A veteran Morgan Stanley advisor overseeing $350 million has launched an LGBTQ+-focused independent firm under Sanctuary Wealth's platform, while Maridea Wealth Management makes its first move and Florida and Halbert Hargrove celebrates a growth milestone.
A New York City-based advisor who spent more than two decades at Morgan Stanley and, before that, Wells Fargo Advisors, has set up his own independent firm for LGBTQ+ clients.
Kyle Young, who holds designations in retirement planning and domestic partnership planning, launched Pierstone Wealth Management in partnership with Sanctuary Wealth's hybrid RIA growth platform.
Pierstone is co-founded by Steven Salton, who serves as partner and director of business operations and brings more than 20 years of executive leadership experience from Saks Fifth Avenue and Hudson's Bay Company. Randi Speedling, who worked alongside the team at Morgan Stanley, joins as director of client relations.
The firm, headquartered in the Big Apple and serving clients nationally, works with LGBTQ+ individuals and their families, along with women, business owners, and executives. Young's commentary on LGBTQ+ personal finance has been cited by large news outlets including Forbes, CNBC, the Wall Street Journal, and the New York Times.
"I wasn't looking for just another stop after leaving my prior firm. I was looking for a long-term home," Young said in a prepared statement. He cited Sanctuary's platform, culture, and resources as factors that differentiated it from other options he considered after leaving Morgan Stanley.
Sanctuary Wealth, which operates as a hybrid RIA platform for partner firms, described Pierstone as part of a growing roster of teams seeking what it calls "partnered independence" – a structure that gives advisors equity in their own businesses while accessing centralized technology, compliance, and investment resources.
Adam Malamed, CEO of Sanctuary Wealth, cited the team's "strong sense of purpose" and "clear vision for the future of their business" in welcoming Pierstone as a partner firm.
Brooklyn, N.Y.-based Maridea Wealth Management announced its acquisition of Ashford Investment Advisors, a Florida-based firm with approximately $180 million in assets under advisement and management.
The transaction marks Maridea's first location in Florida.
Ashford is led by Kathleen Dulko, who purchased the firm from its founders – her parents, Mike and Sue Walsh – and has continued building on the community relationships they first established in Daytona Beach.
Dulko's team will remain in place at the Daytona Beach office and continue serving existing clients, who will gain access to Maridea's proprietary tax services, expanded investment research, and broader financial planning infrastructure.
Republic Capital Group, the investment banking firm operating within Merchant Invesment Management's constellation of partners to support independent RIAs, served as exclusive financial advisor to Ashford in the transaction.
"My parents built this firm on the principle that retirement planning has to be done with both rigor and humanity," Dulko said, citing Maridea's in-house talent and entrepreneurial culture as reasons for the move.
Mier Wang, founder and CEO of Maridea, framed the deal partly in terms of the profession's demographics. "Our industry needs more women advisors, more women entrepreneurs, and more female-led firms," Wang said.
Maridea operates eight offices and employs more than 50 professionals managing approximately $1 billion in assets.
Long Beach, California-based Halbert Hargrove announced that it has officially reached $4.2 billion in AUM as it strikes a new strategic tech partnership.
The fiduciary investment management and wealth advisory firm's CEO and President JC Abusaid attributed the AUM record as of December 31, 2025 to its organic growth strategy, as well as "our team’s strong commitment to our clients."
Alongside the AUM announcement, the firm said it relocated its San Diego-area office to downtown Carlsbad, California, joining the Carlsbad Chamber of Commerce. The office will continue serving the firm's Southern California client base in person and virtually.
Halbert Hargrove also disclosed a strategic partnership with bQuest, a digital platform that connects individuals and families to aging-related services – including senior placement specialists, in-home caregivers, and grief counselors. The partnership makes bQuest available at no additional cost to all Halbert Hargrove clients.
"We value the commitment we have made to our clients to deliver long-term, continued care through all phases of their lives," said Cecilia Williams, the firm's chief operating officer.
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