LPL Financial Acquires Crown Capital Securities’ Wealth Management Business for $5 Billion in Assets

In July, LPL Financial announced its acquisition of Crown Capital Securities’ wealth management business. Crown Capital, a broker-dealer and registered investment advisor based in Orange County, California, was founded in 1999. The acquisition was completed on May 8th, with assets totaling $1.3 billion already transitioned to LPL’s platform by about 125 advisors. The remaining $3.7 billion is expected to transfer over the next few months.

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.

As of May 8th, 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.