‘Going independent was really the best way that we saw that we could continue to build on what we’ve created,’ Morris told Citywire.
Diamond and Morris, who ran the Diamond Morris Group while at JP Morgan, specialize in managing money for an affluent client base that includes business owners, entrepreneurs and some institutional clients.
The firm uses a mixture of active and passive strategies across a range of asset classes through mutual funds and separately managed accounts. It plans to custody its assets with Charles Schwab.
‘We sit down with a client and develop a full financial plan for that client, have a good understanding of their goals and objectives in life,’ Morris said. ‘We create a customized portfolio to give them the best chance of reaching those goals.’
For Paces Ferry, the breakaway process involved six-to-seven months of discussions and mutual due diligence with tru Independence, according to the platform’s president and chief executive, Craig Stuvland.
‘Our senior executives all come from the RIA space,’ Stuvland said. ‘We’re very RIA-centric. We’ve been there, we’ve grown firms, we know the challenges and also what you need to put together to make a successful organization. Looking at other platforms, aggregators, ours is a very integrated platform. We’re not just the outsourcer of outsourcers.’
In July, tru Independence helped launch a new RIA in Connecticut for former Bessemer Trust money manager John Knox.