LPL Financial has appointed Emily Field as its new chief people officer, as the firm works to integrate its largest-ever acquisition and retain a significant portion of Commonwealth Financial Network’s advisors.
Field, a veteran talent strategist joining LPL’s management committee, will oversee human resources for more than 9,000 employees at LPL, according to a company press release.
Her background includes leading workforce transformation projects at McKinsey & Company and Accenture, with a focus on talent strategy, HR modernization, and leadership development. At LPL, she will be responsible for talent management, total rewards, learning, culture and engagement, and HR business partners .
“Emily has earned deep trust from her clients by consistently bringing a data-driven, people-first approach to talent strategy,” LPL CEO Rich Steinmeier said in the statement announcing Field's hiring.
He added that her expertise “aligns perfectly with our priorities at LPL – elevating the employee experience to build a high-performance culture.”
Field’s arrival comes just days after LPL closed its $2.7 billion acquisition of Commonwealth, a move that brings roughly 3,000 advisors and $300 billion in client assets under the firm’s umbrella.
LPL has set a goal of retaining 90% of Commonwealth’s advisors, a target Steinmeier described as ambitious but achievable.
“We continue to feel confident about our ability to capture 90%,” he said during the company’s second-quarter earnings call, noting that the firm is committed to maintaining Commonwealth as a distinct business and culture.
The integration comes at a time when competitors such as Raymond James, Cetera, and other hybrids and broker-dealers are actively recruiting Commonwealth advisors, with some offering payouts reportedly exceeding 100% of trailing 12-month compensation.
LPL, for its part, has emphasized that Commonwealth advisors who stay will retain their brand and community and will benefit from a seamless transition to LPL’s systems.
Industry observers say the retention target may be difficult to reach, given the intense competition and the strong culture at Commonwealth. One commentator has described the acquisition as a “melting ice cube tray,” with some advisors feeling a sense of dismay as the firm’s boutique-like culture changes.
Still, LPL has stressed its commitment to preserving Commonwealth’s community, brand, and premium service, and has added financial incentives based on assets, revenue, and tenure.
“Our retention program is tailored for Commonwealth Advisors, grounded in maintaining their community and industry-leading experience, as well as their all-in ongoing economics,” LPL said in a statement to InvestmentNews in April.
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