LPL Financial LLC, the nation’s largest independent broker-dealer, announced that the firm has entered into a definitive purchase agreement to acquire the wealth management business of Crown Capital Securities LP, a full-service broker-dealer and registered investment advisor headquartered in Orange County, California.
Crown supports approximately 260 financial advisors who serve approximately $6.5 billion of advisory and brokerage assets.
Established in 1999, Crown advisors offer their clients various services such as investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.
“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,” said Darol K. Paulsen, chief executive officer, Crown Capital. “LPL shares that philosophy, which is why we’re confident LPL will preserve our advisor-first legacy.”
The transaction is expected to close in early 2024. The terms of the acquisition were not disclosed.
LPL supports more than 21,000 financial advisors, 1,100 institution-based investment programs and 500 independent RIA firms nationwide.