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LPL Financial Closes Acquisition of SoCal-Based Crown Capital Securities

LPL Financial closed its acquisition of wealth management business Crown Capital Securities L.P., a full-service broker-dealer and registered investment adviser headquartered in Orange County, Calif., and founded in 1999.

Previously reported by The DI Wire, LPL entered into a definitive purchase agreement in July 2023 to purchase Crown Capital, a brokerage which then supported 260 financial advisers who served approximately $6.5 billion of advisory and brokerage assets.

“We continue to be impressed with Crown Capital’s growth mindset and deep commitment to the value of independence for financial advisers,” said Rich Steinmeier, LPL managing director and divisional president, business strategy and growth. “Through LPL’s adviser-first focus and by leveraging our innovative platform and specialized services, the high-performing advisers at Crown Capital Securities are even better positioned to scale their thriving businesses.”

“Since the inception of Crown Capital Securities, our ambition has been to offer best-in-class experiences to our advisers built upon our unique family culture and their clients while sustainably growing our business for the future,” said Jonathan L. French, Crown Capital president and chief marketing officer. “Through LPL, we can take both goals to the next level. I am extremely proud of our accomplishments and am excited about this next chapter of our journey.”

As of May 8, 2024, approximately $1.3 billion of brokerage and advisory assets served by approximately 125 advisers have been onboarded to LPL. The remaining approximately $3.7 billion of assets are expected to onboard over the next several months.

LPL Financial Holdings Inc. serves nearly 23,000 financial advisers, including advisers at approximately 1,100 enterprises and 570 registered investment adviser firms nationwide. Headquartered in San Diego, its total advisory and brokerage assets totaled more than $1.44 trillion as of March 31, 2024.

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