A new firm, called Celestial Wealth Management, has been established by Colin Exelby, a former Morgan Stanley financial advisor, according to Reuters.

"By managing risk prudently through tactical asset allocation and hedging strategies, we strive to help clients withstand the fluctuations of world markets, build wealth and protect their capital," said Colin Exelby, the firm’s president.

After nine years with Morgan Stanley advising individuals and institutions, Mr Exelby moved on to provide customized solutions as an independent advisor, the news service said.

Mr Exelby is affiliated with LPL Financial, to provide custody and clearing services for clients.

The proportion of wirehouse advisors moving to independent brokers and RIAs, as well as to regionals and institutional firms, has risen, according to data from Cerulli Associates in July 2009, the report said.

"There are many investors who agonize over every decision, worrying about how it will affect their investments. Studies by Ibbotson Associates show as much as 85 per cent of investment returns are the result of asset class allocations and only 15 per cent come from actually picking the investment within the asset
class. Getting the big picture right is crucial," Mr Exelby was quoted as saying.