Close Close
ThinkAdvisor

Industry Spotlight > RIAs

Firm Breaks Away From UBS to Start $850M Indie RIA

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • The eight-person firm, based in Harrison, New York, was called Mitchell WealthCare while affiliated with UBS.
  • After breaking away from the wirehouse, the independent RIA has changed its name to Next Level Private.
  • Pershing is providing custodial services.

An eight-person, Harrison, New York-based advisory firm with $850 million in assets under management has broken away from UBS to become an independent RIA.

UBS-affiliated Mitchell WealthCare has changed its name to Next Level Private after going its own way. The firm offers a full range of financial services including goals-based planning, fiduciary advice and financial advocacy, it said Tuesday. Custodial services are being provided by Pershing.

The RIA is led by 33-year industry veteran Barry Mitchell, its founder and managing director, who was affiliated with UBS as a registered broker and advisor since 2011, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website.

The first FINRA-registered firm he became associated with as a broker was Merrill Lynch, in March 1988. Despite leaving that firm only five months later, he returned to Merrill in September 2003 and remained with it until November 2011, when he left to join UBS.

Joining Mitchell at Next Level Private is his entire team from Mitchell WealthCare: Jenny Piche, managing director of client engagement; Gary Raniolo II, senior financial advocate; Maggie Smith, director of client experience; Jennifer Galli, client advocate; Phil Johanson, investment strategist; and Nick Mariano, financial advocate. Also joining the firm is Kate Bluvol, who will serve as chief operating officer and chief compliance officer.

As an independent RIA, Next Level now has “access to a full spectrum of financial research, planning resources, and product offerings that were unavailable” at UBS to “find the best options for each client at the fairest price,” according to Next Level. The firm’s process begins with the creation of a Financial Freedom Roadmap. From there, the team moves on to wealth accumulation strategies, banking solutions and services, risk analysis and then “building a memorable legacy,” it said.

“My team and I get to the office every day asking ourselves, ‘what can we do today to make life better for our clients?’” Mitchell said in a statement. “Now as an independent RIA and fiduciary, we are free from previous proprietary constraints and have a lot more available to us in terms of research, investment solutions and technology that can put our clients in a better financial position.”

He added: “Our new independent RIA structure puts us in a better position to help them continue to drive towards financial independence which provides them the ability to lead more impactful lives…. Our goal is to make each and every client feel like they are part of a family and a community. We’ve been fortunate and feel that part of our mission is to give back, so we’ll be donating a portion of Next Level Private’s profits every year to charity as well.”

(Pictured: Barry Mitchell, Next Level Private founder and managing director)