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.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access