** Shares of wealth management firm LPL Financial LPLA.O down 3% to $326.50 in premarket trading

** LPLA says it would acquire the privately held investment adviser Commonwealth Financial Network for about $2.7 billion in an all-cash deal

** LPLA plans to acquire 100 percent of the equity of Commonwealth, and expects to finance it through a combination of corporate cash, debt and equity

** LPLA in a separate statement says it has commenced an underwritten public offering of $1.5 billion of its common stock

** As of last close, stock is up ~3.2% YTD

(Reporting by Jaiveer Singh Shekhawat in Bengaluru)

((JaiveerSingh.Shekhawat@thomsonreuters.com;))