Sanctuary Wealth operates what it calls a partnered independence model.

Sanctuary Wealth, an RIA, said it has welcomed New York City-based Pierstone Wealth Management and its founder, Kyle Young. Pierstone and his team oversaw $350 million in client assets at Morgan Stanley. 

The Pierstone team also includes Steven Salton, partner and director of business operations, and Randi Speedling, director of client relations. Young, who is managing partner and senior wealth advisor at Pierstone, has worked in the sector for more than 20 years.

Over the years, Young focused on serving the LGBTQ+ community, which helped him build the practice and positioned him as a voice on financial issues affecting LGBTQ+ individuals and families. His insights have been featured in Forbes, CNBC, The Wall Street Journal and The New York Times.

"I wasn't looking for just another stop after leaving my prior firm. I was looking for a long-term home, and Sanctuary really stood out from the crowd," said Young. "Sanctuary understands that for my team and me, our practice is a calling.”

Sanctuary operates what it calls a partnered independence model. In early May, Sanctuary Wealth brought Iron North Private Wealth and its founders, CEO Brad Desormeaux and president Abigail Allsup into its embrace.

The former UBS team was responsible for $350 million in total client assets and will establish its office in Coeur d'Alene, Idaho, the first Sanctuary partner firm in the state.