LPL has just landed a whale of a wealth business on the West Coast.
The wealth management behemoth announced Wednesday that it has successfully completed its acquisition of Crown Capital Securities' wealth management business.
Crown Capital is a full-service broker-dealer and registered investment advisor headquartered in Orange County, California.
When the deal was originally announced last July, LPL expected that it would be absorbing 260 financial advisors managing some $6.5 billion in assets into its network.
But the firm said today that as of the closing date, approximately $1.3 billion of brokerage and advisory assets, serviced by about 125 advisors, have been onboarded to LPL Financial. The remaining $3.7 billion of assets are expected to transition over the next several months.
Rich Steinmeier, LPL Financial managing director and divisional president of business strategy and growth, expressed enthusiasm for the partnership. "We continue to be impressed with Crown Capital's growth mindset and deep commitment to the value of independence for financial advisors," he said in a statement.
"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."
Echoing that sentiment, Crown Capital President and Chief Marketing Officer Jonathan L. French highlighted the benefits of the acquisition.
"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," French stated.
"Through LPL, we can take both goals to the next level,” he said, adding that he is “excited about this next chapter of our journey."
This week also saw the closing of another major acquisition at Osaic, which on Monday completed its deal to snap up Lincoln’s wealth business, effectively taking in roughly 1,400 advisors and $115 billion in assets.
Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
A trade deal would mean significant cut in tariffs but 'it wont be zero'.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
