LPL Closes Acquisition of $5B Wealth Business

By John Manganaro

News May 08, 2024 at 05:08 PM

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LPL Financial said Wednesday that it has completed its acquisition of the wealth management business of Crown Capital Securities.

Crown Capital is a broker-dealer and registered investment advisor headquartered in Orange County, California. LPL revealed its plan to purchase the firm's wealth business in July, at which time firm leaders said they expected the transaction to close in "early 2024."

Crown's wealth management business supported about 260 financial advisors who serve clients with advisory and brokerage assets, according to LPL's press release first announcing the deal. The firm was established in 1999.

As of May 8, approximately $1.3 billion of brokerage and advisory assets served by approximately 125 advisors have been moved to LPL's platform. The remaining $3.7 billion of assets are expected to onboard over the next several months.

"We continue to be impressed with Crown Capital's growth mindset and deep commitment to the value of independence for financial advisors," said Rich Steinmeier, LPL Financial managing director and divisional president of business strategy and growth.

Jonathan French, Crown Capital president and chief marketing officer, said the closing of the transaction will ensure the firm can deliver a "best-in-class experience" to its advisors and their clients, while sustainably growing the business for the future.

With the transaction, LPL is now serving nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 RIA firms nationwide.

Pictured: Rich Steinmeier

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