A team of six former Prudential financial advisors is launching Capstone Affluent Strategies, a new independent wealth management firm that will be affiliated with the broker-dealer and RIA platforms of LPL Financial, firm officials announced today.
To be headquartered Newport Beach, Calif. Capstone Affluent Strategies will serve as an independent wealth management firm that will manage nearly $450 million in client assets. The firm will operate branch offices in Los Angeles, San Francisco, Phoenix, Dallas, Houston, New Orleans, Parsippany, N.J., and New York City.
The firm plans to add 15 more advisors within the next two months, officials said.
Capstone will be run by Darin Pastor, who has overseen advisory teams as managing director at Prudential and as senior investment manager at JP Morgan Chase & Co.
"We believe their decision to partner with LPL Financial will further empower their ability to provide comprehensive support and services to their clients, and support their team even as they embark upon a new stage of growth and development for their business," said Bill Morrissey, executive vice president of business development at LPL Financial in a prepared statement.
Boston-based LPL Financial is a wholly owned subsidiary of LPL Financial Holdings Inc., an RIA custodian, and independent consultant to retirement plans to over 13,100 financial advisors and approximately 685 financial institutions.