07.25.23

LPL To Buy Wealth Manager With 260 Advisors, $6.5 Billion in Assets

by: Andrew Welsch

LPL Financial is acquiring Crown Capital Securities, which has 260 advisors who oversee approximately $6.5 billion of advisory and brokerage assets. The deal underscores the ongoing consolidation within the broker-dealer sector, as firms seek greater scale and efficiencies to cope with rising regulatory and technology costs. Crown Capital will maintain its brand and structure as part of the deal. "Our advisors will be able to retain our culture and continue to work with employees out of our office in Orange County, the people they’ve known for many years,” said Jonathan French, president of Crown Capital. “But at the same time, they’ll have access to LPL’s resources. I really look at it as a best-of-both-worlds type of situation." Rich Steinmeier, LPL managing director and divisional president of business development, said maintaining Crown Capital’s culture was important and a model LPL is pursuing with other acquisitions.

Read the full article on Barron's