LPL Financial Acquires Crown Capital Securities’ Wealth Management Business: Further Expanding Its Leadership in the Industry

LPL Financial has recently acquired Crown Capital Securities’ wealth management business, marking a significant milestone in its growth and expansion plans. Crown Capital, a broker-dealer and registered investment advisor based in Orange County, California, was established in 1999 and has been serving around 260 financial advisors who manage approximately $6.5 billion in advisory and brokerage assets.

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 already been transitioned to LPL’s platform by about 125 advisors. The remaining $3.7 billion is expected to transfer over the next few months, further solidifying LPL’s position as a leading provider of financial services in the industry.

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. He expressed excitement about the potential for the acquisition to enhance LPL’s ability to provide a top-notch experience for advisors and clients while fostering sustainable business growth.

Crown Capital’s president and chief marketing officer, Jonathan French, expressed confidence that the acquisition would enable the firm to provide even better service to its clients while maintaining its commitment to independence for financial advisors. He also emphasized the importance of this acquisition for Crown Capital’s long-term success as it continues to grow and expand its offerings.

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. This acquisition further solidifies LPL’s position as a leading provider of financial services in the industry and underscores its commitment to providing high-quality solutions for both financial advisors and their clients.