Two former advisors at Merrill Lynch Wealth Management have launched a $1 billion SEC- registered advisory firm in Westlake Village, Calif., focusing on high-net-worth and ultra-high-net-worth clients.
Michelle Gruber and Alex Markowitz founded Alteri Wealth this week, according to a press release. The firm says it will offer comprehensive wealth management services, including financial planning, holistic advice, investment advisory, retirement income planning and risk management.
Alteri Wealth will serve as a family office for ultra-rich clients and provide holistic tax planning, trust services, bespoke investment strategies, risk management, wealth transfer, a personal chief financial officer, bill pay, and concierge services, according to Gruber.
“We’ve consistently put our clients’ needs ahead of our own and it has consistently yielded positive returns,” she said in an email. “We offer our clients a comprehensive wealth management experience with white glove service where we go above and beyond in order to make sure our clients are taken care of.”
The founders worked together at Merrill Lynch for 13 years before deciding to become business partners.
“Our motivation to launch an RIA stemmed from our desire to be true fiduciaries, serve clients in a better way, and create the family office of tomorrow,” Gruber said. "Alteri Wealth provides us with the freedom and framework needed to fulfill our mission, embracing the fiduciary standard and always acting in the best interests of our clients.”
The two are starting off with a number of their clients from Merrill and $1 billion in managed assets, according to a firm spokesman.
Gruber, who will be managing partner at Alteri, has more than 20 years of experience in the wealth management industry, including almost 15 years at Merrill, where she finished as a wealth management advisor and senior vice president. She was also at UBS Financial Services for eight years as an investment associate.
Markowitz, who is also a managing partner, spent his almost 14-year career at Merrill, finishing there as a senior vice president.
The two founders will be joined by Matthew Mullaly, who will be the third financial advisor at the firm.
In addition to the three advisors, the firm has hired Veronica Hoy as chief operating officer, Roseann Higgins as chief compliance officer, Breann Young as client relationship manager, Celina Whinery as client operations manager, Cheyenne Meinecke as client experience manager, and Mullaly will serve as senior vice president.
As to the name of the firm itself, the word Alteri comes from the Latin term “alteri,” which means either “other people” or “somebody else,” Gruber explained. Since altruism means putting the wellbeing of others above oneself, it made sense to incorporate it into the firm’s name, she said.
“We decided to name our firm Alteri Wealth because not only do we serve as true fiduciaries, but our clients also embrace philanthropic causes and charitable initiatives,” she said. “When you truly put the needs of others ahead of your own, everyone wins.”