April 1, 2025
Louis Diamond Quoted
By Andrew Foerch
More likely than not, Commonwealth Financial Network’s freshly announced $2.7bn sale to LPL Financial will go down as the US wealth management market’s biggest and most impactful deal of 2025.
For LPL, the transaction adds what advisor recruiter and Diamond Consultants president Louis Diamond called ‘the premier property’ in the independent broker-dealer (IBD) world.
‘Every Commonwealth advisor is impressive,’ Diamond said. ‘They’re all super desirable.’ He added that the average Commonwealth advisor produces more than $1m in annual revenue, and there are not many Commonwealth-affiliated teams that manage less than $150m in client assets. The firm also skews towards ‘white glove’ service for a relatively high net worth clientele, putting LPL in closer competition with the Morgan Stanleys of the world — exactly where it has stated it wants to be.
