A few weeks ago, after LPL Focus 2026, we shared what we heard from LPL advisors. This week, LPL Research spent time with Commonwealth advisors at the Commonwealth National Conference in Aurora, Colorado. The questions were remarkably similar. Commonwealth advisors want to know how to use LPL Research to scale their practices, run portfolios more efficiently, and spend more time with clients.

 

Here are the five questions or observations we heard, and LPL Research’s answers.

 

1. Who Is LPL Research and How Many Model Portfolios do you Manage?

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Post-conversion, LPL Research will consist of approximately 75 investment professionals split across our three main offices in Fort Mill, SC, San Diego, CA, and Boston, MA, as well as other smaller office locations. Post-conversion, our assets under management (AUM) will likely be over $120 billion, spread over almost one million client accounts. We manage around 60 Mutual Fund and/or exchange-traded fund (ETF) models and 18 separately managed account (SMA) models available on LPL’s managed account platforms.

 

2. Building Block Models Feel Familiar to Commonwealth Advisors

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Advisors who use the Compass model suite saw the connection right away. Our Building Block models follow the same idea. They are single-asset-class equity, fixed income, and alternatives models that can be used on their own or combined into multi-sleeve and unified managed account (UMA) portfolios. LPL Research runs the investment management, and advisors decide how to combine the models for each client. For example, Domestic Equity Capital Appreciation, Overseas Equity Capital Appreciation, and Core Fixed Income can work together as a core growth portfolio, with minimums starting as low as $30,000. For clients who are sensitive to drawdowns, Global Defensive Equity, Global Technical Risk Mitigation, and Long-Cycle Drawdown Reduction can be combined to create a portfolio for a more risk-aware investor.

 

3. Active ETFs Keep Moving Into the Mainstream

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Interest in ETFs and particularly active ETFs keeps growing. Advisors commented that they appreciate getting active management with the trading flexibility, transparency, and potential tax efficiency of an ETF. LPL Research’s coverage in this space is growing to meet that demand. In the third-quarter update to our Coverage List, the LPL Research Investment Manager Committee team added 30 strategies, of which 21 were ETFs. Platform flows tell the same story of extremely heightened interest: ETF assets in LPL Research models grew almost 37% over the past year.

 

4. What is OCIO?

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The LPL OCIO (Outsourced Chief Investment Officer) service allows advisors and institutions to outsource more of the investment process to LPL Research, allowing them to focus on more of what they do best, such as gathering assets or managing relationships. LPL's offering pairs each firm with a dedicated three-person OCIO team. That team is backed by the full weight and knowledge of the wider LPL Research team. Services include investment policy development, governance support, custom model portfolios built around the advisor's own philosophy, and white-label client communications. Advisors stay in control of the investment philosophy, and LPL Research does the heavy lifting.

 

5. Has LPL Research Made Any Recent Changes to Your Tactical Views?

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The LPL Research Strategic and Tactical Asset Allocation Committee’s (STAAC) current views, as published in our October Tactical Asset Allocation Guide (TAAG), are as follows:

1. Equities remain a modest overweight, supported by AI-driven earnings strength.
2. Large cap value was upgraded to overweight with more emphasis on quality, and small growth was downgraded to underweight.
3. Technology was upgraded to overweight. Real estate was downgraded to underweight, and industrials moved to neutral.
4. The year-end fair value range for the S&P 500 was raised from 7,950 to 8,050. The year-end forecast range for the 10-year Treasury yield was raised from 4.75% to 5.25%.
5. In fixed income, we continue to favor core, higher-quality bonds over riskier sectors. Higher yields keep income opportunities attractive.

 

The Bottom Line

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Whether they come from LPL or Commonwealth, advisors want the same things: scale, efficiency, and better outcomes for clients. The conversion to LPL is the immediate priority for most Commonwealth advisors, but the conversations we had in Colorado showed that they are already thinking about what comes next, and we’re excited to help them get there.

 

• Important Disclosures

• This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors. To determine which investment(s) may be appropriate for you, please consult your financial professional prior to investing.

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