RIA moves: Sanctuary adds ex-army veteran advisor from Morgan Stanley

Sanctuary Wealth and Parkwoods Wealth Partners have each expanded their platforms with the addition of new advisory teams, continuing a trend of consolidation and growth among independent RIAs.

Sanctuary Wealth, a hybrid RIA based in Indiana, has welcomed GFC Planning, a Woodbury, Minnesota firm founded by Lance Huebner, to its network.

GFC Planning manages $120 million in client assets and marks the latest in a series of wirehouse breakaways to join Sanctuary’s Partnered Independence platform.

Huebner, a combat-decorated Army veteran with 15 years of industry experience, previously spent 11 years at Morgan Stanley and also worked at Wells Fargo and US Bank.

Sanctuary’s president, Vince Fertitta, said in a statement that the firm seeks to work with advisors who have “significant early success and a long career in front of [them].”

Fertitta also cited Huebner’s background and client focus, describing Huebner as "the exact kind of next-generation talent" Sanctuary seeks out as partners.

Huebner cited the desire to build a business “bigger than myself” as a key factor in his decision to go independent. He noted that Sanctuary’s transition support and integrated systems have helped make the move smoother.

Sanctuary Wealth says its network now includes more than 125 partner firms across 32 states, with over $55 billion in assets on and in transition to its platform. The firm expanded its affiliation options last year by acquiring tru Independence, offering partner firms a range of models to suit their needs.

More recently, Sanctuary extended its presence in Orange County, California, welcoming a breakaway team from UBS with $1.2 billion in client assets.

Meanwhile, Parkwoods Wealth Partners announced this week that Shoreline Wealth Advisors has joined its platform. Shoreline, based in Indiana, brings approximately $350 million in assets under advisement and an affiliated tax preparation business, Shore & Co.

The deal closed August 1 and will see the Shoreline brand transition to Parkwoods over the coming months.

Al Sears, founder and chief executive of Parkwoods, said the addition of Shoreline is rooted in “shared beliefs first and foremost.” Sears described Shoreline’s planning-led, evidence-based approach as a natural fit for Parkwoods’ client base.

Sears, along with fellow Dimensional Fund Advisors alum Ed Edwin and seasoned RIA practitioner Chris Gardner, established Parkwoods last year, presenting it as a platform for independent RIAs to simultaneously overcome growth and succession planning challenges.

Shoreline was one of the earlier firms to join BAM Advisory Services, the TAMP originally operated by Buckingham. That TAMP has since been absorbed into Focus Financial Partners, while Buckingham has merged into Focus Partners Wealth, a wealth hub within the Focus network.

Bud Shore, founder of Shoreline, said the partnership allows his team to enhance their offering while maintaining continuity for clients. “Joining forces lets us enhance what we deliver – with the same people our clients already trust,” Shore said.