LPL Financial's acquisition of Commonwealth Financial Network continues to reshape the independent advisory space, triggering a wave of departures as advisors reassess their options in a rapidly consolidating industry. According to AdvisorHub's review of registration records, LinkedIn profiles and company websites, more than 520 Commonwealth advisors left the firm between April and November.
The departing advisors include several billion-dollar teams, though it remains unclear what share of Commonwealth's $305 billion in assets under management they represented. Despite the attrition, LPL executives reiterated a 90 percent retention goal in October and reported commitments from advisors overseeing roughly 80 percent of Commonwealth's assets. By December, LPL acknowledged that securing those commitments had taken far more time and resources than expected. The firm now anticipates transitioning all committed assets by late 2026, as reported by AdvisorHub.
Raymond James has been one of the most significant beneficiaries of the fallout, attracting 123 former Commonwealth brokers and advisors. Another 77 joined Kestra Financial's independent contractor channel. Cambridge Investment Research recruited 40 advisors, including several through its affiliated RIA. Summit Wealth Group, Cetera, Farther and Osaic each brought in around two dozen. AdvisorHub reports that others landed at Merit Financial Advisors, Arkadios Wealth Advisors & Partners, Savvy, Bryn Mawr Trust Advisors, and Equitable Advisors.
According to AdvisorHub, industry experts emphasized that the trend reflects broader consolidation pressures across the industry. With roughly a quarter of advisors registered at just five major firms, many advisors are opting for greater autonomy, fewer bureaucratic constraints and improved payout structures by joining large RIAs or launching their own firms.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
