Two former Morgan Stanley teams, which collectively oversaw more than $1bn in assets, have collaborated to set up a new RIA in New York called The Wealth Alliance.

The business will be headed by ex-Morgan Stanley executive director Robert Conzo and the firm’s ex-managing director Eric Diton, who will offer individuals and businesses financial planning services.

Conzo has an experience of more than 20 years in financial planning, accounting and investing, while Diton’s financial planning career spans more than three decades.

Commenting on the new venture, Conzo stated: “The RIA space has matured and we believe it is the perfect time for advisers and clients to transform their relationships from a traditional brokerage to a more holistic planning approach.

“That’s why we decided to integrate two incredible teams to create The Wealth Alliance. Together, we are on a mission to revolutionise the experience.”

Fidelity Clearing & Custody Solutions will serve as the custodian of The Wealth Alliance.

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“Unlike many of today’s firms who relegate client service to call centres and tech-assistants, The Wealth Alliance believes that trust is earned through personal relationships, attention to detail and exceptional service. That client-first commitment is the foundation of our business model,” Diton noted.