Sanctuary Wealth, an Indianapolis-based wealth management firm with more than $20 billion in assets, said it's acquired a minority stake in EverNest Financial Advisors, a registered investment adviser that’s also based in Indianapolis.
EverNest has close to $400 million in assets and two team members, Frank Esposito and Niki Woodworth.
Esposito has 30 years of experience, having started as an intern at Merrill Lynch in 1992. He worked with institutional investors at Goldman Sachs and Strong Capital Management and in investment management at JPMorgan and UBS before becoming an adviser, and had been affiliated with Windsor Wealth Management since 2015.
Woodworth joined Windsor in 2017.
In late 2020, an Italian investment management company, Azimut Group, invested in Sanctuary, which the firm said would enable it to make more acquisitions. Sanctuary currently has partner firms in 23 states.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
