Industry News
LPL to prohibit Commonwealth advisors from joining OSJs, affiliate enterprises
Andrew Foerch / Apr 04, 2025
According to an internal LPL email viewed by Citywire, Commonwealth advisors will only be accepted for direct affiliation with LPL and efforts by OSJs or other enterprises to recruit Commonwealth advisors will not be permitted.
LPL Financial is prohibiting Commonwealth Financial Network advisors from joining its offices of supervisory jurisdiction (OSJs) and other affiliated enterprises.
Earlier this week, LPL announced that it had agreed to acquire Commonwealth in a $2.7bn deal that stands to add about $285bn in assets and 2,900 advisors to the independent brokerage giant.
A source with knowledge of the situation told Citywire that LPL management sent an email this week to the executives of its OSJs and other large enterprises stating that Commonwealth advisors must affiliate directly with LPL’s in-house RIA and brokerage platforms.
The email, which was viewed by Citywire, states that advisors affiliated with Commonwealth will not be able to affiliate with any existing branches, field OSJs or hybrid RIAs, and will only be accepted for direct affiliation with LPL.
Efforts by affiliate firms to recruit Commonwealth advisors before or after they convert to LPL will not be permitted and will be treated as internal recruiting,...
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Apr 11, 2025
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