and Larry Shikles launched their registered investment advisory firm, Mosaic Family Wealth
, on Monday with the support of Dynasty Financial Partners.
Mr. Highmark, a Morgan Stanley adviser that joined by way of its acquisition of Smith Barney in 2009, said he and his team came to believe that, because of changes in the industry, leaving a large firm and forming their own advisory firm would "allow us to enhance our client experience."
"There will be more transparency [around] fee disclosure, how we get paid and how the custodians get paid," Mr. Highmark
While researching various options, some of his
former Smith Barney
colleagues put him in touch with Dynasty's
founder and chief executive, Shirl Penney
"The way [Dynasty] puts together a firm, it matched exactly what we wanted and needed," Mr. Highmark
New York-based Dynasty
provides independent adviser teams with access to a platform for trading, clearing, research and other support services.
While it does offer financing options for advisers setting up their own firms, it doesn't own the firms and the advisers aren't employees of Dynasty
Highmark and Shikles resigned from Morgan Stanley on Friday, after eight and 22 years, respectively, at Smith Barney and Morgan Stanley.