LPL to Acquire Commonwealth – No Specifics Announced on Retention Bonuses

According to published reports LPL Financial has agreed to acquire Commonwealth Financial Network, for $2.7 billion. The deal is expected to be finalized in the second half of 2025.

The deal is expected to close in the second half of 2025 and continues LPL’s recent move to increase its headcount of roughly 29,000 brokers, the most recent acquisition being Atria Wealth Solutions just last year.

In regard to the retention of Commonwealth’s brokers, “LPL did not address specifics of possible retention offers that it could extend to Commonwealth brokers as part of the deal. LPL Chief Executive Rich Steinmeier acknowledged that it could take some adjustment on the part of Commonwealth brokers, who have built a small-firm community since its founding in 1979.”

LPL did announce though that “it estimates it will spend about $485 million onboarding and integration costs, based on the assumption it retains 90% of Commonwealth’s roster.”

If you are a Commonwealth advisor and not sure about how this deal will impact you once a retention offer is presented to you, it makes sense to speak to an experienced attorney with knowledge of the securities industry and experience with broker retention and transition packages associated with a merger or acquisition between brokerage firms. Gregory Tendrich has focused his practice on representing stock brokers and financial advisors for over 30 years and can answer your questions about the offer made to you, review the financial aspects of the offer with you, will review how the offer will impact obligations you have to Commonwealth when you first joined that firm, and will review all documents you will likely be asked to sign such as an offer letter, promissory note and possibly a non-solicitation agreement that could impact your ability to move to another firm. His experience as a former national wire house attorney, FINRA arbitrator and mediator and Florida Supreme Court certified mediator gives his clients a unique advantage in understanding career defining moments associated with employment changes. Call today for a free initial consultation or send an inquiry through our firm’s Contact Form.