Sanctuary Wealth adds $800M Merrill team with Soteris Private Wealth launch

Sanctuary Wealth has expanded its network of independent firms with the addition of Soteris Private Wealth, a newly formed advisory team managing approximately $800 million in client assets.

The Walnut Creek, California-based firm is led by co-founders Josh Erickson and Rob Montierth, who depart Merrill Lynch after more than a decade building their practice within the wirehouse environment. Their move underscores a continued trend of experienced advisors seeking greater autonomy through independent platforms.

“At Sanctuary, our partner firms are our clients, and we serve them with the same passion they bring to theirs. It is especially meaningful when those firms refer friends and colleagues, as was the case with Josh and Rob. They’ve built a tremendous practice over the past 15 years and earned the right to own what they’ve created,” said Vince Fertitta, president of wealth management at Sanctuary.

Erickson and Montierth join a growing cohort of advisors leaving traditional firms in favor of independence, attracted by the ability to control their businesses while maintaining robust client service capabilities. Sanctuary’s partnered independence model is designed to provide that balance, combining operational support with flexibility and ownership.

Soteris Private Wealth focuses on high-net-worth individuals, including business owners, executives and multigenerational families. The firm emphasizes customized planning, disciplined investment strategies and a high-touch service approach tailored to evolving client needs.

“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. “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.”

Erickson began his advisory career at Merrill Lynch in 2012 following roles in corporate finance and real estate analysis. He holds a bachelor’s degree in economics and an MBA from Brigham Young University.

Montierth, who joined Merrill Lynch in 2010, previously worked in retirement plan administration. He also graduated magna cum laude from Brigham Young University.

“Sanctuary understands both where we are coming from and where we want to go,” said Montierth. “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.”

Sanctuary CEO Adam Malamed said the firm continues to draw interest not only from wirehouse breakaways but also from established teams seeking greater control over their businesses.

“Sanctuary was built to serve elite wirehouse breakaway advisors, and that remains at the core of who we are,” Malamed said. “At the same time, we are increasingly attracting sophisticated teams from across the wealth management landscape who are seeking greater flexibility, ownership and control. Our platform continues to evolve to support firms like Soteris, giving them the resources and confidence to serve clients at the highest level while building meaningful equity in their own businesses. We are proud to partner with them and committed to earning their business every day.”

The wirehouse model’s hiring constraints were a key factor behind OpenArc Corporate Advisory’s historic breakaway from Merrill Lynch last September, according to managing director Emily Fletcher.