Billion-dollar advisors break away from Merrill with RIA launch

Billion-dollar advisors break away from Merrill with RIA launch
Based in Southern California, the newly founded Alteri Wealth offers wealth and family office services to a broad swath of HNW and UHNW investors.
JUN 04, 2024

A pair of former Merrill Lynch advisors have made a break for independence by launching their own billion-dollar RIA practice.

Alteri Wealth, an SEC-registered investment advisory and wealth management firm, officially announced its launch in Westlake Village, California on Tuesday.

The firm was co-founded by Michelle Gruber and Alex Markowitz, who together with senior vice president Matthew Mullaly previously oversaw over a billion dollars in client assets at Merrill Lynch.

“Founding Alteri Wealth is the culmination of our vision and provides us with the freedom and framework needed to fulfill our mission, embracing the fiduciary standard and always acting in the best interests of our clients,” Gruber said in a statement.

The firm's name, Alteri, is derived from the Latin term meaning “other people” or “somebody else,” reflecting the founders' commitment to altruism through client service as well as their client’s embrace of philanthropy and charitable initiatives.

“By leveraging the vast resources at our disposal – including state-of-the-art technology, professional legal, compliance, and other consulting teams – we’re able to find innovative ways to connect all the pieces of our clients’ financial lives as they pursue their own unique north stars,” Markowitz said.

Alteri Wealth offers comprehensive services tailored to high-net-worth clients, including financial planning, investment advisory, retirement income planning, risk management, and coordinated strategies for legacy goals and asset protection.

The firm also serves ultra-high-net-worth families with complex financial needs, providing holistic tax planning, trust services, bespoke investment strategies, wealth transfer, personal CFO services, bill pay, and concierge services.

Launching with over $1 billion in assets under management, Alteri Wealth specializes in working with business achievers, founders, entrepreneurs, physicians, athletes, entertainers, successful women, and family stewards seeking multigenerational planning.

Gruber has over two decades of experience in wealth management, including time at UBS and Merrill Lynch. She aims to empower women and couples through financial education, focusing on financial planning, tax minimization, and generational wealth transfer.

A next-gen advisor, Markowitz spent 13 years at Merrill Lynch, where ascended the ranks to reach senior vice president. A self-described “financial physician” who pivoted into financial services from medicine, Markowitz’s vision for a comprehensive family office approach aims to serve the unique needs of clients and their families.

Both Gruber and Markowitz have made their marks as top advisors, having landed on prestigious “best of” lists published by Forbes.

The Alteri Wealth team includes Veronica Hoy as chief operating officer, Roseann Higgins as chief compliance officer, Matthew Mullaly as senior vice president, Breann Young as client relationship manager, Celina Whinery as client operations manager, and Cheyenne Meinecke as client experience manager.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech:  The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income