LPL Financial to acquire Commonwealth Financial Network.

LPL Financial, a provider of investment solutions and tools for independent financial advisors, agreed to acquire Commonwealth Financial Network, a wealth management firm, for $2.7bn. “Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business. A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all Advisors across the LPL network. In addition, LPL’s advanced technology, intuitive business solutions and breadth of wealth management offerings unlock boundless potential for Commonwealth Advisors and the clients they serve,” Rich Steinmeier, LPL Financial CEO.