Sanctuary Wealth is supercharging its appeal to independent advisors as it finalizes a transformative acquisition in Oregon.
The firm announced Wednesday that it has acquired tru Independence, a Portland, Oregon-based firm that supports 30 RIA firms managing $12.5 billion in client assets, the companies announced today.
This merger integrates tru Independence into Sanctuary’s expansive network, a move aimed at enhancing the support system for top-tier financial advisors across the US.
Adam Malamed, CEO of Sanctuary Wealth, explained the strategic alignment between the two companies, emphasizing their commitment to redefine the meaning of independence within the wealth management industry.
"Sanctuary and tru have built their businesses on partnered independence, where being independent does not mean going it alone," Malamed said in a statement. "Together, the firms have an unprecedented opportunity to collectively redefine what it means to be a full-service, multi-channel independent wealth management enterprise."
Founded in 2014 by Craig Stuvland, who also serves as its CEO, tru Independence has made its mark in the RIA landscape with a platform that aids advisors at various stages of their careers—whether they are venturing into independence, scaling their business, or enhancing operational efficiency.
The merger is seen as a response to what Malamed refers to as a unique inflection point in the industry, which presents significant growth opportunities for financial advisors aiming for independence.
"Through Sanctuary's comprehensive ecosystem of solutions and capabilities, our expanded community of Partner Firms will be well-positioned to maximize these opportunities," he said.
Sanctuary operates a multi-custodial, hybrid model that has appealed to many elite advisors, including breakaway advisors from wirehouses who seek the benefits of owning an independent firm without the regulatory burdens. tru, in contrast, has thrived by supporting advisors who prefer to manage their own independent regulated entities.
The combination of these two firms, each renowned for their unique service models, aims to create an unmatched platform for financial advisors. The merged entity will manage over $42 billion in client assets across 30 states and support approximately 120 independent wealth management firms.
Vince Fertitta and Robert Walter, presidents at Sanctuary, expressed their anticipation for the collaborative future.
"It has been a privilege to shape Sanctuary’s strategy and commitment to our Partner Firms from the outset. We look forward to working closely with tru to build further on our shared industry leadership when it comes to delivering an exceptional service experience and growth results to the financial advisors we support," they said in a joint statement.
ECHELON Partners was the exclusive sell-side financial advisor to tru, with Winthrop & Weinstine acting as tru's legal counsel.
The new regional leader brings nearly 25 years of experience as the firm seeks to tap a complex and evolving market.
The latest updates to its recordkeeping platform, including a solution originally developed for one large 20,000-advisor client, take aim at the small to medium-sized business space.
David Lau, founder and CEO of DPL Financial Partners, explains how the RIA boom and product innovation has fueled a slow-burn growth story in annuities.
Crypto investor argues the federal agency's probe, upheld by a federal appeals court, would "strip millions of Americans of meaningful privacy protections."
Meanwhile in Chicago, the wirehouse also lost another $454 million team as a group of defectors moved to Wells Fargo.
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.
