LPL Financial completes acquisition of Commonwealth Financial Network

LPL Financial (LPLA) announced the closing of its acquisition of Commonwealth Financial Network, a wealth management firm supporting approximately 3,000 advisors managing $305B in assets. Commonwealth CEO Wayne Bloom now joins the LPL management committee as a managing director and retains his role as chief executive officer of Commonwealth. Bloom and the Commonwealth management team will continue to lead Commonwealth and will be responsible for maintaining their award-winning advisor experience. LPL remains on track to achieve its 90% retention target. Commonwealth will operate as a wholly-owned portfolio company through the onboarding of Commonwealth advisors to LPL’s platform, which is expected to be completed in the fourth quarter of 2026.