RIA moves: Sanctuary Wealth supports launch of LGBTQ+-focused Pierstone Wealth Management

The wealth management industry is seeing a surge in specialized independent firms and strategic acquisitions aimed at diverse client demographics. Recent activity includes the launch of an LGBTQ+-focused RIA by a veteran Morgan Stanley advisor and a key acquisition by Maridea Wealth Management to bolster its presence in Florida. These developments reflect a broader trend of advisors seeking independence and firms scaling through targeted growth and niche service offerings.

Kyle Young, a veteran advisor previously with Morgan Stanley, has launched Pierstone Wealth Management in New York City in partnership with Sanctuary Wealth. The new firm, which oversees $350 million in assets, focuses on serving LGBTQ+ individuals, their families, women, and business executives. Young is joined by co-founder Steven Salton and director of client relations Randi Speedling. Sanctuary Wealth CEO Adam Malamed noted that the move exemplifies the 'partnered independence' model, which provides advisors with equity in their own businesses alongside access to institutional-grade technology and compliance resources.

Maridea Wealth Management has expanded its footprint by acquiring Ashford Investment Advisors, a Daytona Beach-based firm with $180 million in assets under management. Led by Kathleen Dulko, Ashford will integrate into Maridea’s infrastructure, providing clients with enhanced tax services and investment research. Maridea CEO Mier Wang highlighted the acquisition as a step toward increasing female leadership within the wealth management profession. The deal, facilitated by Republic Capital Group, brings Maridea’s total assets under management to approximately $1 billion across its eight locations.

In a separate growth milestone, Long Beach-based Halbert Hargrove announced it has reached $4.2 billion in assets under management. CEO JC Abusaid credited the firm's organic growth strategy and client-centric approach for the record-setting figures. To further differentiate its service model, the firm has partnered with bQuest, a digital platform that offers aging-related services like senior placement and caregiver support to clients at no additional cost. This strategic move, along with a recent office relocation to Carlsbad, California, signals the firm's commitment to providing comprehensive life-stage support for its Southern California client base.