Data & Research April 1, 2025

CFP Board Survey Examines Implications of TCJA Expiration

Nearly 9 in 10 CFP professionals say their clients’ financial objectives are at-risk due to the pending expiration of the Tax Cuts and Jobs Act of 2017.

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A recent survey of certified financial planners found that 52% of respondents reported negative impacts of consumer access to professional guidance from the elimination of tax deductions for financial advice under TCJA.

The 2025 CFP Professionals Taxes Survey also found that 95% of CFPs rate tax considerations as critical to financial planning, with nearly 9 in 10 say their clients’ financial objectives are at-risk due to the pending expiration of the Tax Cuts and Jobs Act of 2017.

A review of the TCJA could highlight opportunities to restore tax benefits related to investment advice and advisory fees, potentially making professional advice more accessible to middle-class Americans, says the CFP Board. Half of respondents believe restoring these tax incentives would help more Americans afford professional financial advice; those surveyed say the most effective methods to expand middle-class access to financial planning are an above the line tax deduction and a tax credit.

Key provisions of the TCJA will expire on December 31, 2025, including reduced marginal tax rates, higher standard deduction and elimination of personal exemption, increased child tax credit, state and local tax deduction (SALT) cap and doubled estate tax exemption.

Retirement income and legacy planning were the areas CFPs said were most vulnerable to upcoming tax changes, cited by more than half of the 312 survey respondents. To improve tax efficiency before the TCJA provisions expire, CFPs report using various strategies including strategic timing of capital gains (78%); employing tax-efficient retirement income strategies (75%); and maximizing tax-deferred accounts. 

Clients’ top concerns for 2025 are retirement account taxation (61%), current income tax exposure (59%) and the impact of potential tax rate changes (55%). In light of those concerns, CFP professionals’ top 2025 tax-related recommendations to clients, according to the survey, are: Roth conversions (64%), increased retirement plan contributions (64%) and tax-loss harvesting (61%).

Deals & People March 31, 2025

LPL Financial Acquiring Commonwealth Financial Network

It is expected that Commonwealth’s approximately 2,900 advisers and their $285 billion in assets will migrate to the LPL platform mid-2026, joining the nearly 29,000 LPL advisers.  

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After rumors of the deal grew louder last week, LPL Financial has announced it is purchasing broker/dealer Commonwealth Financial Network for $2.7 billion.

It is expected that Commonwealth’s approximately 2,900 advisers and their $285 billion in assets will migrate to the LPL platform mid-2026. The Commonwealth advisers will join nearly 29,000 LPL advisers.  

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LPL cited Commonwealth’s “like-minded culture” focused on adviser satisfaction, and its highly complementary offering in an investor presentation about the deal.

Following the closing, LPL said it will evaluate opportunities to bring the Commonwealth adviser experience into the broader LPL ecosystem, including the review of key capabilities at Commonwealth that have been developed in partnership with Advisor360°.

“Commonwealth is respected throughout our industry as a standard-bearer for service excellence, and their commitment to the success of their Advisors is embedded in all aspects of their business,” said Rich Steinmeier, LPL Financial chief executive officer, in a statement. “A complement to LPL’s client-centric culture, Commonwealth’s service philosophy enhances the value we’ll collectively bring to all Advisors across the LPL network.”

LPL said it signed the deal Friday, March 28, and anticipates closing in the second half of 2025. The deal will be financed through a combination of corporate cash, debt and equity.

“As we’ve grown our business over the past 46 years, Commonwealth has placed a premium on delivering the industry’s highest standards of service. We’ve been diligent in finding a partner that shares our mission of prioritizing Advisor needs above all else. LPL became the logical choice for our next chapter,” said Joseph Deitch, Commonwealth founder, who will assume an advisory role to LPL’s Board of Directors through the conversion. “We are confident that LPL’s shared commitment to Advisor centricity, advocacy for Advisor independence, highly experienced team and value-added offerings will serve our Advisors extraordinarily well for the long-term.”

Commonwealth CEO Wayne Bloom will join LPL’s Management Committee and report to LPL’s CEO Steinmeier, and will continue to lead the Commonwealth community and the adviser experience.

Bloom will also partner with the LPL leadership team to launch LPL’s Office of Advisor Advocacy, the companies said. This office will “leverage Commonwealth’s differentiated service model and elevate the experience for all LPL advisers.”

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