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Cetera makes open pitch to Commonwealth advisors

Ian Wenik / Apr 10, 2025
The independent broker-dealer is looking to win over advisors who may not want to join LPL.
Independent broker-dealer Cetera Financial Group is making an open pitch to advisors at Commonwealth Financial Network unhappy with the company’s $2.7bn sale to LPL Financial.
In an open letter published on Thursday, Cetera Wealth Management president Todd Mackay (pictured) wrote: ‘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 joined Cetera in 2023 when the brokerage firm acquired Avantax in a $1.2bn take-private transaction. Formerly the president of Avantax, Mackay was named president of Cetera Wealth Management in January. 
In the letter, Mackay cited the fact that Cetera also custodies some client assets with Fidelity’s National Financial Services division, which is Commonwealth’s primary custodian. LPL has indicated that it plans to move Commonwealth advisors’ client assets onto its own platform and has barred its affiliate offices...
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