Dynasty adds CIBC breakaways as Sanctuary unveils first strategic capital partnership

Sanctuary Wealth and Dynasty have reinforced their appeal to independent advisors, with Sanctuary unveiling a new strategic partnership in Ohio and Dynasty serving as the launchpad for a new independent RIA in 

Sanctuary hails Alluvial Private Wealth partnership

On Thursday, Sanctuary Wealth announced a new minority investment in Alluvial Private Wealth, an existing partner firm based in Ohio.

The investment is the first deal completed under Sanctuary's recently formalized strategic capital partnership program, which provides backing to help selected independent partners more easily pursue a range of growth and succession planning opportunities.

Alluvial Private Wealth, based in Central Ohio with a branch office in Cleveland, was founded in 2021 by Lars Olson after he left Merrill Lynch. Since launching the firm, Olson has focused on organic growth while also exploring M&A opportunities. 

“We are thrilled to complete this minority investment as part of our ongoing partnership with Lars and the Alluvial team,” Adam Malamed, CEO of Sanctuary Wealth, said in a statement Thursday. “They are betting on themselves, and we’re placing our chips alongside theirs.”

The investment aligns with Sanctuary’s enterprise partner program, which helps selected advisory firms transition from running a practice to building an enterprise. Nearly half of the firm’s 120 partner firms are engaged in the program, according to Sanctuary President Vince Fertitta.

Highlighting his firm's "incredible growth" since partnering with Sanctuary, Olson noted that the new minority investment will accelerate his firm’s strategic goals.

"Expanding our partnership with Sanctuary will enable our team to expedite our M&A expansion efforts, enhancing our value, scale and ability to serve clients,” he said.

Sanctuary's expanded alliance with Alluvial comes on the heels of its welcoming a next-gen woman advisor from UBS earlier this month.

XXI Wealth launches with Dynasty

Meanwhile, a team of veteran advisors in Chicago has launched XXI Wealth, an independent wealth management firm, in partnership with Dynasty Financial Partners. The firm, which previously managed $900 million in assets, serves a client base that includes business professionals, attorneys, entrepreneurs, and athletes.

Based in Chicago, Illinois, XXI Wealth is led by Kurt Newsom, Matt Cavanaugh, Kathleen Merkle, and Elizabeth Sadler, who bring an average of more than 25 years of experience in the investment industry. Newsom, Merkle, and Sadler previously worked at CIBC, while Cavanaugh was formerly with a multi-family office RIA.

“With our newfound independence, we will be able to offer our clients innovative investment solutions on a more efficient technology platform, allowing us to expand our level of service and offerings to fit their exact needs,” Cavanaugh, managing partner and director of investments, said Thursday.

The firm’s name, XXI Wealth, was chosen to reflect the symbolic significance of the number 21. “Throughout history, the number 21 symbolizes positivity, transformative change, and expanded horizons – qualities we aim to embody for the benefit of our team and clients in the years ahead,” Cavanaugh said.

Shirl Penney, founder and CEO of Dynasty Financial Partners, highlighted the team’s operational expertise. “The XXI Wealth team has extensive operational backgrounds, so they are very familiar with the never-ending puzzle of which technology and processes are needed to improve efficiency and ultimately the client experience,” Penney said.

In January, Dynasty helped another team of breakaways from Goldman Sachs return to independence with the launch of their own independent RIA firm in Washington, DC.