Nearly 700 Commonwealth Reps Left LPL Last Year. Here's Where They Landed.

LPL declined to comment about the report ahead of its earnings call Thursday after market close, but its leaders have said that they are likely to hit their retention target of 90% of assets.

Advisors staying with LPL have told ThinkAdvisor that they believe in the firm's public pledge to preserve Commonwealth's industry-leading service experience and to provide a seamless client transition process. They also shared excitement about accessing LPL's technology and legacy planning resources.

By the Numbers

So far, AdvizorPro and Muriel Consulting report, LPL has seen about a 23% reduction in Commonwealth advisor headcount. Other report highlights show that two-thirds of departing advisors remained within the independent broker-dealer channel, while one-third moved into RIA-centric models.

Among those choosing the RIA path, roughly 1 in 6 retained a broker-dealer relationship to support legacy business or maintain Series 7 registration, the report notes, highlighting the increasingly hybrid design of modern advisory practices.

The data shows that advisors "acted with intent, not urgency."

"Exit timing reflects deliberate due diligence and transition planning, with activity clustering in late summer and early fall as advisors completed evaluations and executed decisions," the authors explain.

Going RIA Is In Vogue

According to the report, 251 Commonwealth advisors moved into the RIA channel during 2025, representing 36% of all advisor exits following the acquisition announcement. These advisors did not simply change firms, the authors point out — they changed operating models.

"For these advisors, the move signaled more than dissatisfaction with a single acquirer," the report suggests. "It reflected a deliberate decision to step outside the independent broker-dealer framework in favor of greater control, flexibility and long-term optionality. In effect, these advisors rejected both LPL Financial and the broader IBD path they had previously followed."

Importantly, the authors stipulate, "going RIA" did not follow a single blueprint. Some advisors launched their own RIAs, building fully independent firms from the ground up. Others joined established RIA platforms, often operating under 1099 or similar arrangements that provided infrastructure, compliance support and scalability without sacrificing autonomy.

The data from the 2025 Commonwealth movers also makes an important point: RIA migration does not always mean abandoning broker-dealer relationships, as 41 advisors who moved to the RIA channel also maintained a "friendly" broker-dealer affiliation.

Friendly broker-dealers, such as Purshe Kaplan Sterling Investments, Private Client Services or The Leaders Group, support legacy business, preserve Series 7 registration or accommodate specific client needs.

"Advisors choosing to maintain a friendly BD relationship reflect pragmatism," the report explains. "Rather than dismantling existing revenue streams or forcing unnecessary change on clients, advisors structured their practices to balance fiduciary independence with operational continuity."

And The Big BD Winners Are …

Among the roughly two-thirds of departing advisors who remained in the independent broker-dealer channel, some 80% landed with just seven firms. This clustering reflects preparation and positioning, not coincidence, the authors find.

Raymond James lured the largest share of Commonwealth advisors. As a reported finalist in the Commonwealth acquisition competition, the firm entered the race with early awareness and time to prepare — as well as a compelling transition package and a familiar culture.

Kestra Financial attracted advisors seeking a more boutique environment paired with competitive economics, according to AdvizorPro and Muriel Consulting.

"For high-performing practices balancing independence with scale, Kestra offered a curated alternative," the report states.

Cambridge Investment Research took a different approach, the report finds, competing on culture rather than incentives.

"While not leading on economics, Cambridge appealed to advisors prioritizing stability, service and long-term alignment," the report suggests.

Cetera Financial Group and Osaic remained active throughout the year and continue to represent viable options within the IBD landscape. As advisors gain post-transition perspective, the report states, both firms may see increased momentum in 2026.

Finally, &Partners also emerged as a popular destination, reinforcing that its appeal extends beyond its historical strength with Wells Fargo Advisors and Edward Jones teams into the broader independent advisor market.

"These outcomes reinforce a core takeaway," the report concludes. "There is no single 'right' destination. Advisors evaluated far more than brand or transition economics. Decisions reflected operational depth, succession planning, access to capital, niche expertise, and strategic fit."

Likewise, the authors note, advisors assessed not only the broker-dealer but the office of supervisory jurisdiction or enterprise organization operating within it. These sub-organizations often shaped day-to-day experience and tipped final decisions.

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