654 Commonwealth Advisors Leave After LPL’s $2.7B Deal; 90% Assets Retained
One year after LPL’s $2.7 billion acquisition of Commonwealth Financial Network, 654 advisors (22% of 3,000) have departed to firms such as Raymond James, Kestra and Cambridge. LPL has preserved key teams and retention packages to secure 90% of Commonwealth’s $305 billion in client assets.
1. One-Year Advisor Attrition
One year after LPL closed its $2.7 billion acquisition of Commonwealth Financial Network, 654 of the original 3,000 advisors (22%) have departed to rival firms. The steady attrition highlights advisors’ concerns over support continuity and cultural fit under the larger corporate umbrella.
2. Key Competitor Gains
Raymond James has recruited 145 former Commonwealth advisors, boosting its Private Client Group headcount by 2% to 8,943 advisors and $1.7 trillion in client assets. Independent broker-dealers like Kestra (78 advisors) and Cambridge Investment Research (40 advisors) also capitalized on the transition to attract boutique-focused teams.
3. LPL's Retention and Integration Efforts
LPL has preserved Commonwealth’s brand, service associates and practice consultants to retain key talent while deploying generous retention packages. That strategy has secured 90% of the $305 billion in acquired client assets as departing advisors mostly represent smaller asset teams.