LPL Financial to buy Commonwealth Financial Network for $2.7bn
By Michele Maatouk
Date: Monday 31 Mar 2025
(Sharecast News) - Wealth management company LPL Financial Holdings said on Monday that it has agreed to buy Commonwealth Financial Network, the largest independently-owned wealth management firm in the US, for around $2.7bn.
Headquartered in Massachusetts, Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing about $285bn of brokerage and advisory assets.
LPL Financial chief executive Rich Steinmeier said: "Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business.
"A complement to LPL's client-centric culture, Commonwealth's service philosophy enhances the value we'll collectively bring to all Advisors across the LPL network. In addition, LPL's advanced technology, intuitive business solutions and breadth of wealth management offerings unlock boundless potential for Commonwealth Advisors and the clients they serve."
The deal is expected to close in the second half of this year.
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