LPL Financial Closes Acquisition of Crown Capital Securities
08 Maggio 2024 - 2:55PM
LPL Financial LLC (“LPL Financial” or “LPL”) announced it has
closed its acquisition of 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.
"We continue to be impressed with Crown Capital's growth mindset
and deep commitment to the value of independence for financial
advisors," said Rich Steinmeier, LPL Financial managing director
and divisional president, Business Strategy & Growth. "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."
“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,” said Jonathan L. French,
Crown Capital president and chief marketing officer. “Through LPL,
we can take both goals to the next level. I am extremely proud of
our accomplishments and am excited about this next chapter of our
journey.”
As of May 8, 2024, approximately $1.3 billion of brokerage and
advisory assets served by approximately 125 advisors have been
onboarded to LPL. The remaining approximately $3.7 billion of
assets are expected to onboard over the next several months.
About LPL Financial
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the
principle that LPL should work for advisors and institutions, and
not the other way around. Today, LPL is a leader in the markets we
serve, serving nearly 23,000 financial advisors, including advisors
at approximately 1,100 institutions and at approximately 570
registered investment advisor ("RIA") firms nationwide. We are
steadfast in our commitment to the advisor-mediated model and the
belief that Americans deserve access to personalized guidance from
a financial professional. At LPL, independence means that advisors
and institution leaders have the freedom they deserve to choose the
business model, services and technology resources that allow them
to run a thriving business. They have the flexibility to do
business their way. And they have the freedom to manage their
client relationships, because they know their clients best. Simply
put, we take care of our advisors and institutions, so they can
take care of their clients.
Securities and Advisory services offered through LPL Financial,
a registered investment advisor. Member FINRA/SIPC. LPL Financial
and its affiliated companies provide financial services only from
the United States.
Crown Capital Securities and LPL Financial are separate
entities.
Throughout this communication, the terms “financial advisors”
and “advisors” are used to refer to registered representatives
and/or investment advisor representatives affiliated with LPL
Financial.
We routinely disclose information that may be important to
shareholders in the “Investor Relations” or “Press Releases”
section of our website.
Forward-Looking Statements
Certain of the statements included in this release, such as
those regarding LPL’s and Crown’s future operating results, growth
and plans, including potential levels of assets serviced and the
onboarding of advisors, staff and assets, constitute
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Words such as “expects,”
“believes,” “anticipates,” “plans,” “assumes,” “estimates,”
“projects,” “intends,” “should,” “will,” “shall” or variations of
such words are generally part of forward-looking statements.
Forward-looking statements are made based on current expectations
and beliefs concerning future developments and their potential
effects upon LPL, Crown or both. In particular, LPL can provide no
assurance that the assets reported as serviced by Crown financial
advisors will translate into assets serviced at LPL, or that Crown
financial advisors will join LPL. These forward-looking statements
are not a guarantee of future performance and involve risks and
uncertainties, including economic, legislative, regulatory,
competitive and other factors, and there are certain important
factors that could cause actual results or the timing of events to
differ, possibly materially, from expectations or estimates
expressed or implied in such forward-looking statements. Important
factors that could cause or contribute to such differences include:
difficulties or delays of LPL in onboarding Crown financial
advisors, staff or clients, which could negatively affect LPL’s
ability to realize revenue or expense synergies or other expected
benefits of the transaction; the inability of LPL to sustain
revenue and earnings growth or to fully realize revenue or expense
synergies or the other expected benefits of the transaction, which
depend in part on LPL’s success in onboarding assets currently
served by Crown’s advisors; disruptions to Crown’s or LPL’s
businesses due to transaction-related uncertainty or other factors
making it more difficult to maintain relationships with their
financial advisors and their clients, employees, other business
partners or governmental entities; the choice by clients of Crown’s
advisors not to open brokerage and/or advisory accounts at LPL or
move their assets from Crown to LPL; changes in general economic
and financial market conditions, including retail investor
sentiment; fluctuations in the value of assets under custody; and
the effects of competition in the financial services industry,
including competitors’ success in recruiting Crown’s advisors.
Certain additional important factors that could cause actual
results or the timing of events to differ, possibly materially,
from expectations or estimates expressed or implied in such
forward-looking statements can be found in the “Risk Factors”
section included in LPL’s most recent Annual Report on Form 10-K.
Except as required by law, LPL does not undertake to update any
particular forward-looking statement included in this document as a
result of developments occurring after the date of this press
release.
Contacts Media
Relations media.relations@lplfinancial.com (706)
254-4100
Investor
Relations investor.relations@lplfinancial.com Tracking
#574709
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