The announcement that LPL Financial will acquire Commonwealth Financial Network marks another major shift in the wealth management landscape—and presents a pivotal career moment for Commonwealth’s nearly 2,900 financial advisors.
LPL, already the nation’s largest independent broker-dealer, brings an attractive platform of scale, technology, and resources. For many Commonwealth advisors, the transition could represent a seamless path into a larger, well-capitalized firm.
But there’s also a case to be made that if a Commonwealth advisor truly wanted to join LPL, the ideal time to do so was before the acquisition — when they would have had greater control over the financials and mechanics of the transition, including access to potentially larger transition packages and custom deal terms.
Industry observers caution that while LPL offers significant advantages, it may not be the perfect fit for everyone.
"Decision is the ultimate power," personal development expert Tony Robbins famously said — and that sentiment resonates strongly for advisors facing career-defining choices in the wake of a merger.
Advisors have the most sway when it comes to client relationships, giving current Commonwealth advisors a powerful position as they weigh whether to accept LPL’s retention offers — reportedly around 50 basis points of assets — or to explore other firms eager to add top talent.
Since the acquisition was announced earlier this month — and even during the weeks of speculation leading up to it — there has been a noticeable uptick in advisor inquiries about potential moves, according to transition consultants.
“For many of these advisors, their choice could be the biggest career decision they make,” said Chris Stacey, COO of 3xEquity, a transition consulting firm that specializes in helping advisors compare offers across broker-dealers. “LPL’s retention offer is competitive, but we’re seeing other broker-dealers offering even stronger transition packages for similar books of business. Our advice is to have as many options on the table as possible.”
In addition to financial incentives, factors like culture, technology integration, clearing relationships, and operational support are increasingly playing a central role in advisors' decisions. Firms like Cetera, for example, have publicly reached out to Commonwealth advisors, emphasizing shared clearing relationships through Fidelity’s National Financial Services and highlighting their advisor-centric culture and support structure.
“Advisors owe it to themselves and their clients to entertain multiple offers and understand the full range of options available to them,” Stacey added. “The best move isn’t just about immediate incentives — it’s about ensuring the next decade of growth and client service is supported by the right partner.”
For LPL, securing a high retention rate will be critical to the long-term success of the acquisition. Commonwealth has long ranked at the top of independent advisor satisfaction surveys, and many of its advisors pride themselves on autonomy and personalized client service — two cultural traits that could either mesh well with LPL’s offering or motivate moves elsewhere if concerns about changes arise.
As consolidation continues across the industry, one thing is clear: Choice remains the ultimate advantage for advisors — and this is a moment to use it wisely.
About 3xEquity: 3xEquity is a leading transition consulting firm that helps financial advisors confidentially secure and compare multiple offers when considering a move to a new broker-dealer or RIA. The firm partners with over 200 firms nationwide and provides expert guidance at no cost to the advisor.
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