Ameriprise has launched an aggressive recruitment campaign targeting advisors from Commonwealth Financial Network, following LPL Financial's $2.7 billion deal to acquire the independent broker-dealer. The move has ignited a high-stakes contest for top-producing financial advisors as firms across the independent space scramble to capitalize on the industry shakeup, according to InvestmentNews.

According to an anonymous source who spoke to InvestmentNews, Ameriprise plans to offer up to 125 percent of trailing 12-month (T12) revenue up front to Commonwealth advisors generating at least $1 million annually. The firm hopes to recruit between 360 and 725 of Commonwealth's 2,900 advisors before the transition to LPL finalizes. While 725 would represent a quarter of Commonwealth's advisor base, Ameriprise considers the lower end of that range a more realistic outcome.

Other firms, including Raymond James, Kestra, Cetera, Wells Fargo, and Morgan Stanley, also have entered the fray. One Commonwealth advisor described Raymond James's offer of over 100 percent T12 as a "no brainer" compared to LPL's retention package, which ranges from 10 to 50 basis points on assets under management. Despite those offers, some Commonwealth advisors have accepted LPL's retention terms, drawn by the operational continuity it offers during the transition.

In response to InvestmentNews reporting, Ameriprise disputed the anonymous source's claims, stating, "The information provided by the anonymous source on our Commonwealth recruiting deal and targets is factually inaccurate."

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