The group launching the new RIA oversees about $650 million of client money.

A new US wealth management firm has been launched, created by the former 360 Group team that looked after $650 million in client money at Morgan Stanley.

Under its moniker of Opal Wealth Advisors, the new business is structured as an independent registered investment advisor and is founded by Lee A Korn, Jesse Giordano, CFP® and Joseph N Filosa, CFP®. The team includes a total of eight people.  

Opal is based in Long Island, serving individuals and business owners. Offerings include financial planning, investment management, estate and tax planning, business planning and performance coaching.

“Having the freedom and flexibility that comes from being truly independent allows us to offer what we believe to be the best products, providers and solutions to our clients. From custodial services to cutting-edge technology to independent research, Opal Wealth Advisors has access to what we believe is the best of Wall Street,” Korn said. 

Opal Wealth Advisors also offer business consulting programs, with a focus on workplace culture, staff and management development, performance coaching and public speaking. These are available to all clients.

For all the talk of consolidation in the wealth management sector, there are also plenty of newbie firms coming through, some of them founded by breakaway teams from larger organizations. The breakaway trend is also concurrent with a pattern of independent firms merging to build scale, with more $1.0 billion firms coming into the frame.

New entrants last year include Dakota Wealth Management, as seen here, and Frazier Investment Management, and AW Jones Private Advisors. Others include Sanctuary Wealth Partners  and the West Coast firm, EPIQ Capital Group.