Breakaway broker happy to be off the Street

Doyle leaves wirehouse world to start indie RIA; 'every Wall Street firm 'has its problems'

Nov 11, 2011 @ 2:55 pm

By Andrew Osterland

Another Wall Street breakaway broker is pleased to be out on his own.

Britt Doyle left his job as an adviser in a San Francisco office with UBS Financial Services Inc. last week and launched independent RIA Gordian Wealth Advisors. The 23-year Wall Street veteran has seen his share of turmoil in the wirehouses, previously working for Citigroup Global Markets Inc. and Merrill Lynch & Co. Inc.

“Every firm on Wall Street has its problems,” Mr. Doyle said. “I'm really glad that I don't have to defend them anymore.”

Mr. Doyle is partnering with Elliot Elbaz, who formerly worked with institutional clients at investment bank FBR & Co. Mr. Elbaz started his career with Soros Fund Management LLC and Bain & Co. The pair currently manage about $250 million for 26 families. The firm announced yesterday that it was using Sanctuary Wealth Services LLC for business support and consulting services.

A key client target for the firm is wealthy Silicon Valley entrepreneurs and executives — many of whom are not big fans of Wall Street firms, according to Mr. Doyle. “I think based on what they've seen from 2000 onwards, the Silicon Valley crowd has an inherent distrust of big firms,” he said.

Gordian is the sixth firm that Sanctuary now supports with investment solutions, compliance resources, marketing and back-office services. Sanctuary CEO Jeff Spears is hopeful that as retention packages for wirehouse advisers wind down, there soon could be a flood of experienced advisers deciding to go independent and needing help to do so.

“I want to believe we're reaching a tipping point where talented people on Wall Street decide that it is no longer the place for them,” said Mr. Spears. “Our pipeline of ongoing conversations with them has never been larger.”

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Schwab's Clark: How next-gen can position themselves for success

How can the next generation position themselves for success in the industry? Our student correspondent from Texas Tech, speaks with Bernie Clark to find out.

Latest news & opinion

Nontraded BDC sales in worst year since 2010

The illiquid product's three-year decline is partially due to new regulations and poor performance.

Tax reform debate sparks fresh interest in donor-advised funds

Schwab reports new accounts up 50% from last year, assets up 33%.

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print