Sanctuary Wealth, the Indianapolis-based wealth management firm, has acquired tru Independence, a Portland, Oregon-based enterprise that supports 30 RIA firms managing $12.5 billion in client assets.
The independent wealth management firms supported by Sanctuary and tru specialize in serving high-net-worth and ultra-high-net-worth clients.
Going forward, the firms will operate as distinct entities, maintaining their existing brands and leadership teams. The combined enterprise supports approximately 120 independent wealth management firms managing over $42 billion in client assets across 30 states.
Transformative Acquisition
“This transformative acquisition significantly enhances our support for the industry’s most elite advisors everywhere, from wirehouse breakaways to already independent advisors,” said Sanctuary Wealth CEO Adam Malamed.
“Moreover, consistent with Sanctuary’s guiding vision, this transaction reinforces our commitment to providing partner firms with unequaled freedom, flexibility, control and now adds even greater levels of choice. Each growth initiative we undertake, including this acquisition, is about empowering financial advisors by firmly putting them in the driver’s seat and providing them with the level of support they want in order to focus on supporting their clients and building the equity value of their own businesses.”
Sanctuary operates a multi-custodial, hybrid model that often attracts former wirehouse advisors who want the benefits of owning an independent wealth management firm while entrusting the regulatory responsibilities to someone else.
tru Independence, founded in 2014 by CEO Craig Stuvland, offers a suite of services for independent advisors to manage and grow their practices. The firm has been a leader in the RIA space since its launch due to its platform, operational expertise and industry knowledge. Prior to the acquisition, tru found success in catering to top advisors who wished to have their own independent regulated entity with the support of experienced professionals.
Complementary Leadership Teams and Areas of Focus
Both leadership teams have experience across the wealth management spectrum, including the wirehouse, RIA and IBD channels. The two firms’ complementary models were built to provide top-tier independent financial advisor business owners with the solutions, support and culture they need to be successful.
“Sanctuary is the undisputed leader in helping top wirehouse advisors establish their independence with their multi-custody, corporate RIA model,” Stuvland said. “Both firms have successfully attracted top-tier advisors and practices, albeit using slightly different approaches. Together, we are confident top-quintile advisors across the wealth management space will quickly appreciate everything our expanded enterprise represents and will be eager to take advantage of affiliation options that best suit their practices, staff and clients.”
Jeff Nash, Co-Founder and CEO of Bridgemark Strategies, agrees.
“We frequently see M&A transactions where there aren’t immediate synergies, but this is a deal where the synergies are very obvious across the board,” he said.
“If you’re an advisor that wants to have your own Form ADV and RIA entity, you do it with the tru platform. And if you want to structure your own wealth management firm as an IAR with a corporate RIA, you go with Sanctuary.”
According to Nash, “When you combine all of that with the extensive investments Sanctuary has made over the past year in building out an ecosystem of services that specifically support advisors who serve more sophisticated clients in the high net worth segment of the retail wealth space, you have an enterprise that is very well-positioned for future growth.”
Earlier this year, DWN spoke with Malamed about how the firm differentiates itself with technology. Continuing to build out Sanctuary’s tech stack has been a significant area of focus for Malamed since he was named CEO in February 2023.
