An Oppenheimer breakaway team that oversaw $421 million in assets under management today announced it has launched Oxler Private Wealth, a registered investment advisor, according to a news release.

The New York City-based fee-only fiduciary firm was launched with the help of TruClarity Management Solutions and Pershing.

Oxler, which serves high-net-worth individuals and families from diverse backgrounds, is headed by Jonathan Nadler, senior portfolio strategist. Other team members include his daughter, Jessica Demler, principal, and her brother-in-law, Masahiro Yamazaki, principal. Joining them is Linda Raghunauth, the firm’s director of client service.

Nadler, who had worked at Oppenheimer since 1988, said various factors made it clear to him that the fee-only RIA business model was the best platform for his staff. “At Oxler, we are able to procure and customize a team of service providers in the open marketplace, giving us the flexibility to continuously improve our service offerings in line with the latest innovations,” he said in a statement.

Ben Harrison, head of the RIA custody business at BNY Mellon’s Pershing, said the Oxler team has all of the ingredients to thrive in an independent environment. “As a family-run business, they are focused on creating a firm with people-first culture, delivering outstanding experiences to clients.”