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Carrie Gallaway and Andrew Stern, former managing partners at Lebenthal, a New York­based wealth management firm, have launched YorkBridge Wealth Partners, an advisory firm based in New York and Bridgehampton, NY.

This launch is testament to the growing high­net­worth (HNW) and ultra­high­net­worth (UHNW)population in the Hamptons, Stern told PAM.

The Hamptons are traditionally known as a resort area where wealthy individuals vacation, but do not stay year­round. This paradigm is changing.

“Retirees and young families are moving out of the city and are coming into the Hamptons community on a full­time, year­round basis. As a result, the wealth level of the year­round residents of the Hamptons is growing and with that comes the need of financial services,” said Stern.

Before serving as managing partners at Lebenthal, Gallaway and Stern worked at Morgan Stanley and Citigroup.

YorkBridge has already formed strategic partnerships with Schwab Advisor Services, Fidelity Institutional Services and most recently, Dynasty Financial Partners. Gallaway and Stern believe more partnerships will ensure better technology and flexibility for their clients.

“We are using multiple custodians because we just wanted ultimate flexibility for our clients. Conveniently, we have a number of clients that have assets in Schwab and Fidelity,” Gallaway told PAM.