LPL Financial Acquires Crown Capital Securities’ Wealth Management Business: Strengthening Its Position as a Leading Provider of Financial Services in the Industry

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. Crown Capital’s wealth management business supports around 260 financial advisors who manage approximately $6.5 billion in advisory and brokerage assets.

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.

Following the completion of the transaction, LPL is now serving 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 solidifies LPL’s position as a leading provider of financial services in the industry