Commonwealth Financial Network

One of the most consequential M&A deals in years leads this roundup of the many ways big independent firms grew in 2025 and how they plan to continue growing in 2026.

LPL executives have said they're well on the way to retaining 90% of the client assets they're seeking to bring over from their recent purchase of Commonwealth. But advisor departures have ticked upward.

LPL CEO Rich Steinmeier said the firm is nearing its goals for retaining Commonwealth Financial Network's assets and advisors, freeing up internal recruiters to bring in advisors from other firms.

Raymond James has gone from being one of the lowest payers of third-party recruiters to one of the higher. That's helped it get more "swings at the plate" with teams looking to leave rival firms.

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CEO Rich Steinmeier reiterated LPL's goal to retain 90% of Commonwealth's assets and headcount while listing reasons why advisors might think twice about leaving to start their own RIAs.

Nearly 110 other advisors have left the boutique Commonwealth since April for firms including Raymond James, Purshe Kaplan Sterling, Cambridge Investment Research and Kestra.

The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.

As one advisor leaves Commonwealth Financial Network to join Osaic and others depart to start RIAs, industry experts say the departures are in line with expectations.

LPL says its elimination of positions at Atria Wealth Solutions was always part of its plan to acquire the firm, drawing a sharp distinction with what it's doing with Commonwealth Financial Network.

Patrick Funke & Associates' decision to join Commonwealth Financial Network suggests that despite its pending purchase by LPL, Commonwealth still appeals to advisors seeking a smaller setting.

In an earnings call, LPL's CEO said his efforts to woo Commonwealth advisors have extended to a "rain-soaked" bike ride and wine-tasting tour.

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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.)

More planners are dropping their FINRA registration but keeping some ties to independent wealth management firms once thought to be in a different channel.

The number of certified financial planners reflects competition for talent and a profession navigating questions about conflicts of interest.

The giants of the channel grabbed most of the spots in the rankings, but some of their smaller or midsize rivals are also expanding quickly.

The trio of financial advisors cited the needs of ensemble advisory practices, succession resources and the option to convert to a hybrid RIA model someday.

The wealth management giant questions if there has ever been so large a civil sanction handed down in response to "negligent mistakes" made in an attempt to comply with "unwritten rules."

An aging advisor base, continuing consolidation in M&A deals and shrinking organic growth are causing teams to consider changes, J.D. Power said.