For the second time in three weeks, a team of Merrill Lynch advisors has departed the wirehouse to set up its own independent shop.
Sandusky, Ohio-based Brian Duttera, Elizabeth Skrinak and Patricia Glasgow have left the firm to establish True Alpha Wealth Management.
Their foray to independence is backed by Kestra Private Wealth Services, a hybrid RIA controlled by Kestra Financial, which supports fee- and transaction-based advisory teams.
'We’re thrilled, energized, and very happy with the support we received thus far,' Duttera said in a statement.
Kestra Private Wealth Services was founded with the explicit purpose of helping ex-wirehouse advisors 'achieve independence and growth,' according to a statement. Kestra Financial, the RIA’s parent, has around $21.1 billion in assets under management. Kestra Financial is controlled by Stone Point Capital, a private equity firm which invests in the financial services industry.
Stone Point Capital also has a stake in Focus Financial Partners, which has its own wirehouse breakaway assistance team: Focus Independence. Focus Independence backed the late March departure of a four-person team of Merrill Lynch advisors which had around $1 billion in assets under management.