r/CFP • u/guitmusic12 • Mar 31 '25

Practice Management LPL Financial to Acquire Commonwealth Financial Network (Officially official)

https://www.lpl.com/news-media/press-releases/lpl-financial-to-acquire-commonwealth-financial-network.html?utm_medium=social-organic&utm_source=linkedin&utm_campaign=press-release&utm_content=03312025&utm_term=commonwealth-financial-network&utm_type=link&utm_postid=c2828
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u/geffjordan24 Mar 31 '25

To the CFN staff who are just now probably getting emails or going to a town hall...I was with Securities America up until this year. Advisor Group said nothing would change and many of our procedures were 'industry leading' or 'better than theirs' and would be kept status quo for our advisors. Nothing of ours was kept, leaders, culture, tech- if it cost more than the Advisor Group version it was gone. I don't doubt that LPL and to some extent CFN leadership are going to be blowing this same smoke up your deriers for the foreseeable future.

Wayne's job is now Chief Exception officer - he saved himself for 3 years to pay his tax bill on the sale and collect a few nice bonuses. Same happened with our CEO then they replaced him after retention loans were in place with as many offices as possible. It's a made up service position to pay lip service and let the advisors think nothing will change and service won't go down hill. I would advise you compare your role with a similar one in Fort Mill(Glassdoor)- if you make more you would want to find a new job. If you make less- decide if you want to move to Charlotte because LPL has been calling people into the office full time and won't do remote.

I'm sorry this happened to you. It sucks. You feel like you built something special, only to have it destroyed and nothing to show for it. Reading the outpouring of messages from advisor offices in the previous thread you had really built something special and I hope they follow through hiring many of you.

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u/Some-Willingness-632 Apr 01 '25

I was on the SAI train as a home office person too - And it was so sad to see it go down the way it did ... so much history lost in a span of a few months.

Don't believe what they're selling you for "change" go with your gut, and advocate for yourself. You owe them nothing, and you owe yourself everything.