An advisor team managing $1.6 billion quit Wells Fargo to open an independent practice with Sanctuary Wealth.
Sanctuary’s new recruits join just a week after the independent broker-dealer brought on two advisor teams that managed more than $1 billion at Merrill Lynch. Founded by former wirehouse executives in 2018, Sanctuary has quickly expanded to 27 states and approximately $25 billion in assets under advisement.
“This is the fourth billion-dollar-plus team that we’ve added this year and the second in Southern California in just the past week,” Jim Dickson, CEO and founder of Sanctuary Wealth, said in a statement.
The firm has also expanded its investment offerings, including a deal to bring family office services to its advisors. Those capabilities helped attract the latest team to join Sanctuary, advisor Edward Kahn said in an interview. For example, he points to alternative investments and private debt.
“It’s both a wider menu and deals that other firms don’t see,” Kahn said. “There’s a network of family offices that you don’t get at a normal place.”
The team also liked the fact that Sanctuary has its own broker-dealer. “We don’t want to let go of the commission based side of our practice,” said Kahn’s partner Jonathan Lewis.
In recent years, more advisors have been exiting the big brokerage firms to open their own firms or practices with backing from partners like Sanctuary. It’s a trend that caught the attention of Kahn’s colleague, Glen Strauss. “At top advisor conferences 10 years ago, maybe 5% of people were independent, but that percentage has grown dramatically,” said Strauss, an advisor with 38 years of experience. He spent 22 of those years at Wells Fargo.
“I’ve asked people who’ve gone independent if they had regrets, and they’re only one was that they didn’t do it sooner,” he said.
Strauss, Lewis, and Kahn call their new Westwood, Calif.-based independent practice SLK Private Wealth. They said they chose Sanctuary because of its model of supported independence. Lewis said they look forward to being able to deliver more timely and relevant market information and commentary to clients. “I think those were difficult to achieve where we were,” he said.
Lewis and Strauss moved to Wells Fargo from Smith Barney in 2000, according to the online database BrokerCheck. Kahn joined Wells six years ago.
Their team also includes partner and portfolio manager Hank Krakover, chief investment officer Razmig Der-Tavitian, financial advisor Joseph Plutsky, investment analyst Eric Beatty, registered client associates Michi Lunde and Barbara Moreno, client associates Evan Richardson, Derek Finch, Armen Kesian, and Kevin Ozbay.
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