A new report from AdvizorPro and Muriel Consulting shows that hundreds of advisors exited Commonwealth after the firm announced its sale to LPL Financial, underscoring the cultural and competitive pressures that often follow large broker-dealer acquisitions.
According to the report, 653 advisors departed Commonwealth between April 1 and Dec. 31, 2025, after LPL announced the $2.7 billion transaction on March 31. InvestmentNews reports that those departures represent approximately 22.5 percent headcount attrition and leave Commonwealth with a 77.5 percent retention rate based on its roughly 2,900 advisors at the time of the sale.
According to InvestmentNews, LPL repeatedly has stated that it remains on track to achieve a 90 percent retention target, but it has not specified whether that benchmark refers to advisor headcount or assets.
InvestmentNews reports LPL CEO Rich Steinmeier echoed the firm's confidence on an Oct. 30 earnings call, stating that nearly 80 percent of assets had committed to stay and that the firm remained on track to reach its retention goal.
The report found that Raymond James attracted the largest share of departing Commonwealth advisors, capturing 33 percent of those who left. Kestra followed with 19 percent, and Cambridge Investment Research accounted for 11 percent. Of the 697 advisors who exited Commonwealth over the course of 2025, 64 percent moved to other broker-dealers, while 36 percent transitioned to registered investment advisory firms. Farther and Savvy Wealth ranked among the RIA destinations.
InvestmentNews reports that advisors serving high-net-worth clients often gravitated toward Raymond James, citing its investment banking capabilities and technology approach.
InvestmentNews previously reported that Raymond James offered recruiting packages of up to 125 percent of trailing 12-month revenue to Commonwealth advisors, while Ameriprise also competed aggressively for talent.
According to InvestmentNews, Raymond James' early offers exceeded LPL's initial bonuses, though LPL later increased its incentives. Additionally, LPL traditionally competes by offering higher gross payout percentages, while Raymond James supplements payouts with additional bonuses.
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