Sanctuary Wealth, the hybrid RIA platform, has supported the launch of Pierstone Wealth Management, a New York City-based firm catering to LGBTQ+ clients and their families. The firm was founded by Kyle Young, a veteran advisor who spent over two decades at Morgan Stanley and earlier at Wells Fargo Advisors. Young, who holds designations in retirement planning and domestic partnership planning, manages approximately $350 million in client assets. Pierstone is co-founded by Steven Salton, a former executive at Saks Fifth Avenue and Hudson's Bay Company, who serves as partner and director of business operations. Randi Speedling, who worked alongside Young at Morgan Stanley, joins as director of client relations.
Pierstone serves LGBTQ+ individuals, women, business owners, and executives nationwide from its headquarters in New York City. Young's commentary on LGBTQ+ personal finance has been featured in Forbes, CNBC, the Wall Street Journal, and the New York Times. In a prepared statement, Young said he sought a long-term home rather than just another stop after leaving Morgan Stanley, citing Sanctuary's platform, culture, and resources as key differentiators. Sanctuary Wealth CEO Adam Malamed praised the team's strong sense of purpose and clear vision for the future of their business.
In a separate transaction, Brooklyn, New York-based Maridea Wealth Management has acquired Ashford Investment Advisors, a Florida-based firm with approximately $180 million in assets under advisement and management. The acquisition marks Maridea's first location in Florida. Ashford is led by Kathleen Dulko, who purchased the firm from her parents, Mike and Sue Walsh, and has continued building on community relationships in Daytona Beach. Dulko's team will remain in place, and clients will gain access to Maridea's proprietary tax services, expanded investment research, and broader financial planning infrastructure. Republic Capital Group, an investment banking firm operating within Merchant Investment Management's network, served as exclusive financial advisor to Ashford in the transaction.
Maridea founder and CEO Mier Wang emphasized the need for more women advisors and female-led firms in the industry. Maridea operates eight offices and employs over 50 professionals, managing approximately $1 billion in assets. The acquisition aligns with Maridea's strategy to expand its footprint and enhance its service offerings.
Meanwhile, Long Beach, California-based Halbert Hargrove has announced that it reached $4.2 billion in assets under management as of December 31, 2025. CEO and President JC Abusaid attributed the milestone to the firm's organic growth strategy and the team's strong commitment to clients. Alongside the AUM announcement, Halbert Hargrove relocated its San Diego-area office to downtown Carlsbad, California, and joined the Carlsbad Chamber of Commerce. The office will continue serving Southern California clients both 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, reflecting the firm's focus on holistic wealth management that addresses clients' life-stage needs.
These moves highlight ongoing trends in the RIA space: the rise of niche-focused firms, the expansion of regional players through acquisitions, and the integration of technology to serve aging clients. For advisors considering similar paths, platforms like Sanctuary Wealth offer a model of partnered independence, while firms like Maridea demonstrate the benefits of strategic M&A. Halbert Hargrove's growth and partnership underscore the importance of organic growth and client-centric innovation.
