Update: The deal is done.

LPL Financial has officially announced its acquisition of Commonwealth Financial Network, confirming the speculation that’s been swirling throughout the industry over the past week. With this move, LPL adds over 2,300 advisors and $344 billion in client assets to its already massive platform—and shakes up the independent broker-dealer space in a major way.

But for Commonwealth advisors, this moment could feel less like a celebration and more like a crossroads.

And they’re not alone. We saw this exact scenario play out just last year when LPL acquired Atria Wealth Solutions. For many Atria advisors, the transition wasn’t seamless—and it wasn’t necessarily welcome. Plenty chose to explore offers from other broker-dealers rather than follow their firm into a completely different culture and operating model.

Now, Commonwealth advisors may face a similar decision.

“They’ll have to go through what today’s event means.”

That’s a direct quote from LPL Managing Director Rich Steinmeier on a company call following the announcement. He acknowledged the culture shock that may lie ahead for advisors who’ve built their careers at Commonwealth, a firm known for its small-firm, boutique feel and deep internal relationships.

Steinmeier added, “We’re intending to bring the best of breed to these advisors. We want to bend LPL to look more like Commonwealth, not the other way around.”

That’s a nice sentiment—but should advisors be cautious?

LPL Is a Juggernaut—But It’s Not for Everyone

We’ve written extensively about LPL’s dominance in the recruiting space. Their scale, tech investment, and growth trajectory are undeniable. This acquisition only strengthens their hand.

But here’s the critical thing to remember: LPL is not a one-size-fits-all solution.

The very strengths that have helped LPL dominate recruiting—its size, infrastructure, and fast-paced acquisition strategy—are the same things that can feel jarring to advisors who are used to high-touch support, flexibility, and a tight-knit internal culture.

If you’re a Commonwealth advisor, it’s worth asking yourself:
Is this where I would have chosen to go?

If the answer is “yes,” then great—you may be able to thrive at LPL. But if you’d never seriously considered making the move before this announcement, now might be the perfect time to explore what else is out there.

Because when you follow your firm into a deal like this, you don’t get to negotiate.

You don’t get a transition bonus. You don’t get to customize onboarding. You don’t get to ask: “What else could I have gotten for my business?”

And that’s where the real opportunity lies—in exploring your options while you still have them.

Get Clarity. Get Offers. Take Control.

At 3xEquity, we work with advisors at every major firm—including LPL—to help them evaluate offers, explore transition packages, and make the move that best aligns with their goals.

If you’re a Commonwealth advisor, this is your chance to compare. Not out of fear—but from a position of strength.

Even if you ultimately stay with LPL, you’ll know you did your due diligence. You’ll have seen the numbers. You’ll have looked at what else is out there. And you’ll have made the choice on your terms.

Because as Tony Robbins says: “Decision is the ultimate power.”