LPL Financial said Tuesday that it plans to acquire the wealth management business of Crown Capital Securities. Crown Capital is a broker-dealer and registered investment advisor headquartered in Orange County, California.
Crown supports about 260 financial advisors, who serve clients with some $6.5 billion of advisory and brokerage assets, according to LPL's press release announcing the deal; the firm was established in 1999.
LPL signed the purchase agreement on July 21, and the transaction is expected to close in early 2024, subject to receipt of regulatory approval and other customary closing conditions.
"Since our inception, we have been focused on supporting our advisors so they have more time to develop customized and integrated investment and planning strategies and more time to spend with their clients, providing a best-in-class customer experience," said Darol Paulsen, Crown Capital CEO, in a statement.
According to Paulsen, LPL shares this philosophy, which is why he believes LPL will preserve the group's "advisor-first legacy."
