Advisors Thomas Boyd and James Richard have left Snowden Lane Partners to start their own registered investment advisor, Coral Reef Advisors, in Ponte Vedra Beach, Fla., according to public filings.
The pair established the first Snowden Lane location in Chicago when they joined the employee partnership model at the end of 2019 from JP Morgan, where they managed $180 million at the time. The Boyd Richard Group is still listed on the Snowden Lane website, but the contact information and links no longer work. Boyd and Snowden Lane both declined to comment.
In the RIA's Form ADV, Boyd and Richard are named as managing partners in Coral Reef, which is majority owned by Boyd.
Joined by a member of support staff at the new firm, the two are also registered as insurance brokers, and Boyd is now registered with the broker/dealer's Private Client Services. However, a January 19 document shows that Boyd and Richard intended to provide brokerage services through Purshe Kaplan Sterling.
Coral Reef has selected Schwab for custody and primary brokerage purposes.
Citing the wide range of research, tools and services made available through Schwab Advisor Services, the firm states in Part 2 of Form ADV: “We are not required to select the broker or dealer that charges the lowest transaction cost, even if it The broker offers execution quality comparable to other brokers or dealers. Although we are not required to execute all transactions through Schwab, we have determined that executing most transactions through Schwab is consistent with our duty to seek 'best execution' of your trades.”
Target customers will include wealthy individuals, trusts, charities and businesses. Fees, charged under a blended tier plan, will range from 1.25% for customers with less than $2 million in investable assets to 0.7% for those with more than $10 million.
Snowden Lane is a dual-registered wealth management platform that provides W-2 employees, primarily recruited from network houses and bank-based private wealth teams, back-office support and equity ownership, along with a certain degree of autonomy in terms of branding and practice management. after raising more than $1 billion in assets last year, Snowden Lane oversees more than $10 billion in total assets across 27 teams.