Headquartered in Waltham, Mass., Commonwealth provides integrated business solutions and services for approximately 2,900 financial advisors, managing approximately $285 billion of brokerage and advisory assets. 

The transaction is expected to close in the second half of 2025, and the conversion to the LPL platform is expected to be completed in mid-2026.

LPL anticipates financing this transaction through a combination of corporate cash, debt and equity, resulting in credit agreement leverage of roughly 2.25x following the close of the transaction, with a near-term path to reduce leverage to the midpoint of its stated range of 1.5-2.5x.