LPL Financial has successfully completed its acquisition of Crown Capital Securities’ wealth management business. Crown Capital, a broker-dealer and registered investment advisor based in Orange County, California, was established in 1999. The acquisition was first announced in July and was expected to close in early 2024.
As of May 8, assets totaling $1.3 billion have been transitioned to LPL’s platform by about 125 advisors, with the remaining $3.7 billion expected to transfer over the next few months. The acquisition will help LPL serve nearly 23,000 financial advisors, including those at approximately 1,100 institutions and 570 RIA firms nationwide.
Rich Steinmeier, LPL Financial’s managing director and divisional president of business strategy and growth, commended Crown Capital for its growth mindset and dedication to independence for financial advisors. Crown Capital’s president and chief marketing officer, Jonathan French, expressed confidence that the acquisition would enhance the firm’s ability to provide a top-notch experience for advisors and clients while fostering sustainable business growth.
