Commonwealth Financial Network, which penned a deal in March to be acquired by LPL Financial, has added Patrick Funke & Associates, a Phoenix-based team with about $430 million in client assets. The firm, run by advisor Patrick Funke and his wife, Jennifer Funke, was previously with Osaic. Prior to that, they were affiliated with Securities America, one of the broker/dealer entities that was consolidated into Osaic.
Patrick Funke has built up his book of business over 25 years, focusing specifically on small corporate retirement plans.
“Oftentimes, a workplace 401(k) meeting can be the first interaction an investor has with an advisor,” he said in a statement. “This provides an opportunity to make those meetings a gateway to making a genuine difference in people’s lives.”
Jennifer Funke said she likes that when they call Commonwealth, someone picks up the phone or calls back promptly. She also found the transition process was smooth.
“Now that we’ve transitioned, we’re finding that opening a new account takes five minutes. The system generates all the forms, and it’s easy for clients to approve via DocuSign,” she said in a statement.
“When we last changed our partner firm, it was for additional size and scale,” Patrick Funke said. “That’s not enough, though, because relationships are the lifeblood of our firm. The Commonwealth model means partnering with a high-level, professional team that’s relationship-focused, not transaction-oriented. Looking ahead, Commonwealth and LPL will give us the foundation to grow our practice.”
LPL announced plans in March to acquire Commonwealth for about $2.7 billion in cash, linking the country’s largest independent broker/dealer with one known for its small cultural feel.
Since then, several large broker/dealers have been more aggressively recruiting Commonwealth advisors. Just last week, Cetera Wealth Management President Todd Mackay made the case in a second open letter to Commonwealth advisors that Cetera could help them avoid some of the pitfalls they might find in a move to LPL. This letter follows one Mackay sent in April, imploring Commonwealth advisors to consider Cetera—a call made by other advisory firms, including Osaic, Raymond James and Kestra.
During an earnings call in May, LPL CEO Rich Steinmeier expressed confidence in his firm retaining 90% of Commonwealth advisors, noting regular engagement and retention discussions with those advisors. On that call, Chief Financial Officer Matt Audette added that, despite the competitors vying for Commonwealth advisors, he didn’t see many “credible players” that could poach them.
LPL expects to close the transaction in the second half of 2025 and finish converting advisors to its platform in early 2026.
#Commonwealth #Adds #430M #Team #LPL #Acquisition #Looms