Advisory M&A

LPL Financial to Acquire $6.5B RIA Crown Capital Securities

LPL Financial LLC has entered into a definitive purchase agreement to acquire the wealth management business of Crown Capital Securities LP, a full-service broker/dealer and registered investment adviser.

LPL will acquire Orange County, California-based Crown’s approximately 260 financial advisers overseeing $6.5 billion of advisory and brokerage assets.

Crown will bring capabilities in investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.

“Through this agreement, Crown advisers will maintain the independence and freedom to innovate, which they have valued at Crown, while enjoying access to LPL’s industry-leading technology and integrated advisor platform,” Jonathan French, president of Crown Capital, said in a statement. “Additionally, advisers will have the operational support to help their practices thrive and enhance their longstanding and personal client relationships.”

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

Sanctuary Wealth Acquires Former UBS Firm Glomb Private Wealth

Sanctuary Wealth Group LLC has acquired Glomb Private Wealth, a $600 million family practice, from UBS Group AG.

Father-son team Chris Glomb and Michael Glomb will join Sanctuary Wealth along with Jessica Regidor, managing director and chief operations officer, and Sara-Belle Guglielmino, a client service associate. Los Gatos, California-based Glomb will add to Sanctuary’s $25 billion financial advisement network founded in 2018.

“I’m extremely proud that after a methodical search, the Glombs determined that the unique partnered independence model at Sanctuary is the best long-term option for their practice, team and clients,” Vince Fertitta, president of wealth management at Sanctuary Wealth, said in a statement. “We look forward to providing them with all the service, support and expertise they need to reach their ambitious growth goals.”

Chris Glomb was a senior vice president for wealth management at UBS, where he worked for 21 years. Prior to that, he spent 10 years as a financial adviser and vice president at Kidder Peabody.

“When we decided to go independent, we were searching for a partner who shared our values and our steadfast commitment to serving clients with distinction,” Glomb said in a statement. “We were also looking for the operational, technology and multi-clearing support we need to proudly grow our practice through client loyalty and referrals. Sanctuary presented us with the best of both worlds. They are small enough to give us personal attention, while large enough to provide all the resources we need to scale our business as we look to expand.” 

Michael Glomb has been with UBS for 11 years and worked in financial services for 15 years.

Steward Partners Adds Former Merrill Team Vantage Point

Steward Partners Global Advisory LLC has added former Merrill-associated firm Vantage Point Private Wealth.

Wealth managers Mark Morasky, Erik Clay and Chris Figaro will join Steward Partners with the firm’s $450 million in client assets and offices in Walnut Creek, California and Madison, Wisconsin.

Vantage Point, formerly with Bank of America Corp.’s wealth management division Merrill, is focused on financial advisement for corporate executives, business owners, and individuals in or nearing retirement, as well as individuals and families.

“We chose to join Steward Partners because as a partner, we will have the freedom to make our own business decisions and a much wider range of available solutions,” Clay, a founder of and partner in Vantage Point, said in a statement. “The support and services Steward provides give us more time to concentrate on what we do best, helping clients build a bright and secure financial future.”

FL Putnam Expands Further in Maine With Acquisition of Aurora Financial Group

F.L. Putnam Investment Management Co. has continued to expand in Maine by bringing on Aurora Financial Group LLC. 

Charles Dibner, founder and president of registered investment adviser Aurora, will join F.L. Putnam as a strategic consultant and private client adviser. The firm was founded in 2005 and provides investment advisory and financial planning services to individuals, families and institutions.

“This is a unique opportunity to build on our success in a market that we have served for decades,” Tom Manning, CEO of F.L. Putnam, said in a statement. “Charlie has built a terrific business, and we are excited to have an adviser with his experience and reputation on our team in Portland.”

Prior to founding Aurora, Dibner spent more than 20 years with two New York Stock Exchange brokerage firms and has served as a consultant to government agencies, as well as local, national and international nonprofit institutions.

F.L. Putnam is an RIA serving individuals, single-and multi-family offices, endowments, foundations and other RIAs from its headquarters in Wellesley, Massachusetts.