Breakaway broker happy to be off the Street

Doyle leaves wirehouse world to start indie RIA; 'every Wall Street firm 'has its problems'
JUN 16, 2011
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.”

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management