Sanctuary Wealth Adds $350M FA to Launch Independent Wealth Firm

Sanctuary Wealth has added a former Morgan Stanley wealth advisor who oversaw $350 million in total client assets to launch his independent financial advisory firm. 

Advisor Kyle Young has launched New York City-based Pierstone Wealth Management, which provides portfolio management, financial planning, insurance solutions, investment management, tax and estate planning, and philanthropic strategies. 

At Pierstone, Young serves as managing partner and senior wealth advisor, and the team includes partner and director of business operations Steven Salton and director of client relations Randi Speedling. 

At Morgan Stanley, Young served as an SVP and financial advisor and specialized in providing wealth management services to high-net-worth clients, with a focus on LGBTQ individuals, couples, and families, according to Morgan Stanley’s website. 

“We are excited to launch Pierstone as an independent firm, positioning us to move beyond conventional models and provide wealth guidance with greater purpose and perspective,” Young said. “We believe wealth planning can serve as a catalyst for lasting financial independence and a more meaningful life.” 

Recently, Sanctuary Wealth added Paoli, PA-based Valen Private Capital, founded by John Durham, who was previously affiliated with Merrill Lynch, where he oversaw $477 million in total client assets. 

Sanctuary Wealth oversees more than $58 billion in assets under management, with more than 125 partner firms across 32 states, the firm said. 

Pictured: Kyle Young