By Kenneth Corbin

The president of Cetera Wealth Management is making a public appeal for Commonwealth advisors to jump to his firm rather than joining LPL Financial through a pending acquisition.

LPL recently announced the plan to purchase Commonwealth Financial Network for $2.7 billion, saying it expects to close the acquisition of its smaller rival by the end of the year.

Commonwealth's platform is home to about 2,900 advisors overseeing $285 billion of brokerage and advisory assets.

News of the deal kicked some rivals' recruiting operations into high gear as they set their sights on teams or individual Commonwealth advisors who might not want to migrate to LPL.

Cetera is now very publicly a part of that recruiting push.

"Beyond death and taxes, I know two other things with certainty -- you're being barraged by recruiters and suitors, and change brings uncertainty and opportunity," Cetera's Todd Mackay wrote in an open letter to Commonwealth advisors.

He described Cetera as a committed, supportive partner for its advisors, promising a "concierge-level onboarding team" to assist with advisor practices moving to its platform and continuing support tailored to advisors' specific growth objectives.

He pitched Cetera as a partner with the scale of a substantial enterprise that at the same time dispatches support teams for advisor practices of all sizes working in a variety of environments, from home offices to large firms working as an office of supervisory jurisdiction.

Mackay also noted that Cetera uses Fidelity's National Financial Services as its clearing provider, which happens to be the same vendor Commonwealth uses for clearing and custody of client assets.

LPL executives have indicated they plan to migrate Commonwealth advisors, clients, and their assets to LPL's own clearing operation sometime next year.

Cetera is courting Commonwealth advisors with a shared appeal to advisor independence.

"You control your business. Period," Mackay wrote. "We are here to provide unwavering support of your unique approach. Our purpose is to align with yours."

LPL declined to comment on Mackay's letter but says it is committed to a smooth transition process for Commonwealth advisors who choose to move to its platform. LPL has said it hopes to retain 90% of Commonwealth advisors through the acquisition.

"LPL is deeply committed to preserving Commonwealth's community, brand, and premium service," an LPL spokeswoman says, promising "meaningful value" for advisors through its technology, business and capital support, and assistance with mergers and acquisitions.

"Unlike other firms, LPL will provide to Commonwealth advisors an advanced experience -- starting with a frictionless, paperless conversion, avoiding disruption to their clients, and ensuring the continuity of their businesses," the spokeswoman says. "We are focused on the opportunities that matter most to advisors while honoring the community and culture that make Commonwealth such a respected company in our industry."

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April 11, 2025 14:57 ET (18:57 GMT)

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