Bartholomew & Company, a Massachusetts-based advisory firm overseeing approximately $6 billion in client assets, has transitioned to a hybrid registered investment advisor (RIA) structure. The shift, completed in the wake of LPL Financial's $2.7 billion acquisition of Commonwealth Financial Network, marks a strategic evolution for the firm founded by Tom Bartholomew in 1994.
Alex Bartholomew, who succeeded his father as CEO and chief investment officer in June 2025, told InvestmentNews that LPL's scale in technology and custody services was a key driver. The firm previously relied on Fidelity's National Financial Services (NFS) platform for custody. “There's a lot of benefits in moving to a custodian the size of LPL, particularly as an RIA,” Bartholomew said. “It's allowing us to invest in technology that we never would have been able to if we had tried to do it with Commonwealth and NFS.”
Under the hybrid model, advisory assets will be held under a new Form ADV for Bartholomew & Company Wealth Management, LLC, while brokerage and commission business remains with Commonwealth. The firm retains access to LPL's ClientWorks platform alongside its own chosen systems for data, performance reporting, trading, and billing. “It really was a slam dunk in terms of accessing the best of both worlds,” Bartholomew added.
Bartholomew & Company has retained all 40 team members since the acquisition was announced in March 2025. This contrasts with broader industry trends: a January 2026 report from Muriel Consulting found that 22.5% of Commonwealth's advisors—653 in total—departed after the sale. LPL CEO Rich Steinmeier stated in the firm's first-quarter earnings call that the brokerage remains on track to achieve 90% asset retention from Commonwealth advisors.
Alex Bartholomew emphasized that LPL has committed contractually to preserving Commonwealth's brand and service model. “Everything that we've gone through in this onboarding and conversion process has been about keeping Commonwealth separate from other channels,” he said. “There's a commitment contractually for not only the brand, but the service model of Commonwealth. It's more than a verbal commitment.”
The firm serves affluent and high-net-worth individuals, institutions, government entities, and nonprofits, primarily in Massachusetts and New England. It operates offices in Worcester and Framingham, Massachusetts, near Commonwealth's headquarters. Bartholomew described the acquisition as a “blessing,” enabling long-discussed investments in infrastructure and positioning the firm for organic, M&A, and recruiting growth in 2027.
Tom Bartholomew, now chairman, publicly rebuffed recruitment overtures from other broker-dealers last July. In a statement, he wrote: “I respectfully request that all recruiters for other BDs discontinue their efforts to contact me… Your efforts are increasingly convincing me that we've made the correct decision to work with Commonwealth and make certain that the LPL acquisition succeeds.”
The transition reflects a broader trend of advisors leveraging hybrid RIA structures to combine independent advisory flexibility with the resources of large custodians. As LPL integrates Commonwealth, firms like Bartholomew & Company are testing whether the promised technology and service upgrades can stem attrition and fuel expansion. For context, other wealth management firms are also adapting to regulatory and market shifts, such as the launch of 530A accounts and the rise of active ETFs.
