LPL Completes Purchase of $6.5 Billion Wealth Management Business

LPL Financial has completed its acquisition of the wealth management business of Crown Capital Securities. Crown Capital is based in Orange County, California, and is a broker-dealer and registered investment advisor. The acquisition was announced in July, and the transaction has now been finalized.

Crown Capital’s wealth management business supports around 260 financial advisors who manage about $6.5 billion in advisory and brokerage assets. As of May 8, approximately $1.3 billion of assets managed by 125 advisors have been moved to LPL’s platform. The remaining $3.7 billion is expected to transition in the coming months.

Rich Steinmeier, managing director and divisional president of business strategy and growth at LPL Financial, commended Crown Capital for its growth mindset and commitment to independence for financial advisors. Crown Capital’s president and chief marketing officer, Jonathan French, expressed confidence that the acquisition will enable the firm to provide a top-notch experience for advisors and clients while supporting future growth.

Following the acquisition, LPL Financial now serves nearly 23,000 financial advisors, including those at institutions and registered investment advisor (RIA) firms across the country. The completion of the transaction marks a significant milestone for both LPL Financial and Crown Capital as they work to enhance their offerings and support the growth of their businesses in the wealth management sector.