Oct 17 (Reuters) - LPL Financial Holdings Inc, the largest U.S. independent broker-dealer by revenue, has expanded its network of independent advisers with a team that manages about $450 million in client assets.
California-based Capstone Affluent Strategies, led by adviser Darin Pastor, joined LPL in late September. The team of six advisers formed the independent wealth management firm based in Newport Beach.
Pastor said the advisers chose to go independent with LPL in part because of their plans to expand the firm.
“They can help us grow the way we want to grow, not only helping with clients but also recruiting (advisers),” Pastor said, noting that the firm plans to also bring on 20 additional advisers within the next two months.
Pastor, a former managing director at Prudential, had most recently been registered with Pruco Securities before moving to LPL, according to regulatory filings. He was also previously a senior investment manager at JPMorgan Chase & Co, where he was a top-ranked producing manager.
Capstone Affluent Strategies has additional branch office locations in Los Angeles, San Francisco, Phoenix, Dallas, Houston, New Orleans, Parsippany, and New York, in addition to its Newport Beach office.
Boston-based LPL Financial provides brokerage, clearing and other professional services to roughly 13,100 self-employed brokers and advisers.
LPL Financial has expanded by adding individual advisers and teams as well as larger independent groups like Capstone Affluent Strategies to its broker-dealer platform.
LPL also recently added Pennsylvania-based Delaware Valley Financial Group to its network of independent advisers. That group managed about $500 million in client assets.