Hybrid RIA Sanctuary Wealth recruited a team led by brothers-in-law Josh Erickson and Rob Montierth from Merrill Lynch, where they managed $800 million in client assets. The team joined Sanctuary as Soteris Private Wealth in Walnut Creek, California, through Sanctuary’s partnered independence model.
Vince Fertitta, President, Wealth Management at Sanctuary Wealth, said that Erickson and Montierth “built a tremendous practice over the past 15 years and earned the right to own what they’ve created.”
“In recent years, it became clear that being beholden to a single financial institution no longer aligned with our values or allowed us to deliver the full range of services our clients deserve,” Erickson said. “Once we concluded that independence was the right path for our business and the future of our practice, it quickly became clear that Sanctuary was the right partner to help us make that move.”
Montierth started at Merrill Lynch in 2010, and Erickson joined the firm in 2012. Both graduated from Brigham Young University.
“Sanctuary understands both where we are coming from and where we want to go,” said Montierth. “Its multi-custodial platform gives us access to a broader range of financial planning, tax and estate planning resources, along with technology tools that help us operate more efficiently.”
Soteris Private Wealth serves high net worth (HNW) clients including business owners, executives and families managing wealth across generations.
Adam Malamed, CEO of Sanctuary Wealth, added, “Sanctuary was built to serve elite wirehouse breakaway advisors, and that remains at the core of who we are. Our platform continues to evolve to support firms like Soteris, giving them the resources and confidence to serve clients at the highest level while building meaningful equity in their own businesses. We are proud to partner with them and committed to earning their business every day.”
This is the second Merrill Lynch team to join Sanctuary this month, following the Chicago-area, $260 million OPT Wealth Management, which launched its business on April 8.
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