LPLA - LPL Financial Closes Acquisition of Crown Capital Securities | Benzinga
SAN DIEGO, May 08, 2024 (GLOBE NEWSWIRE) -- LPL Financial LLC ("LPL Financial" or "LPL") announced it has closed its acquisition of the wealth management business of?Crown Capital Securities, L.P. ("Crown Capital" or "Crown") a full-service broker-dealer and registered investment advisor ("RIA") headquartered in Orange County, California.?
"We continue to be impressed with Crown Capital's growth mindset and deep commitment to the value of independence for financial advisors," said Rich Steinmeier, LPL Financial managing director and divisional president, Business Strategy & Growth. "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."
"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," 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 advisors have been onboarded to LPL. The remaining approximately $3.7 billion of assets are expected to onboard over the next several months.
About LPL Financial?
LPL Financial Holdings Inc. (NASDAQ:LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisor ("RIA") ...