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LPL Financial campus in South Carolina

Practice Management > Building Your Business > Dealmaking

LPL Financial to Acquire $6.5B Wealth Business

By John Manganaro

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LPL Financial said Tuesday that it plans to acquire the wealth management business of Crown Capital Securities. Crown Capital is a broker-dealer and registered investment advisor headquartered in Orange County, California.

Crown supports about 260 financial advisors, who serve clients with some $6.5 billion of advisory and brokerage assets, according to LPL’s press release announcing the deal; the firm was established in 1999.

LPL signed the purchase agreement on July 21, and the transaction is expected to close in early 2024, subject to receipt of regulatory approval and other customary closing conditions.

“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 Paulsen, Crown Capital CEO, in a statement.

According to Paulsen, LPL shares this philosophy, which is why he believes LPL will preserve the group’s “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,” explained Phyllis Paulsen, executive vice president of Crown Capital.

Rich Steinmeier, LPL Financial managing director and divisional president for business development, said Crown Capital’s advisors share a common mission to help their clients build their financial legacies. LPL’s platform should let them streamline operations, enhance their service offering and grow their client relationships, he added.

“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,” Steinmeier said.

According to the press release, Crown advisors specialize in offering their clients customized services across investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.

Photo: LPL Financial

John Manganaro

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