David Johnston and his son Keith Christopher (KC) Johnston have left Morgan Stanley in Provo, Utah, where they managed $150 million, to affiliate with Kestra Private Wealth Services, a hybrid RIA.
The two will operate as White Cap Wealth Management and will be investment adviser representatives under Kestra's registered investment adviser and representatives affiliated with Kestra's broker-dealer.
(More: See all the latest moves in the InvestmentNews Advisers on the Move database)
The senior Mr. Johnston began his securities career in 1981 at Dain Bosworth. After short stints at Prudential-Bache and Foster & Marshall, he moved in 1983 to Lehman Brothers, a predecessor firm of Morgan Stanley.
The younger Mr. Johnston joined Morgan Stanley in 2014.