Phil Condit: Why Did LPL Fire Condit Wealth Advisor?

Fargo, North Dakota financial advisor Phil Condit (CRD# 2489945) was recently terminated by a former member firm in connection with alleged rule violations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former LPL Financial broker is currently registered as an investment advisor with Condit Wealth Management.

Mr. Condit’s BrokerCheck report discloses his termination from LPL Financial. Filed in November 2025, it states that the firm fired him in connection with allegations that he failed to disclose and obtain the firm’s pre-approval for his involvement in a “prohibited outside business activity.”

Investors should be aware that FINRA Rule 3270 prohibits brokers like Mr. Condit from participating in unapproved outside business activities. “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm,” the rule stipulates, “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Representatives who violate this rule may be subject to disciplinary action and/or held liable for damages.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Phil Condit holds 31 years of securities industry experience. Based in Fargo, North Dakota, he has been registered as an investment advisor with Condit Wealth Management since 2005. His registration history includes LPL Financial, National Planning Corporation, FSC Securities Corporation, and Century Financial Advisors. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He is licensed as an investment advisor in Minnesota and North Dakota. (Information current as of January 11, 2026.)

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