Among new recruits this week, Sanctuary Wealth and Ameriprise have added new advisor teams to their ranks.
Sanctuary has brought on OPT Wealth Management, led by former Merrill advisor Kyle Vasel, who oversaw approximately $260 million in client assets prior to making the move. The Chicago-area advisor’s transition follows more than two years of evaluating independence, according to firm leadership.
"Kyle built an impressive business over 15 years in the wirehouse channel, but he also understood the limitations that come with that model," said Vince Fertitta. "Sanctuary was built for advisors exactly like Kyle because our roots are in the wirehouse breakaway movement, and that remains core to who we are today."
OPT Wealth Management — named for its focus on organization, profits, and taxes — will concentrate on high-net-worth clients approaching retirement, including financial services executives. Vasel said the move enables him to broaden his advice and better align with client needs.
Sanctuary CEO Adam Malamed added that such moves reflect a broader shift among advisors reassessing the traditional employee model.
"Like many wirehouse advisors today, Kyle reached a point where the employee model could no longer support the business he wanted to build," he said. "Supporting that transformation has always been at the core of Sanctuary's business and continues to be a primary focus for our firm."
Meanwhile, Ameriprise Financial is also expanding its advisor base, with Jeff Flamm and Kevin Smith joining its independent channel from Key Investment Services.
The pair managed roughly $140 million in assets and have aligned with Beyond Wealth Advisors, an established practice led by Joshua Lake, and cited a desire for greater ownership, deeper planning resources, and a collaborative environment as key drivers behind their decision.
“From our very first conversation with Josh, it was clear that Ameriprise and Beyond Wealth Advisors offered exactly what we were looking for,” said Smith. “This move provides us both the independence to run our practice the way we want and the support of an experienced, highly collaborative team and sophisticated firm that enhances the value we can provide to clients.”
Access to more comprehensive planning tools was also central to the move. The duo emphasized that Ameriprise’s structure offered a balance between independence and institutional backing.
“We wanted the resources of a large, established firm, along with autonomy and greater ownership of our business,” said Smith. “Ameriprise gives us the best of both worlds – allowing us to operate independently while leveraging the firm’s powerful tools, technology and support.”
“As we look ahead to the long-term future of our practice, joining Beyond Wealth and Ameriprise gives us the opportunity to thoughtfully plan for continuity – including identifying the right successor when the time comes – ensuring our clients continue receiving the same high-quality service they’ve always known,” he added.
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