First Allied Duo with $130-Mln Book Starts RIA in Hawaii
A Hawaii-based duo managing $130 million in assets with a Cetera Financial Group-owned broker-dealer has launched their own registered investment advisor, according to an announcement on Tuesday.
“There were certain things at First Allied that they were pretty hard-line on,” Abbott said.
Mission will custody primarily with Fidelity Investments, although some assets will be kept with Pershing, the pair said.
Yasutomi and Abbott will still keep their brokerage business and registration with First Allied, one of the five independent broker-dealers under the Cetera umbrella. The pair said 70% of their client assets were in advisory accounts held at the RIA.
Yasutomi started his brokerage career in 2006 with Merrill Lynch after a stint as a systems engineer for the Central Intelligence Agency. He was registered with Merrill from 2006 to 2009, and joined First Allied in 2010, according to BrokerCheck.
Abbott started his brokerage career with Edward Jones in 2008 and moved to First Allied in 2018 to partner with Yasutomi.
They launched their RIA with backing from TruClarity Management Solutions, which offers transition assistance and back office services.