LPL Financial has added another sizable independent practice to its roster, with Conte Wealth Advisors—a longtime Cambridge Investment Research affiliate—now operating under LPL's umbrella. The firm, based near Harrisburg, Pennsylvania, manages approximately $1.4 billion in client assets and employs 20 financial advisors, according to a senior industry executive familiar with the matter.
Anthony “Tony” Conte, the firm's CEO, has been registered with Cambridge since 2009, per his BrokerCheck profile. Conte Wealth's website was temporarily offline on Tuesday, but its standard disclosure language indicated that securities and advisory services were offered through LPL Financial—a sign that the transition had already taken effect. Neither Conte nor representatives from Cambridge or LPL returned calls seeking comment.
The move underscores the fierce competition for advisor talent that has defined the independent broker-dealer space over the past two years. LPL's acquisition of Commonwealth Financial Network last year for $2.7 billion in cash has intensified the battle, as firms jockey to attract advisors from both Commonwealth and other large platforms. The recruiting environment remains highly active, with LPL historically among the most aggressive in offering recruitment bonuses.
Cambridge, the largest privately held independent broker-dealer, has also been a formidable recruiter. In the first half of 2026, it added 189 advisors who brought roughly $6.8 billion in assets under advisement and $55.9 million in annualized revenue, according to InvestmentNews data. That compares with 185 advisors and $5.1 billion in AUA during the same period last year—a modest increase in headcount but a significant jump in asset size, suggesting the firm is attracting larger, more established teams.
LPL's recruiting momentum has not been without challenges. Some Commonwealth advisors have departed for competitors in the past year, and the firm faces ongoing pressure to retain its own talent. Still, LPL continues to land major deals. Last month, it recruited HighWater Wealth, a San Diego-based team overseeing roughly $2.4 billion in advisory assets.
The shift of Conte Wealth is part of a broader pattern of movement among independent advisors, as firms weigh factors such as technology, payout structures, and succession support. In a related development, Hightower's Signature Wealth added a $275 million Pennsylvania RIA, pushing its platform near $40 billion. And Raymond James recruited a $1.1 billion Baird team in Pennsylvania, further illustrating the competitive landscape in the state.
For Cambridge, losing a $1.4 billion practice is a notable setback, though the firm's overall recruiting numbers remain strong. For LPL, the addition of Conte Wealth bolsters its presence in the mid-Atlantic region and adds to its growing list of large independent practices. The industry will be watching to see whether this trend of high-asset teams switching platforms continues, and how firms like Cambridge respond to retain their largest affiliates.
