LPL Financial Retains 80% of Commonwealth Financial Advisors, Targets 90%

LPL Financial Holdings Inc. has signed up nearly 80% of Commonwealth Financial Network's 3,000 advisors and maintains its target at 90%. The acquisition, announced in March, has been challenging, with competitors like Raymond James Financial and Cetera Financial Group recruiting Commonwealth advisors. Despite this, LPL's CEO, Rich Steinmeier, is optimistic about the deal, citing cultural alignment and complementary capabilities. The company reported new highs in assets for the third quarter.