LPL Financial is preparing to finalize its $2.7 billion acquisition of Commonwealth Financial Network, according to executives who spoke during the firm's recent earnings call. According to AdvisorHub, the deal marks one of the largest moves in the independent broker-dealer space this year.

LPL Chief Executive Officer Richard Steinmeier stated that the firm expects to retain 90 percent of Commonwealth's 2,900 advisors, although formal commitments are still in progress. LPL leadership has engaged in extensive outreach efforts, including participating in Commonwealth's annual events, as part of its advisor retention campaign.

Chief Financial Officer Matthew Audette announced a delay in the integration of Commonwealth's clearing and custody services, now scheduled for the  fourth quarter of 2026. He cited the operational complexity and need to ensure a seamless advisor experience as the basis for the adjustment.

According to AdvisorHub, Steinmeier downplayed concerns about advisors potentially leaving the platform, noting that reports of departures have been "amplified by the trades." He indicated that such noise would not significantly impact the broader success of the transition.

A portion of LPL's recruiting team has been assigned specifically to support Commonwealth advisor retention, underscoring the strategic importance of a smooth integration.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.