New Entrants in RIA Sector: Registered Investment Advisors Break Away from Insurers, Wirehouses and Launch Own Firms.

Two new registered investment advisors, Canterbury Capital Wealth Management and Granite Islands Private Wealth, have been established. Canterbury Capital is based in Alabama and has a seven-person team, while Granite Islands is based in Connecticut and was founded by two former Hightower and Merrill Lynch advisors. Both firms aim to offer a range of services, including tax and estate planning, to their clients.

Title: Two New Registered Investment Advisors Launch Comprehensive Wealth Management Services

Two new registered investment advisors (RIAs), Canterbury Capital Wealth Management and Granite Islands Private Wealth, have recently launched, offering a range of comprehensive wealth management services to their clients. Both firms aim to provide integrated financial advice and execution, focusing on investment management, tax planning, and estate planning.

# Canterbury Capital Wealth Management

Based in Tuscaloosa, Alabama, Canterbury Capital Wealth Management was founded by veteran financial advisor Blake Butler. The firm, which operates as an independent RIA, is composed of a seven-person team with diverse expertise across the financial services landscape. This includes investment managers, a tax accountant, an estate planning attorney, and professionals experienced in navigating government retirement programs [1].

Canterbury Capital specializes in serving entrepreneurs with both their complex personal and business finances. The firm provides in-house investment management, offering access to diverse financial products such as stocks, bonds, mutual funds, ETFs, and alternative investments. Additionally, Canterbury Capital Strategies offer tax-managed investments to both qualified and non-qualified investors [1].

The firm has selected Charles Schwab as its primary custodian and partnered with Fusion Financial Partners for technology and operations transition support. MarketCounsel Consulting and the Hamburger Law Firm were chosen for regulatory compliance and legal counsel [1].

# Granite Islands Private Wealth

Granite Islands Private Wealth, based in Guilford, Connecticut, was founded by Charles Andriole and Robert DeLucca. The partners, who have decades of experience in the industry, previously worked together at Hightower and Merrill Lynch. They have collectively managed over $1 billion in client assets [2].

The firm offers comprehensive and tailored wealth management and investment services, focusing on simplifying clients' financial lives and making smart decisions. Granite Islands is committed to being a highly focused, planning-driven firm that caters to the unique and evolving needs of its clients [2].

The team at Granite Islands includes Michele Arsenault as Operations Manager and Lorenzo P. Gaudioso CFP®, C(k)P®, CRPS® as Wealth Advisor and Retirement Plan Advisor. The firm also works with tru Independence for robust infrastructure, compliance, technology, and operational support [2].

# Market Trends and Competitive Landscape

The launch of these new RIAs reflects a broader trend in the financial services industry, where advisors are increasingly seeking independence to offer more personalized and integrated financial advice. According to an analysis by SmartAsset, less than 3% of RIAs nationwide manage $1 billion or more in assets [2].

The competitive landscape is also evolving, with established firms like Merrill Lynch and UBS expanding their private wealth divisions. For instance, Merrill Lynch recently reeled in two UBS Wealth Management USA teams that managed $610 million in combined assets in California and Texas [3].

# Conclusion

Canterbury Capital Wealth Management and Granite Islands Private Wealth represent the latest additions to the growing number of independent RIAs in the financial services industry. Both firms aim to provide comprehensive wealth management services, focusing on investment management, tax planning, and estate planning. As the industry continues to evolve, these new entrants are poised to offer unique value propositions to their clients.

# References

[1] https://www.morningstar.com/news/globe-newswire/9520799/canterbury-capital-wealth-management-announces-launch-of-fully-independent-ria-offering-an-entrepreneurial-comprehensive-approach-to-wealth-management

[2] https://www.fa-mag.com/author/3228/jacqueline_sergeant

[3] https://www.advisorhub.com/merrill-snags-two-ubs-teams-with-610-mln-combined-in-california-texas/