Aug 2025
- $305 billion (at deal close)1
- Assets retained by LPL · Jul 2026
- mid-80s percent, against a 90% target5
- Headquarters
- Waltham, Mass., and San Diego, Calif.14
- Ownership
- Wholly owned by LPL Financial (Nasdaq: LPLA) since August 1, 20251
How advisors affiliate
- Independent (broker-dealer and corporate RIA)
- Hybrid RIA
- RIA-only
- LPL corporate RIA (after conversion)
Full Commonwealth profile and news →Independent BD
- Financial advisors · Jun 2026
- about 32,4754
- Total client assets · Jun 2026
- $2.56 trillion4
- Advisory assets · Jun 2026
- $1.55 trillion (60.4% of total client assets)4
- Ownership
- Public (Nasdaq: LPLA)4
- Commonwealth acquisition
- Closed Aug. 1, 2025 ($2.7 billion); Commonwealth runs as a wholly owned unit while its advisors move onto LPL's platform3
- Mariner Advisor Network acquisition
- Completed in Q2 2026, adding 367 advisors with about $31 billion in client assets4
How advisors affiliate
- Independent contractor (traditional independent)
- Strategic Wealth Services
- Employee advisor (Linsco by LPL Financial)
- Hybrid RIA
Full LPL Financial profile and news →Key differences
- Ownership: LPL Financial (Nasdaq: LPLA) has owned Commonwealth since Aug. 1, 2025, after a roughly $2.7 billion cash deal announced March 31, 2025.1,2,3
- Size: Commonwealth had about 3,000 advisors and $305 billion in advisory and brokerage assets at deal close on Aug. 1, 2025. LPL reported about 32,475 advisors and $2.56 trillion in client assets at June 30, 2026.1,4
- Retention: LPL said it was retaining Commonwealth assets in the mid-80s percent range against a 90% target, as of July 30, 2026.5
- Retention packages: Barron's reported in May 2025 that LPL offered Commonwealth advisors retention bonuses of up to 50 basis points on AUM. AltsWire reported in June 2025 the offers were forgivable loans with an eight-year lockup, plus 50 basis points on net new assets for 12 to 24 months after conversion. WealthManagement.com reported in April 2025 a range of 10 to 50 basis points paid as seven- to 10-year notes.6,7,8
- Payout: Commonwealth advisors who join LPL's corporate RIA after conversion would keep more than 90% of revenue, minus a small administration and compliance fee, according to sources cited by AltsWire in June 2025. LPL's firmwide production-based payout rate was 87.44% in the second quarter of 2026.4,7
- Models: Commonwealth has offered independent, hybrid RIA and RIA-only affiliation. LPL offers independent contractor, Strategic Wealth Services, Linsco employee and hybrid RIA models.9,10,11,12,13
Is Commonwealth part of LPL?
Yes. LPL Financial completed its roughly $2.7 billion cash acquisition of Commonwealth Financial Network on Aug. 1, 2025. Commonwealth keeps its brand as an LPL-owned business until its advisors move to LPL's platform, which LPL said in July 2026 remained on track for the fourth quarter of 2026.
How much did LPL offer Commonwealth advisors to stay?
Reports vary by source and date. Barron's reported up to 50 basis points on AUM in May 2025. AltsWire reported forgivable loans with an eight-year lockup plus 50 basis points on net new assets for 12 to 24 months after conversion. WealthManagement.com cited recruiters in April 2025 describing 10 to 50 basis points as seven- to 10-year promissory notes.
How many Commonwealth advisors has LPL kept?
LPL said as of July 30, 2026, that it was retaining assets in the mid-80s percent range, short of its 90% target. Commonwealth had about 3,000 advisors and $305 billion in assets when the deal closed.
What payout will Commonwealth advisors get at LPL?
Sources cited by AltsWire in June 2025 said advisors who move to LPL's corporate RIA would keep more than 90% of the revenue they generate, with LPL taking a small administration and compliance fee. LPL's firmwide payout rate was 87.44% in the second quarter of 2026.
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.