LPL Financial Reduces Fees for Advisors After Retaining 80% of Commonwealth Advisors

LPL Financial reported a net loss of $30 million in Q3, but its assets surged to $2.3 trillion, with 80% of Commonwealth Financial Network advisors committing to move their business to LPL. The firm is reducing fees to advisors and expects to meet its 90% retention goal for Commonwealth reps within a year. Organic growth has slowed due to distractions from the acquisition and a slowdown in advisors in motion.