LPL Financial to Buy $6.5B California Wealth Manager
LPL Financial has acquired the wealth management business of Crown Capital Securities, a broker-dealer and registered investment advisor with 260 advisors and approximately $6.5 billion in assets.
Terms of the deal, which is expected to close early in 2024, were not disclosed.
Founded in 1999 and based in Orange County, CA, Crown advisors specialize in customized, high-touch services across 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, CEO, Crown Capital. “LPL shares that philosophy.”
The latest acquisition is part of the ongoing expansion efforts by San Diego-based LPL. In December 2020, the firm announced it was acquiring the wealth management business of $63 billion Waddell & Reed Financial Inc. Prior to that, it bought National Planning Holdings Inc., an independent broker-dealer network with 3,200 advisors, for $325 million from Jackson National, an insurance company.
LPL manages approximately $1.18 trillion and supports more than 21,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 500 RIA firms.