$1 billion group leaves Arnerich Massena to go independent

A pair of advisers overseeing $1 billion in assets has broken away from Arnerich Massena Inc. to form an independent registered investment advisory shop, Allium Financial Advisors, the new firm announced on Wednesday. Arnerich Massena is a Portland, Ore.-based RIA with approximately $25 billion in assets under management, according to its most recent Form ADV filed with the Securities and Exchange Commission. The new firm will focus on high-net-worth families and nonprofit organizations. (More: See all the latest moves in InvestmentNews' Advisers on the Move database) Allium, led by managing director Sheree Arntson, is a three-person team consisting of two advisers and one person serving as back-office support. Ms. Arntson had been with Arnerich for 22 years. The RIA will use the Tru Independence platform, which, similar to firms such as Dynasty Financial Partners, offers services such as technology, research and support for independent advisers. Advisers say many of the difficulties with going independent stem from the administrative responsibilities and back-office details, such as heavy paperwork load and trouble with investment changes.