A former senior manager for UBS in the US, Doug Black, has created an independent wealth management consultancy in New Jersey by the name of SpringReef Partners.

Prior to launching the firm, Black was the head of strategic business development and the chief operating officer of the private wealth management arm for UBS Wealth Management. His tenure involved managing business development for over 2,500 financial advisors in 150 offices.

Black said the need for independent wealth consultancies has become “increasingly apparent over the last decade”.

“Financial services firms have for years centered their time and energy on profits and scale, significantly expanding their advisory forces and creating an industry focused all too heavily on assets, revenues and the sales ability of financial advisors,” SpringReef Partners said in a press statement accompanying its launch.

“SpringReef Partners estimates that less than 20 per cent of the over 300,000 registered advisors in the United States actually have the background, experience and capabilities necessary to deliver exceptional advice to high net worth clients,” it said.

Besides catering to wealthy individuals, the firm also works with trusted advisors such as trust and estate attorneys and CPAs.

SpringReef Partners said it is not affiliated with any investment firms or financial advisors and does not receive any compensation from the firms or financial advisors it evaluates or recommends. It is headquartered in Short Hills, New Jersey.