LPL Financial

The deal, expected to close in the second half of the year, will bring in $16 billion in client assets and 110 advisors.

The LPL CEO says Commonwealth advisors have almost nothing to lose and much to gain by joining a firm whose headcount is fast approaching 29,000. (Plus, experts say he'll be writing big checks.)

Michael Bonevento and his team left Ameriprise in 2019 to join LPL Financial. He says too much time has elapsed for him to now be accused of misappropriating client information.

A court of appeals agreed with Commonwealth's contention that a jury should decide if investors were harmed by investment disclosures allegedly withheld from them.

Industry experts think LPL will have to work hard to retain Commonwealth advisors who were sold on the idea that they'd be working for a "boutique" firm.

The acquisition will bring LPL as much as $285 billion in AUM and 2,900 advisors when it closes in the second half of the year.

U.S. District Judge Susan Brnovich found Ameriprise failed to furnish evidence that data taken by a recently recruited advisory team was going to be used to solicit their clients to LPL.

In a legal response, LPL contends it has been sued at least seven times in the past year after recruiting advisors from industry rival Ameriprise.

Thrust into the top leadership role, Rich Steinmeier oversees strong results in his first six months.

The addition of Prudential Financial and Atria Wealth Solutions helped boost LPL's advisor headcount to a record of nearly 29,000 by the end of last year.