LPL Retaining Larger, High-Quality Commonwealth Advisors

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Last fall, LPL Financial reported 80% retention of Commmonwealth Financial Network assets. As of today, that’s successful the debased 80% scope of advisors that person signed agreements to enactment with Commonwealth. Some quality reports person suggested LPL volition not conscionable its archetypal people plus retention complaint of 90%, but connected its 4th fourth net call, executives said they inactive expect to deed that target. 

“When you look astatine the advisors who person signed to enactment with LPL truthful far, we're present conscionable implicit 80%,” said Matt Audette, main fiscal serviceman astatine LPL, connected the firm’s 4th fourth net telephone connected Thursday. “And you look astatine those connected average, they are larger; they're faster growing; and they're higher producers than those that person decided to spell elsewhere.”

LPL CEO Rich Steinmeier said the steadfast has its apical recruiters focused connected retention of Commonwealth advisors.

“We are profoundly connected betwixt Commonwealth and LPL to assistance amended them connected the continuing worth proposition of Commonwealth,” Steinmeier said. “And we are precise assured that by keeping the assemblage intact, safeguarding their experience, their culture, their capabilities and their leadership, that volition yet triumph the day. And rather honestly, those are the conversations that we're having arsenic folks person gone done a precise elongated owed diligence process, they're coming backmost to having overmuch much productive conversations present than we were adjacent having astatine the beginning.”

LPL is connected way to implicit the conversion of Commonwealth successful the 4th fourth of 2026, and arsenic its approaches that conversion, the firm’s recruiters volition beryllium getting backmost to their integrated recruiting efforts. 

“We should gradually instrumentality to much normalized recruiting outcomes driven by accrued triumph rates successful accepted markets with our unmatched worth proposition, further penetrating the ligament and determination worker advisor space, wherever determination was increasing consciousness of our solution,” Steinmeier said. 

He added that implicit the past mates of years, LPL has grown its seizure of wirehouse and determination worker advisors from 9% of each advisors successful question to implicit 11% of each advisors successful motion. 

“Commonwealth is simply a precise validating lawsuit to our presumption successful the marketplace,” Steinmeier said. “They are a premium brand; they person premium capabilities; and they person the champion advisors successful the industry. The enactment of that steadfast chose america arsenic the champion steadfast to enactment those advisors, and that made much W-2 advisors basal up and instrumentality announcement of this steadfast arsenic a starring steadfast successful wealthiness management.”

During the 4th quarter, LPL recruited $14 cardinal successful assets, $13 cardinal successful its accepted autarkic transmission and $1 cardinal successful its newer affiliation models. The steadfast reported $104 cardinal successful recruited assets for 2025, and it ended the twelvemonth with a full advisor headcount of 32,178, up 50 from the 3rd quarter.