Haselkorn & Thibaut has opened an investigation into Phil Condit, a Fargo, North Dakota-based financial advisor formerly registered with LPL Financial (CRD# 2489945). If you have concerns about your investments with Phil Condit or LPL Financial, we encourage you to contact Haselkorn & Thibaut at 1-888-885-7162 for a free, confidential consultation.

Who is Phil Condit? Background Details for Fargo, North Dakota Investors

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Phil Condit is an investment advisor with over 31 years of industry experience. Based in Fargo, North Dakota, he is currently registered as an investment advisor with Condit Wealth Management. He was previously associated with several prominent broker-dealers, including LPL Financial, National Planning Corporation, FSC Securities Corporation, and Century Financial Advisors. He holds licenses in Minnesota and North Dakota and has passed examinations such as the Series 7, Series 24, Series 63, Series 65, and the Securities Industry Essentials Examination.

Recent Termination from LPL Financial: What Investors Should Know

In November 2025, Phil Condit was terminated from LPL Financial due to allegations related to a “prohibited outside business activity.” According to records, LPL Financial alleges that Mr. Condit did not disclose, nor obtain the required pre-approval, for participation in an external business endeavor. FINRA Rule 3270 restricts brokers from engaging in outside business activities without providing prior written notification and receiving firm approval. This rule is designed to protect investors by ensuring transparency and regulatory oversight within the advisor-client relationship.

Allegation Details:

Failure to disclose participation in an outside business activity
Lack of pre-approval from LPL Financial

Being terminated for such a reason is noteworthy. While it does not automatically imply financial harm, it is an important red flag for investors evaluating ongoing or future relationships with the advisor.

Phil Condit: Complaints, Disclosures, and Regulatory History

Based on the most recent and comprehensive checks of regulatory and public records, here are the facts about Phil Condit as of June 2024 and January 2026:

Category	Findings
FINRA BrokerCheck	No customer complaints No arbitration awards No regulatory actions or suspensions No civil judgments or bankruptcies No prior terminations for cause until LPL Financial (Nov 2025) Review FINRA BrokerCheck Here
SEC Records	No enforcement actions No cease-and-desist proceedings No settled complaints
Federal and State Lawsuits	No litigation as a defendant in securities or investment-related matters
State Regulatory Actions	No attorney general or securities commission actions in any state

What Does This Mean for Investors?

While there are no public records of customer complaints or regulatory enforcement actions against Phil Condit (CRD 2489945) as of the most recent searches, the termination from LPL Financial over undisclosed outside business activity should prompt current and former clients to conduct a careful examination of their accounts, investment recommendations, and recent statements.

Key Red Flags Every Investor Should Watch For

Undisclosed outside business activity: Advisors must disclose and receive approval for all business activities outside their primary firm. Failure to do so may signal conflicts of interest or unmonitored investment activity.
Termination for cause: Even if an advisor has no history of complaints, a recent termination for a violation of firm policy is notable.
Lack of regulatory complaints vs. internal firm action: Sometimes, issues do not rise to the level of public enforcement but still pose risks to investors, especially if the advisor remains active in the industry.

Should You Be Concerned?

If you have worked with Phil Condit or received investment recommendations from him while he was affiliated with LPL Financial or Condit Wealth Management, consider reviewing your accounts for:

Unusual transactions or account activity
Investments outside of LPL Financial’s approved products
Unexpected or excessive fees or commissions

Your vigilance protects your financial interests. If you are unsure whether you have been affected, or if you simply want peace of mind, help is available.

Take Action: Free, Confidential Review

Haselkorn & Thibaut’s experienced securities fraud lawyers are offering a free, confidential review of your investments and account statements related to Phil Condit and LPL Financial. With a 98% success rate and over 50 years of combined experience, their national team has helped clients recover millions in investment losses. Remember: no recovery, no fee.

Call now at 1-888-885-7162 to schedule your complimentary, no-obligation consultation and safeguard your investments. The sooner you act, the more likely you can preserve your rights and financial future.

Your trust in your advisor is important. If you have questions or concerns about Phil Condit or your LPL Financial accounts, contact Haselkorn & Thibaut today to get the answers you need.

Disclaimer: The information contained in any post on this website is derived from publicly available sources and is not guaranteed as to accuracy and often involves allegations which may or may not be proven at some point in the future.  All posts are believed to be accurate as of the time of original posting, but the accuracy and details are subject to and expected to change over time and which may contain opinions of the author at the time posted. 

Former LPL Financial Advisor Phil Condit Under Investigation