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.
Osaic and LPL Financial routinely square off in recruiting advisors from other firms as well as from each other.
Meanwhile, Wealthspire's Ground Control business picks up a $1B private wealth firm in London, and Modern Wealth deepens its presence in California.
The $100B-plus mega-RIA is folding custom portfolios, daily tax-loss harvesting and unified managed accounts into its Aspen advisor tech platform
From using projects as strategic thinking exercises to real-world challenges as problem-solving exercises, indie firms can make for more powerful talent incubators.
New BCG research names financial services among the world's most AI-exposed industries and the US as a top-tier AI economy.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
