Cetera Delivers Second Open Letter to Commonwealth Advisors Amid LPL Takeover 

Cetera Wealth Management President Todd Mackay has issued a second open letter to advisors at Commonwealth Financial Network, reiterating concerns about the firm’s pending acquisition by LPL Financial and urging advisors to consider Cetera as a stable, independent alternative. 

Mackay’s letter warns that LPL’s integration of custody, clearing, technology, and staff could disrupt the core of what Commonwealth advisors value most—autonomy, personalized support, and tailored operational systems. He asks pointed questions: Will existing back-office teams remain? Will custody and clearing relationships be preserved? Will advisors’ technology platforms be changed? 

Positioning Cetera as a flexible alternative, Mackay highlights the firm’s multi-channel structure—including RIA and Branches, Advisor, Institutions, Large Enterprise, and Tax & Accounting—as a way to accommodate advisors seeking to maintain their independence within a supportive ecosystem. 

Despite LPL’s promises of high retention rates and competitive transition incentives, Mackay challenges the trade-offs involved: “What do you get in exchange? A retention check… with so much of what you’ve relied on going away.” 

“Over the past several weeks, we’ve had honest, eye-opening conversations with many of you,” he writes. “Those conversations have made one thing unmistakably clear: You’ve built something meaningful—rooted in independence, trust, and purpose. And now, you’re watching that foundation start to shift.” 

The letter follows Mackay’s initial appeal in April and comes amid broader recruitment efforts by competitors including Osaic, Raymond James, and Kestra, all seeking to capitalize on uncertainty stemming from the LPL-Commonwealth deal.