Todd Mackay, president of Cetera Wealth Management, is making a direct appeal to Commonwealth Financial Network advisors as the industry digests news of LPL Financial’s $2.7 billion acquisition of Commonwealth.
With the deal expected to close by year-end, Mackay is positioning Cetera as a destination for advisors who may be reluctant to transition under the LPL umbrella.
Commonwealth currently supports approximately 2,900 advisors overseeing $285 billion in combined brokerage and advisory assets. The firm has long fostered a reputation for service and autonomy, making it a particularly sensitive acquisition target. That dynamic is not lost on Mackay, who is leveraging this moment of transition to invite advisors to consider Cetera as a stable, independent alternative.
In an open letter addressed to Commonwealth advisors, Mackay acknowledges the predictable flood of recruitment messages likely hitting advisors’ inboxes. “Beyond death and taxes, I know two other things with certainty—you’re being barraged by recruiters and suitors, and change brings uncertainty and opportunity,” he wrote. Mackay’s message is not subtle: Cetera wants Commonwealth’s dislocated advisors and is prepared to invest in winning their trust and their business.
He frames Cetera’s value proposition around deep, personal support and a flexible, advisor-centric platform. Mackay emphasizes the firm’s “concierge-level onboarding team,” a group specifically tasked with ensuring seamless transitions for advisors and their clients.
He also stresses that Cetera’s infrastructure is built to accommodate a wide spectrum of practices—from solo advisors in home offices to large, multi-advisor OSJs. This flexibility is at the core of Cetera’s pitch: come as you are, grow how you want, and do it on a platform that respects your independence.
Crucially, Mackay draws attention to a detail likely to resonate with Commonwealth advisors: Cetera, like Commonwealth, uses Fidelity’s National Financial Services for clearing and custody. That continuity could reduce friction for transitioning advisors and ease the operational complexity of a move. LPL, by contrast, has indicated that Commonwealth advisors and their clients will be migrated to LPL’s proprietary clearing system next year—a move that could introduce new workflows and unfamiliar processes.
Cetera’s messaging is tailored to advisors who view their autonomy as sacrosanct. “You control your business. Period,” Mackay writes. “We are here to provide unwavering support of your unique approach. Our purpose is to align with yours.” The subtext is clear: Cetera doesn’t want to subsume an advisor’s brand or practice—it wants to empower it.
LPL, for its part, is not engaging directly with Mackay’s overtures but continues to project confidence in its ability to retain the majority of Commonwealth advisors. A spokeswoman for LPL reiterated the firm’s goal of keeping 90% of the Commonwealth team post-acquisition. She emphasized that LPL plans to preserve the "community, brand, and premium service" that Commonwealth advisors have come to rely on, while enhancing their practices through LPL’s expansive platform.
In public statements, LPL has described its transition strategy as “frictionless” and “paperless,” noting that its onboarding process is designed to minimize disruption for clients and advisors alike.
The firm is also touting its scale in technology, business resources, and M&A support as value adds for advisors who stay. The spokeswoman noted, “We are focused on the opportunities that matter most to advisors while honoring the community and culture that make Commonwealth such a respected company in our industry.”
Despite LPL’s assurances, the transition is creating a strategic opening for competitors like Cetera, Sanctuary Wealth, Raymond James, and others. Each sees an opportunity to appeal to advisors who may feel that the deal compromises their independence or alters the service culture they’ve relied on for years.
For advisors evaluating their next steps, the calculus extends beyond platform features and financial incentives. Many will ask whether a new affiliation will allow them to maintain the personal, high-touch relationships they’ve cultivated with clients.
Others will weigh whether a move helps or hinders succession planning, operational flexibility, or their ability to build enterprise value. Firms like Cetera are aiming to meet those concerns with specificity and empathy—promising to honor not only the business but the philosophy behind it.
This moment underscores how competitive the independent advisor space has become. As custodians and broker-dealers consolidate, advisors are finding themselves courted with a mix of culture pitches, economic incentives, and technology stacks. Cetera’s playbook, particularly its emphasis on preserving clearing continuity and offering bespoke support, suggests it understands what’s at stake.
What remains to be seen is whether the pitch resonates with a significant number of Commonwealth advisors—and whether Cetera can execute on the high-touch transition model it promises. But in reaching out publicly, Mackay is signaling that Cetera intends to compete aggressively in a market where advisor allegiance is increasingly fluid and where cultural alignment often tips the scale.
For RIAs and hybrid advisors watching this deal from the sidelines, the Commonwealth-LPL transaction is a reminder of how quickly the independent landscape can shift—and how critical it is to remain clear-eyed about platform risk, cultural fit, and service evolution. In a consolidating industry, the true differentiators are often found in the fine print: operational compatibility, brand autonomy, and the willingness of leadership to invest in advisor success on the advisor’s terms.
