Two Morgan Stanley team leaders, who collectively managed more than $1 billion in assets, have joined forces to create a new firm, The Wealth Alliance, according to a news release.

Based in Melville, N.Y., the registered investment advisor firm is led by the two founding advisors, Robert Conzo and Eric Diton, who were, respectively, a former executive director and managing director at Morgan Stanley. The firm has 11 employees, a news release said.

The firm has selected Fidelity Clearing & Custody Solutions as its custodian, the release said.

Conzo is a certified financial planner and former CPA with more than 20 years of experience in financial planning, accounting and investing, while Diton is a certified investment management analyst with more than 30 years of financial planning and investing experience, the released said.

“The RIA space has matured and we believe it is the perfect time for advisors and clients to transform their relationships from a traditional brokerage to a more holistic planning approach,” Conzo, the new firm's chief executive officer and managing director, said in a statement. “That’s why we decided to integrate two incredible teams to create The Wealth Alliance. Together, we are on a mission to revolutionize the experience.”

Diton, who will serve as president and managing director, added, “Unlike many of today’s firms who relegate client service to call centers 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.”

Conzo and Diton will be joined by a team of advisors and service professionals to help grow the firm nationally, the release said.