A Walnut Creek, Calif.-based team managing about $800 million in client assets is joining Sanctuary Wealth, the Indianapolis-based hybrid RIA with $58 billion in client assets, from Merrill Lynch.
Advisors and brothers-in-law Josh Erickson and Rob Montierth have co-founded Soteris Private Wealth, with a focus on high-net-worth clients. Montierth joined Merrill in 2010, after a career as a third-party administrator of 401(k) and defined benefit retirement plans at Pension Specialists. Erickson started his career at the wirehouse in 2012.
“In recent years, it became clear that being beholden to a single financial institution no longer aligned with our values or allowed us to deliver the full range of services our clients deserve,” Erickson said in a statement. “Once we concluded that independence was the right path for our business and the future of our practice, it quickly became clear that Sanctuary was the right partner to help us make that move.”
“Sanctuary understands both where we are coming from and where we want to go,” said Montierth in a statement. “Its multi-custodial platform gives us access to a broader range of financial planning, tax and estate planning resources, along with technology tools that help us operate more efficiently. Just as important, the ownership model gives us the flexibility to build long-term enterprise value while enhancing the level of service and sophistication our clients expect.”
This follows news last week that Sanctuary brought on Chicago-area Merrill advisor Kyle Vasel to launch his RIA, Opt Wealth Management. Vasel had overseen $260 million in client assets at Bank of America’s Merrill.
Sanctuary acts as a hybrid RIA, with 119 partner firms in 33 states on the platform (totaling $58 billion in assets). The firm has backing from the Italy-based asset manager Azimut and Kennedy Lewis Investment Management.
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