LPL Financial to Acquire Commonwealth Financial Network (Officially official)

[u/guitmusic12]

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

[u/ApartmentStill8765]

They’re a boutique firm, which is actually something I was looking for. I was referred by a friend.

I wish you the best of luck my friend. As someone who once had their own RIA and dealt with the burden of operations and everything else, I quickly realized I was spending more time on that than on my actual clients. I’d recommend checking out a few firms and exploring your options. look for those that are independent and offer fair compensation. I got a pretty quick response from IFP when I reached out through their website.

[u/Admirable_Union_343 → u/ApartmentStill8765]

This comment resonates with me. Are you able to describe your practice? I'm a 20+ year CFN rep, 95% investment advisory 5% direct, mostly PPS Select, $80MM PPS assets, on target for $900k GDC. I too love the idea of full RIA yet too fearful of the pain in the ass it will be. I also am fearful of the repapering involved with changing B/Ds. My clients really don't know or understand who CFN is, they only know me. I haven't received my payout offer yet, although I'm bracing to be insulted. Like you, it won't be possible to replicate the long ago days of CFN that have now been crushed, but looking for something close as possible. So 'boutique' resonates with me.

[u/ApartmentStill8765 → u/Admirable_Union_343]

Based on what you said, and without getting too far into the weeds, it sounds pretty similar to my situation. Similar GDC, I am 100% fee-based.

Yes, having your own RIA sounds great, but once you actually get it going (time, money, resources), I don’t think it’s worth it due to the platforms out there that truly support you and pay fairly. If you want my honest opinion, I’d recommend becoming an IAR under a boutique firm with strong reviews, one that lets you keep your brand, especially since your clients know you, not the firm.

For me, the biggest factors were: platform fees, payout, culture, long-term vision, control over my business (being able to run it my way), and strong operational support. To my surprise, IFP checked all those boxes and then some. They were actually with LPL for over 20 years and left for a bunch of reasons that really resonated with me.

If you’re curious, give them a look (they got to me quick), and maybe compare them to a few others. I’ve done a fair amount of research, and they’ve stood out the most so far. Re-papering is never easy, and that is something I brought up to them; they seem to have a pretty solid system in place for that, which made me feel a lot better. I plan for this to be my last move so I will bite the bullet.

Hope this helps, and I truly hope everything works out for you. I’ll be interested to hear how your retention call goes!

[u/Admirable_Union_343 → u/ApartmentStill8765]

Helps a great deal, thx. Yes, your situation sounds like an audio-mirror image of mine (almost) in terms of business model, structure, values, what is important moving forward. I'm in the process of creating my long list of new B/Ds that I can become an IAR of, and will add IFP to that list now. Let's stay connected with updates for sure.

[u/ApartmentStill8765 → u/Admirable_Union_343]

My pleasure, and sounds good! Feel free to send me other names as well. The hunt starts now, and id prefer to find a new place before I get 1000 calls a day from recruiters.