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The New York City-based financial advisor and his team have opted to withdraw. Merrill Lynch And launch a newly registered investment advisory company. true independence.

team, Cycon Capitalled by a 40-year industry veteran Stephen Rubituso According to tru, it manages about $500 million in client assets. Sykon is the fourth team to join tru in the last five months, according to the company, and its network of independent advisors now oversees approximately $10 billion in total client assets.

Sykon Chairman and Chief Executive Officer Ruvituso has been with Merrill since 2013 and previously UBSMore and Morgan StanleyAmong other companies, according to his BrokerCheck records. He and his team of advisors recognize “the limitations of wirehouse culture that limit the ability of advisors to deliver innovative and creative client-focused service,” Tru said in a statement Tuesday.

According to the announcement, one of the team’s top considerations when choosing a partner was finding companies that help “minimize unnecessary complexity.”

In a statement, Ruvituso touted tru’s technology, including truView, which gives advisors access to business insights, client information, portfolio management services, risk metrics and other planning tools, according to the company.

“Today, the single source code embedded technology solution accessible via truView stands out as the clear leader among the business management systems we evaluated,” said Ruvituso.

with Rubituso Todd StankiewiczPresident and Chief Investment Officer, and Julie AckermanDirector of Customer Engagement is listed as one of the three principals of the newly formed RIA, according to a Form ADV filed on . Securities and Exchange Commission. The three meet up at Sykon. Sean TeufelVice President of Sports and Entertainment, and Joseph Castigl IIIA tru spokesperson said he will serve alongside Stankiewitz as chief operating officer and chief investment officer.

A spokeswoman for Merrill declined to comment on the team’s departure.

According to the company, the four teams Tru has joined since February have brought more than $2 billion in assets to the network. maximum, Seven Mile Recommendationjoined tru network in April, another New York City-based company that oversees about $1 billion of those assets.

Founded in 2014 and based in Portland, Oregon, tru provides services to existing RIA firms, launches breakaway advisors as an RIA firm, and provides breakaway advisors and existing independent broker-dealers has enabled them to participate in the company’s form ADV.

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