Cetera Addresses Commonwealth Advisors with Open Letter

In the wake of the recent LPL Financial and Commonwealth transaction, independent Commonwealth advisors are contemplating what lies ahead for themselves and their clients. Today, Todd Mackay, president of Cetera Wealth Management, wrote an open letter to share his insights with those advisors dissatisfied with Commonwealth’s $2.7 billion sale to LPL.

‘Like Commonwealth, Cetera champions advisor independence. You control your business. Period. We are here to provide unwavering support of your unique approach. Our purpose is to align with yours,’ Mackay wrote.

Mackay came to Cetera in 2023 after the company’s $1.2 billion take-private acquisition of Avantax. Having served as Avantax’s president, he took on the same position of Cetera Wealth Management in January 2025.

“You built your career on trust, autonomy, and care for your clients. Now is the time to explore your options and I’d be honored if you would consider joining our great community,” he added.

In his letter, Mackay pointed out that Cetera shares a custodial relationship with Fidelity’s National Financial Services division, Commonwealth’s main custodian, for some client assets. Meanwhile, LPL has signaled its intent to transition Commonwealth advisors’ client assets to its proprietary platform.

“Our concierge-level onboarding team ensures a smooth transition for your practice, so you can focus on what matters most – your clients. We believe we have the best retention of assets and clients in the industry as we welcome new advisors into our family,” wrote Mackay.

Based in Waltham, MA, Commonwealth employs about 2,900 advisors managing a total of $285 billion in assets. Its acquisition by LPL is slated to finalize in the latter half of 2025, with advisors transitioning to LPL’s platform by mid-2026.

Pictured: Todd Mackay