At Blakely Financial, maintaining the strong relationships we’ve built with each of our clients remains our highest priority. While Commonwealth is undergoing a change in ownership, I want to personally assure you that this will not impact the way we serve you. Our team remains the same, your investment strategy stays intact, and our commitment to your financial well-being remains as strong as ever. As part of our ongoing mission to serve you better, we are embracing new technologies that will enhance our ability to provide timely insights, streamline communication, and deliver even more personalized service. We’ll continue to keep you informed every step of the way, and if you have any questions or concerns about this transition, my team and I are always here to talk you through it. Most of the changes will occur behind the scenes and should be seamless for you.
May 19, 2025
Re: Consent to Assignment of Investment Advisory Agreement
Dear Valued Client:
We are writing to inform you of an upcoming change to the ownership of Commonwealth Financial Network® (“Commonwealth”). Through your financial advisor, Commonwealth serves as your investment adviser pursuant to an investment advisory agreement between you and Commonwealth.
In the second half of 2025, subject to customary approvals, Commonwealth’s parent company is expected to be acquired by LPL Holdings Inc. (“LPL Holdings”), the parent company of LPL Financial LLC (“LPL”), and a subsidiary of LPL Financial Holdings, Inc. (Nasdaq: LPLA), a Fortune 500 company. LPL, a registered broker/dealer and investment adviser, is a client-centric leader in wealth management, and provides an integrated platform of brokerage and investment advisory services.1
This ownership change may be deemed an “assignment” of your advisory agreement under the Investment Advisers Act of 1940, and, therefore, we are requesting your consent to the assignment. If applicable, we are also amending your existing advisory agreement with Commonwealth to provide that it may be assigned with your “negative” consent, which means the assignment will occur automatically unless you object. We want to assure you that the ownership change and assignment are not anticipated to result in a change to the personnel managing your account, your investment strategy, or the fees charged. The same team will continue to service your accounts with the same level of commitment and care.
If you object to the assignment or wish to terminate your advisory agreement, you must notify us before July 18, 2025, by emailing us at optout@commonwealth.com or writing us at Commonwealth Financial Network, Attn: Commonwealth Opt-Out, 29 Sawyer Road, Waltham, MA 02453-3483, including your name, address, and account number (if any). Please note that an objection will result in the termination of your advisory relationship, and we encourage you to speak with your advisor if you have any questions or concerns. Unless you contact us to object to the assignment or terminate your advisory agreement, your advisory relationship with your financial advisor and Commonwealth will continue in the same manner as before without interruption.
Further integration with LPL, including a change to account custodian, is not expected to occur until the second half of 2026. You will receive advance notice and additional details prior to this event.
We value your trust and look forward to continuing to provide you with investment advisory services. As always, should you have any questions, please contact your financial advisor.
Sincerely,
Trap Kloman
President and Chief Operating Officer
Commonwealth Financial Network®
1 For additional information regarding LPL and the transaction, please visit lpl.com. LPL’s press release announcing the transaction is available at lpl.com/news-media/press-releases/lpl-financial-to-acquire-commonwealth-financial-network.html.
