Sanctuary Wealth, the Miami-based hybrid RIA, announced on Wednesday that Velorum Wealth Management, an Indianapolis practice with $580 million in client assets, has joined its network. Founder and Managing Partner Bernard Reed, formerly with Bank of Montreal Private Wealth, leads the newly established independent firm.
Reed said Sanctuary’s technology solutions was among the reasons he chose to align with Sanctuary.
“It takes a leap of faith to go independent, and Sanctuary provides me with the confidence I need to take that step,” he told DWN. “Sanctuary’s technology offerings make it easy for me to onboard clients, manage their portfolios and address their concerns while supporting my business growth plans.”
Velorum works primarily with individual and family business owners who control companies valued between $10 million and $100 million. He offers financial planning services, with a focus on tax mitigation and estate considerations, for entrepreneurs considering a liquidity transaction.
Vince Fertitta, Sanctuary’s President, Wealth Management, said in a release that Reed chose Sanctuary because he “appreciated that we would provide him the platform, the people and the partnership he needed to launch confidently, along with the independence and control he craves.”
Before forming Velorum, Reed was a Private Wealth Advisor and Director at Bank of Montreal Wealth Management, where he served as a lead advisor and relationship manager to high-net-worth individuals, families, and organizations, including closely held and family-owned businesses.
Adam Malamed, CEO of Sanctuary Wealth, added, “We continue to attract high-quality advisors with impressive practices from across the wealth management space. Coming from the confines of a bank, Bernard gravitated to the freedom, flexibility, control and choice we’ve built into our platform. He is looking to expand his capabilities by bringing on additional advisors, and we are here to help him achieve that goal.”
