About this episode…

LPL Financial, the largest independent broker dealer, is set to acquire Commonwealth Financial Network—and it’s big news.

Commonwealth has established a reputation as one of the most advisor-friendly independent broker-dealers in the industry. The firm is well-known for its strong culture, impressive technology, and advisor-centric focus.

On the other hand, LPL is a $1.8T organization dedicated to the legacy on which the firm is built, as CEO Rich Steinmeier recently shared in this series. That is, the advisors are LPL’s clients, and it maintains the tradition of treating advisors “like people, not accounts.”

In this episode, Louis Diamond shares insights for advisors at Commonwealth, LPL, and the broader industry, including:

• The strategic rationale for LPL—and why this makes good sense for their business goals.
• The blending of two cultures—and how the boutique feel of Commonwealth may be impacted.
• The value of scale—and how LPL’s infrastructure invest may benefit Commonwealth advisors.
• The prospect of a retention deal for Commonwealth advisors—and how they should consider their future.
• The acceleration of consolidation—and what this means for other independent broker dealers and the industry at large.
• Plus, Louis offers three questions advisors should ask themselves when they find their firm is being acquired.

It’s an important perspective for all advisors—one that offers actionable advice, especially for those who are building their businesses in the independent broker dealer world.

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