LPL Migrates 2,900 Commonwealth Advisors to ClientWorks, Faces $2.8B Team Departure
LPLA•LPL Financial plans to migrate 2,900 Commonwealth Financial Network advisors off Advisor360° to its ClientWorks platform ahead of the contract’s May 31 expiry, aiming to complete onboarding by Q4. Meanwhile, a Commonwealth advisor team overseeing $2.8 billion in assets has departed to Raymond James, potentially impacting LPL’s acquired advisor revenue.
1. Advisor Migration to ClientWorks
LPL Financial will migrate 2,900 Commonwealth Financial Network advisors off Advisor360° to its ClientWorks platform after the contract expires on May 31, aiming to complete onboarding by Q4 and maintain client data integrity during the transition.
2. Commonwealth Team Joins Raymond James
A Commonwealth advisor team managing $2.8 billion in client assets has departed to join Raymond James, representing a significant loss of AUM for LPL and raising retention concerns following last year’s acquisition of Commonwealth.
