Sanctuary Wealth operates what it calls a partnered independence model.
Sanctuary
Wealth, an RIA, said it has welcomed New York City-based
Pierstone Wealth Management and its founder, Kyle Young.
Pierstone and his team oversaw $350 million in client assets at
Morgan Stanley.
The Pierstone team also includes Steven Salton, partner and
director of business operations, and Randi Speedling, director of
client relations. Young, who is managing partner and senior
wealth advisor at Pierstone, has worked in the sector for more
than 20 years.
Over the years, Young focused on serving the LGBTQ+ community,
which helped him build the practice and positioned him as a voice
on financial issues affecting LGBTQ+ individuals and families.
His insights have been featured in 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, and Sanctuary really
stood out from the crowd,” said Young. “Sanctuary understands
that for my team and me, our practice is a calling.”
Sanctuary operates what it calls a partnered independence
model. In early May, Sanctuary Wealth brought Iron North
Private Wealth and its founders, CEO Brad Desormeaux and
president Abigail Allsup into its embrace.
The former UBS team was responsible for $350 million in total
client assets and will establish its office in Coeur d’Alene,
Idaho, the first Sanctuary partner firm in the state.