Another example of a senior figure at a major US institution forging a new wealth management firm.

Montgomery Wealth Management has set up a new wealth advisory firm, based in Morristown, New Jersey, founded by a former senior figure at Morgan Stanley.

The business is led by chief executive William Shinners, who was previously a managing director at Morgan Stanley.

The firm has formed custodial relationships with industry groups including Fidelity Clearing & Custody Solutions, and Charles Schwab. It has also partnered with MS Howells & Co, a registered broker/dealer. Montgomery Wealth has also established strategic partnerships with f3Logic LLC, and WealthShield Co, which are unaffiliated firms.

Such a launch is an example of a breakway trend in North American wealth management, with teams leaving large, established firms to set up on their own.