Three advisors at Morgan Stanley Smith Barney, considered among the profession’s elite with $2 million in production, have broken away and created Ibis Capital, a hybrid RIA firm.

Formerly known as La Jolla Group, Ibis Capital is a privately owned, independent boutique wealth management firm based in San Diego, and during the transition plans to retain its 83 client relationships representing $300 million in AUM.

Neal McNeil, III, the chief investment officer; Robert L. Meyer, director of strategic and financial planning; and Ryan Clive-Smith, director of business development, are all founding partners of the firm.

“From a financial planning perspective, our team can finally draw upon a broader scope of tools and software from the ‘best in class’ providers,” Meyer says. “Our clients demand sophisticated and high-end planning solutions and we are now able to offer that.”

Ibis Capital will operate with a hybrid RIA structure, according to a spokesman for the firm. The RIA side of the business will rely on transition and ongoing back-office support from Stratos Wealth Partners, a national advisor network based in Solon, Ohio. Fidelity Institutional will custody client assets and Fidelity Brokerage Services will handle clearing for its for its fee-based RIA business. The broker-dealer operations, including clearing, will go through LPL Financial, according to a company spokesperson.

Donna Mitchell writes for Financial Planning.