LPL Financial announced that it has completed the acquisition of the wealth management business of Crown Capital Securities, expecting to onboard about $5 billion of client assets from the deal.
Last summer LPL Financial, the nation’s largest independent broker-dealer, signed a definitive deal to buy the full-service, Orange County, Calif., broker-dealer, which supported 260 advisors and managed $6.5 billion of advisory and brokerage assets at the time of the announcement. LPL didn’t disclose the price of the acquisition.
The acquisition of Crown Capital is a relatively small transaction for LPL, which reported $1.44 trillion of client assets at the end of the first quarter of 2024. LPL, for example, said in February it signed to buy New York-based Atria Wealth Solutions, which comes with 2,400 advisors and about $100 billion of client assets.
In a press release yesterday, LPL explained that it has onboarded about $1.3 billion of brokerage and advisory assets served by about 125 advisors as of Wednesday. About $3.7 billion of additional assets are expected to onboard over the next several months.
Crown Capital expands LPL’s footprint in competitive California. Rich Steinmeier, LPL Financial managing director and divisional president of business strategy and growth, said Crown Capital’s advisors are now better positioned to scale their “thriving” businesses with LPL’s innovative platform and specialized services.
“We continue to be impressed with Crown Capital's growth mindset and deep commitment to the value of independence for financial advisors,” he said.