Barron's reports that LPL Financial has agreed to acquire Commonwealth Financial Network for approximately $2.7 billion in cash. The transaction will bring together the country's largest independent broker-dealer with a firm known for its boutique culture and high-touch advisor support.

The deal positions LPL to integrate Commonwealth's 2,900 independent advisors and$285 billion in client assets, expanding LPL's advisor network to 29,000 and total assets to $1.7 trillion. The acquisition is expected to close in the second half of 2025, with full conversion to the LPL platform anticipated in 2026, according to Barron's.

LPL projects a 90 percent advisor retention rate, emphasizing that Commonwealth has historically maintained a 98 percent retention rate over the past five years. According to Barron's, LPL CEO Rich Steinmeier stated that the firm aims to preserve Commonwealth's culture and branding while integrating its technology with LPL's platform.

The acquisition of Commonwealth aligns with LPL's aggressive growth strategy, according to Barron's. The firm has been expanding its footprint by acquiring other broker-dealers, including The Investment Center, a New Jersey-based firm with $9 billion in assets, and Atria Wealth Solutions, which managed approximately $100 billion in assets. LPL also purchased Waddell & Reed's brokerage business in 2020.

According to a recent SEC filing, LPL has considered raising to $4 billion in stock or debt, further signaling its appetite for expansion.

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