09:41 AM EDT, 08/01/2025 (MT Newswires) -- LPL Financial ( LPLA ) said Friday it closed its acquisition of wealth management firm Commonwealth Financial Network, which supports about 3,000 advisors managing $305 billion in assets.

LPL said Commonwealth Chief Executive Wayne Bloom retains his role and will continue to lead Commonwealth, which will operate as a wholly owned portfolio company of LPL.

Bloom also joins LPL's management committee as a managing director, LPL said.

Onboarding of Commonwealth advisors to LPL's platform is expected to be completed in Q4 of 2026, LPL added.

Shares of LPL were down more than 4% in early trading Friday.

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