Brian J. Neville

Founding Partner, Lax, Neville & Intelisano LLP

Brian is one of the nation’s foremost experts in broker/dealer, securities, and regulatory defense. With experience litigating over 500 matters across 18 states, he has become a go-to legal strategist for financial advisors navigating complex transitions, arbitration, and contract law.

Roger Gershman

CEO, The Gershman Group

Roger spent 25 years as a financial advisor at Hambrecht & Quist, UBS PWM, and Credit Suisse before taking the reins of the consulting firm his father founded four decades ago. With deep industry knowledge and a sterling reputation, Roger advises some of the largest Barron’s and Forbes-ranked advisor teams across Wall Street, from wirehouses to boutiques to independent RIAs. His thought leadership has been featured in AdvisorHub, BrokerChalk, Forbes, Barron’s, and more.

 

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Key Takeaways

• Don’t ignore the fine print. Retention packages can come with major restrictions.

• Scrutinize non-solicits. They should not survive past loan repayment.

• Vendor freedom matters. Platform limitations can derail your operations.

• Custodian changes affect clients. Fidelity to LPL isn’t just cosmetic.

• Always compare your options. There may be better deals with fewer strings.

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Roger Gershman:

Welcome back. Today we’re diving into a major shakeup in the independent wealth management space. LPL’s acquisition of Commonwealth is making headlines, and we’re asking the hard questions:

• What does this mean for advisors?

• What’s hiding in the fine print?

• And most importantly—what should advisors watch out for before signing any new agreement?

Joining me today is one of the most trusted legal voices in the advisor transition space, Brian Neville. Welcome back, Brian.

Brian Neville:

Always a pleasure, Roger. We’re in 2025, and M&A activity is still red-hot. But advisors need to understand—the devil is in the details.

It’s not just the headline or the press release. What really matters is what’s buried in the actual agreement.

Narrative Summary:

In this special episode, Roger and Brian unpack the deeper implications of LPL’s acquisition of Commonwealth for advisors. From hidden non-solicit clauses to vendor lock-in, platform disruptions, and shifting custodianship, this isn’t just a firm-changing event—it’s potentially a career-defining one.

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Highlights from the Conversation

Roger:

Many Commonwealth advisors were drawn to its boutique feel and high-touch support. But now, they’re being absorbed into LPL—a $2 trillion AUM giant with over 30,000 advisors.

Let’s talk about the flashy retention packages. Some advisors are hearing offers of 50 basis points and being told they’ll “keep the Commonwealth name” for a year. But what should they really be looking for?

Brian:

Let’s start with non-solicit clauses. These are fundamentally at odds with the independent model. If they’re in the contract, they should expire the moment the retention loan is repaid. Otherwise, advisors may find themselves unexpectedly locked in—and their books far less portable than they assumed.

Roger:

Data portability is another big issue. Many advisors rely on platforms like Redtail and other CRMs they’ve customized over years. What happens when LPL doesn’t support those systems?

Brian:

That’s where it gets messy. Staff retraining, client confusion, and operational headaches like RMDs or bank transfers getting delayed. Plus, new contracts might limit vendor access altogether, forcing advisors into unfamiliar or inferior systems.

Roger:

And let’s not forget the custodian switch—from Fidelity to LPL. Even if you’re told the Commonwealth experience will “stay the same” for a year, your clients will soon face an entirely new backend and login process.

Brian:

Exactly. For many clients, switching custodians is more disruptive than switching advisors.