Miami-based hybrid RIA Sanctuary Wealth recruited Pierstone Wealth Management and its founder, Kyle Young, from Morgan Stanley, where they oversaw $350 million in client assets. The team focuses on serving the LGBTQ+ community.
Vince Fertitta, President, Wealth Management at Sanctuary Wealth said, “After conducting his due diligence and consulting with a long-time industry mentor, Kyle determined that the partnered independence of Sanctuary was the best fit for his firm, team and clients. In Sanctuary, he found a partner that understands the world he is coming from, stands ready to support the sophisticated needs of his clients and champion his growth.”
Young, who is Managing Partner and Senior Wealth Advisor at Pierstone, has spent more than 20 years as a wealth advisor. Prior to Pierstone, he was a Senior Vice President – Financial Advisor at Morgan Stanley. The team also includes Steven Salton, Partner and Director of Business Operations, and Randi Speedling, Director of Client Relations.
Young advocates for financial empowerment. According to Sanctuary, he is a leading voice on financial issues affecting LGBTQ+ individuals and families.
“I wasn’t looking for just another stop after leaving my prior firm. I was looking for a long-term home, and Sanctuary really stood out from the crowd,” said Young. “Sanctuary understands that for my team and me, our practice is a calling. They are committed to helping us succeed on our own terms, offering us every resource we need to reach our goals. After an entire career working for large institutions, I wanted a more boutique feel, backed by scale, with a culture that promotes freedom, flexibility and entrepreneurship.”
“Pierstone Wealth Management is the latest in a growing list of elite teams that are attracted to our strong platform and full-service approach to wealth management,” added Adam Malamed, CEO of Sanctuary Wealth. “Kyle and his team have a strong sense of purpose, a deep commitment to the clients they serve and a clear vision for the future of their business.”
In April, Sanctuary added breakaway advisors Soteris Private Wealth and OPT Wealth Management from Merrill Lynch. In May, Iron North Private Wealth joined Sanctuary from UBS.
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