Industry News
LPL held talks to acquire Commonwealth Financial Network: sources
Ian Wenik / Mar 27, 2025
It was not immediately clear if a deal between the two independent brokerage firms has been finalized.
LPL Financial, the nation’s largest independent broker-dealer, has held talks to acquire Commonwealth Financial Network, a rival brokerage house with approximately $344bn in assets, according to sources with knowledge of the situation.
It was not immediately clear if a transaction between the two sides has been finalized, sources said. Citywire first reported in January that Commonwealth was pursuing a new investor and had retained Goldman Sachs to serve as its investment banker. Citywire reported at the time that Commonwealth would sell a minority stake in itself instead of pursuing a full acquisition of the company.
Spokespeople for LPL and Commonwealth did not respond to requests for comment by the time of publication. A spokesperson for Goldman Sachs declined to comment.
Headquartered in Waltham, Mass., Commonwealth had roughly 2,345 affiliated advisors as of the end of 2024. The closely held company is controlled by a group of 12 partners and three partners emeritus. Joseph Deitch founded...
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Apr 01, 2025
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