March 31 (Reuters) - LPL Financial Holdings ( LPLA )

said on Monday it would acquire its rival investment adviser

Commonwealth Financial Network for about $2.7 billion in an

all-cash transaction.

The deal would give LPL around $285 billion of brokerage and

advisory assets managed by Commonwealth.

LPL plans to acquire 100 percent of the equity of

Commonwealth, and expects to finance it through a combination of

corporate cash, debt and equity.

Commonwealth's CEO Wayne Bloom would join LPL's management

committee, the company said.