In July, LPL Financial announced its successful acquisition of Crown Capital Securities’ wealth management business. The broker-dealer and registered investment advisor based in Orange County, California was founded in 1999 and had approximately 260 financial advisors managing $6.5 billion in advisory and brokerage assets.
As of May 8, funds totaling $1.3 billion had been transferred to LPL’s platform by approximately 125 advisors, with the remaining $3.7 billion expected to be transferred over the next few months. The acquisition was praised by Rich Steinmeier, LPL Financial’s managing director and president of the business strategy and growth division for Crown Capital’s growth mindset and commitment to the independence of financial advisors.
Crown Capital’s President and Chief Marketing Officer, Jonathan French, expressed his belief that this acquisition will enhance the firm’s ability to deliver a superior experience to advisors and clients while driving sustainable business growth. With the completion of the transaction, LPL now serves nearly 23,000 financial advisors, including those at approximately 1,100 institutions and 570 RIA firms nationwide. The acquisition of Crown Capital’s wealth management business further strengthens LPL’s position as a leading financial services provider in the industry.