Business
LPL Financial to Acquire Financial Services Provider Crown Capital Securities
Crown Capital Securities is a broker-dealer and RIA supporting approximately 260 advisors serving approximately $6.5 billion of client assets SAN DIEGO, July
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"Crown Capital Securities is a broker-dealer and RIA supporting approximately 260 advisors serving approximately $6.5 billion of client assets\nSAN DIEGO, July 25, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC (“LPL Financial” or “LPL”) today announced that the firm has entered into a definitive purchase agreement to acquire 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. Crown supports approximately 260 financial advisors, who serve approximately $6.5 billion of advisory and brokerage assets. Established in 1999, Crown was founded on the philosophy that financial advisors should have the freedom to build a practice on their terms. Crown advisors offer their clients customized, high-touch 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.” “This was an emotional and very personal decision for the firm, and we believe LPL was the ideal choice to help our advisors take their businesses to the next level in the future,” said Phyllis Paulsen, Executive Vice President, Crown Capital. “Crown Capital advisors share a common mission to help their clients build their financial legacies,” said Rich Steinmeier, LPL Financial managing director and divisional president, Business Development. “LPL’s industry-leading platform will enable them to streamline operations, enhance their service offering, and grow their client relationships. We are committed to supporting the Crown advisors so they can continue providing exceptional service to their clients, and look forward to welcoming them to LPL.” “Through this agreement, Crown advisors will maintain the independence and freedom to innovate, which they have valued at Crown, while enjoying access to LPL’s industry-l...