Advisory teams from UBS and Morgan Stanley, which collectively managed $750m in assets, have left the firm to create an independent advisory firm in partnership with Dynasty Financial Partners.

The new firm, known as Icon Wealth Partners, is based in Houston, Texas. It will cater to high net worth individuals, business owners and professionals, with a focus on law partners and their firms.

The firm will be led by Blake Pratz, who previously served at UBS, and Mark McAdams and Steve Schwarzbach, who joined from Morgan Stanley Private Wealth Management. They will be supported by Ricardo Mihaly who joins Icon in the role of senior director of planning and investments, senior client relationship managers Cindy Pickett and Jennifer Moore who join Icon from UBS, and senior client relationship manager Annette Latigue who joins Icon from Morgan Stanley.

“At Icon Wealth Partners, we look forward to partnering with Dynasty to bring the industry’s best resources to our clients. We all feel passionately that we can serve our clients’ needs better as an independent firm. There is a tremendous potential for us to now broaden our existing relationships and develop new ones. We believe strongly that the independent model is the best way for us to grow our business, both organically and inorganically,” Schwarzbach said.

Apart from Dynasty, Icon Wealth Partners has also formed strategic partnerships with Fidelity Institutional Wealth Services for analytics and operational support.