Sanctuary Wealth has strengthened its advisory network in the eastern US as a four-person breakaway team makes a leap for independence.
On Friday, Sanctuary announced the latest addition to its community of more than 120 partner firms by welcoming TOVA Wealth, a Wilmington, North Carolina-based advisory firm managing over $400 million in client assets, from Merrill.
Led by founder and managing partner Katie Medina, the team also includes advisors Michael Tunney and Eric Starkey, along with client associate Amy Kepler.
The move marks a milestone for TOVA Wealth, as they depart from the wirehouse business to an independent advisory platform.
“Katie and her team wanted the autonomy to run their business and serve clients as they felt best,” Vince Fertitta, president of wealth management at Sanctuary Wealth, said in a statement Friday. “They believed that remaining employees of a large bank was no longer the best environment.”
Fertitta said Sanctuary’s latest affiliate team was attracted to its hybrid platform, which includes multiple custodian options and a shared ADV structure, as well as “a culture of like-minded former wirehouse advisors.”
The new members of that community so far this year include a $700 million duo who joined from Merrill in April, and a $300 million Wells Fargo pair that broke away in May.
By becoming independent, the TOVA Wealth team aims to offer more personalized financial planning and prioritize clients’ interests without the influence of corporate shareholders.
“After enjoying years of hard work building our practice at our former firm … we needed to make a change for our team and clients,” Medina said. “Deciding to move forward with our own firm is a consequential decision and is not something we take lightly.”
Medina, who began her career at Merrill Lynch in 2008 after serving as a Peace Corps volunteer, has devoted time and effort as a volunteer with the CFP Board since 2019. She currently serves on its Council on Examinations, contributing as a subject matter expert.
Adam Malamed, CEO of Sanctuary Wealth, expressed his enthusiasm for the partnership.
“Over the past several years, we have been diligently building the infrastructure and services that provide groups like [TOVA Wealth] with the freedom, flexibility, control and choice to build on their previous success and thrive in the evolving wealth management landscape,” he said.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
