San Diego-based LPL Financial announced today that it has agreed to purchase the wealth management business of Crown Capital Securities, a $6.5 billion hybrind broker-dealer and RIA based in Orange County, Calif.
Crown Capital, which has about 260 financial advisors, was founded in 1999, according to an LPL announcement, and is led by CEO Darol K. Paulsen.
“Since our inception, we have been focused on supporting our advisors so they have more time to develop customized and integrated investment and planning strategies and more time to spend with their clients, providing a best-in-class customer experience,” Paulsen said in a prepared statement. “LPL shares that philosophy, which is why we’re confident LPL will preserve our advisor-first legacy.”
As a result of the acquisition, Crown Capital’s advisors will have access to LPL’s technology, advisor platform and resources, while maintaining their independence, according to the companies’ announcement.
A purchase agreement was signed on July 21, according to the announcement, and the transaction is expected to close in early 2024.
No additional details of the transaction were disclosed in the announcement.