Barry Ritholtz and Josh Brown have launched their own independent investment advisory firm, the financial advisers said last week.
The firm, which is known as Ritholtz Wealth Management, comprises five advisers who manage more than $100 million in assets.
The executives declined to provide a specific figure.
“This is an industry that is in desperate need of disruption,” said Mr. Ritholtz, chief investment officer and chairman. “Every time I hear a CEO talk about uncertainty or I hear about ... an industry that has fallen into disrepute, we see those things as opportunities.”
CRITICAL OF WALL STREET
Both Mr. Ritholtz and Mr. Brown, chief executive, have often been critical of Wall Street's ethical practices. They are authors and regular fixtures in the financial press, on television and social media.
In recent years, both men have been affiliated with Fusion Analytics Investment Partners LLC, which emphasizes quantitative research in addition to advisory services, but Mr. Brown said that they decided to leave to focus more exclusively on working with clients.
A spokesman for Fusion declined to comment but confirmed the departures.
Mr. Ritholtz said that he sees an encouraging market for advisers and will be looking for new talent to staff the new firm's ranks.