San Diego, Calif.-based Lucia Capital Group has acquired the client relationships of a $170 million RIA firm, West Coast Asset Management, with the help of Derek Bruton, the former head of LPL Financial’s independent advisor services and Lucia’s new CEO. Bruton resurfaced at Lucia in July, and was tasked with growing its businesses, which include RIA Lucia Wealth Services, broker/dealer Lucia Securities, and affiliate RIA firm Lucia Capital Management.
Bruton stepped down from his role at LPL Financial in April due to concerns over his interactions with other employees, LPL said in a regulatory filing. The nature of his "interactions" with other LPL employees is still unclear.
Montecito, Calif.-based West Coast Asset Management was co-founded in 2000 by President Lance Helfert and Paul Orfalea, the founder of Kinkos, which he built into 1,200 branches and 25,000 workers worldwide. Helfert will join Lucia as senior vice president, along with Chief Investment Officer Atticus Lowe, who will join Lucia’s research and investment management group. Orfalea will not be joining.
West Coast Asset Management provides equity, fixed income and alternative investments to high-net-worth investors, institutions, retirement plans and charitable foundations.
The acquisition is part of an larger effort by Bruton to grow the firm by attracting new advisors and rolling up advisor teams. Lucia now has 17 offices, over 70 employees and $2.3 billion in client assets.
