LPL completes deal for Crown Capital’s $5B wealth business

LPL completes deal for Crown Capital’s $5B wealth business
The deal for the Orange County, California-based firm’s wealth business is set to add around 125 advisors to LPL.
MAY 08, 2024

LPL has just landed a whale of a wealth business on the West Coast.

The wealth management behemoth announced Wednesday that it has successfully completed its acquisition of Crown Capital Securities' wealth management business.

Crown Capital is a full-service broker-dealer and registered investment advisor headquartered in Orange County, California.

When the deal was originally announced last July, LPL expected that it would be absorbing 260 financial advisors managing some $6.5 billion in assets into its network.

But the firm said today that as of the closing date, approximately $1.3 billion of brokerage and advisory assets, serviced by about 125 advisors, have been onboarded to LPL Financial. The remaining $3.7 billion of assets are expected to transition over the next several months.

Rich Steinmeier, LPL Financial managing director and divisional president of business strategy and growth, expressed enthusiasm for the partnership. "We continue to be impressed with Crown Capital's growth mindset and deep commitment to the value of independence for financial advisors," he said in a statement.

"Through LPL's advisor-first focus and by leveraging our innovative platform and specialized services, the high-performing advisors at Crown Capital Securities are even better positioned to scale their thriving businesses."

Echoing that sentiment, Crown Capital President and Chief Marketing Officer Jonathan L. French highlighted the benefits of the acquisition.

"Since the inception of Crown Capital Securities, our ambition has been to offer best-in-class experiences to our advisors built upon our unique family culture and their clients while sustainably growing our business for the future," French stated.

"Through LPL, we can take both goals to the next level,” he said, adding that he is “excited about this next chapter of our journey."

This week also saw the closing of another major acquisition at Osaic, which on Monday completed its deal to snap up Lincoln’s wealth business, effectively taking in roughly 1,400 advisors and $115 billion in assets.

Bitcoin ETFs, model portfolios driving asset growth, says WisdomTree president

Latest News

Why the off-channel comms problem is far from solved
Why the off-channel comms problem is far from solved

Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."

FINRA penalizes another broker dealer for social media miscues
FINRA penalizes another broker dealer for social media miscues

FINRA has been focused on firms and their use of social media for several years.

Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney
Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney

RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.

Cantor Fitzgerald to acquire hedge fund unit from UBS
Cantor Fitzgerald to acquire hedge fund unit from UBS

The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.

Navigating life’s big transitions for women clients
Navigating life’s big transitions for women clients

Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.