LPL Financial has closed its acquisition of Commonwealth Financial Network, nearly five months after initially announcing its intentions to acquire the firm. 

In March, LPL Financial stated it was planning to acquire the Waltham, MA-based wealth management firm for approximately $2.7 billion through a mix of cash, debt, and equity. Additionally, LPL offered $1.5 billion in shares of common stock to help fund the transaction. 

The independent broker-dealer also stated that it’s on track to retain approximately 90% of Commonwealth advisors. As part of the transaction, Commonwealth Financial’s CEO, Wayne Bloom, has joined LPL’s management committee as a managing director and will maintain his role as CEO. 

In his role, Bloom and Commonwealth’s management team will continue to lead Commonwealth and will be responsible for maintaining the firm’s advisor base, LPL said. 

Prior to the acquisition, Commonwealth Financial was affiliated with Fidelity’s platform for its clearing, custody, and brokerage services.  

“Advisor success is woven into every aspect of the Commonwealth business, and we’re proud to welcome an incredible community of Advisors and the talented team at Commonwealth,” Rich Steinmeier, LPL’s CEO, said. “With Commonwealth joining LPL, we’re creating the best-in-class firm for financial Advisors through customized experiences and a breadth of wealth management solutions that enable Advisors to achieve sustainable success.” 

Earlier this year, Cetera Wealth Management authored two open letters citing potential challenges Commonwealth could encounter if the firm were to join LPL Financial, as Cetera ramped up its recruitment efforts of Commonwealth Financial advisors. 

Following the firm’s Q2 earnings report, president and CFO Matthew Audette stated that his firm is anticipating that Commonwealth will fully transfer its assets to LPL’s platform in the fourth quarter of 2026.  

Additionally, during the second quarter, LPL’s total assets climbed to a record $1.9 trillion, which was fueled by $21 billion in organic net new assets, which represents about 5% in annualized growth. 

In June, Commonwealth added Phoenix, AZ-based Patrick Funke & Associates, which was previously affiliated with Osaic, and manages $430 million in assets.