LPL Financial’s planned acquisition of Commonwealth Financial Network is causing many advisors to consider their options after the longtime competitors announced a merger deal on Monday.

Multiple advisors said they had already started getting calls from recruiters when the deal was reported as possible last week. However, those calls and emails have ramped up today, with companies announcing that LPL, the country’s largest independent broker/dealer, has a $2.7 billion cash deal to acquire Commonwealth, known for its boutique culture and independence.

Advisors with Commonwealth, which number more than 2,900, have been told they will receive a call from LPL soon to discuss the new relationship and retention offerings, according to two advisors who declined to be named.

LPL did not immediately respond to a request for information about what the retention offers may entail.

One Commonwealth advisor who asked not to be named said they were “surprised” by the news and had not seen any warning. This person said they would consider their options, and if they did not like the setup, they would consider paying off an obligation to Commonwealth and finding a new situation.

Vance Barse, founder of Your Dedicated Fiduciary and an affiliate of Commonwealth for 10 years, said the key to success for the integration would be in both a seamless client integration process but also signs that LPL will be keeping the strong Commonwealth culture, advisor services and technology.

Related:LPL Financial to Buy Commonwealth Financial for $2.7B

“I remain optimistic that the home office leadership conducted its due diligence on all types of suitors and chose LPL for reasons that will be in the best interest of advisors and their clients,” he said.

Barse said his firm, based in San Diego, Calif., runs all client touchpoints through the Advisor360 platform, which Commonwealth created and spun off in 2019.

He said Commonwealth advisors, while considering the integration process, will also “naturally weigh the retention package” LPL puts up against other offers.

Jason Barber, co-founder of Uptick Partners, a recently formed support platform for captive broker/dealer advisors to go independent, believes this will spur more RIA movement.

“There will never be a better opportunity to take this opportunity that I don’t like the way it feels to not be in control of my destiny,” he said.

Barber said while Commonwealth clients may not have to sign any paperwork, new client account numbers and 1099s will result in “a lot of inconveniences.”

Commonwealth CEO Wayne Bloom and LPL CEO Rich Steinmeier spoke at length during an investor call Monday about a focus on seamless integration, as well as a deal that would see Commonwealth influencing LPL’s much larger advisor network.

Related:The Diamond Podcast for Financial Advisors: What LPL’s Acquisition of Commonwealth Means

“We want to bend LPL to look more like Commonwealth, not the other way around,” Steinmeier said.

The companies also said Commonwealth will retain its brand and Bloom will lead a new division of LPL focused on best practices and service excellence for advisors.

However, in past acquisitions, LPL, the country’s largest independent broker/dealer, has had acquired firms eventually adopt its name and branding.

Shelby Nicholl, founder of Muriel Consulting, a recruiting and consulting company that guides advisors through career moves and practice launches, believes LPL is serious about its plans but that results will be in the execution.

“The challenge will be maintaining that ethos within the much larger, more complex LPL ecosystem,” Nicholl said. “What Rich and the team need to do is create distinct neighborhoods in this big city that is LPL. If they can do that, they could maintain the culture of Commonwealth. They’ve been experimenting with this concept through service pods and niche communities, but it remains a difficult needle to thread.”

AdvizorPro, a data and insights platform for RIAs and insurers, estimates that if the acquisition goes through, LPL will jump from the 12th largest advisor firm by total assets under management to the 8th largest on a list led by BlackRock, Vanguard and Fidelity Investments. Commonwealth ranks 26th.

With the deal, the combined LPL-Commonwealth company will have 29,000 advisors managing $1.7 trillion in assets.

Consultant Nicholl said that, overall, the total acquisition of Commonwealth is a bit of a surprise, given past messaging. She also said it may ultimately be negative for the larger world of advisors due to Commonwealth’s unique offering.

“They offered scale and sophistication, but without the impersonality that can come with size,” she said. “As someone who helps advisors choose the right home, I often say that certain advisors are ‘Commonwealth people.’ They’re drawn to the firm’s culture in the same way students might choose a small liberal arts college over a massive university.”