Miami-based hybrid RIA Sanctuary Wealth announced that it recruited Kyle Vasel and his new firm, OPT Wealth Management. He is based in the Chicago area and oversaw $260 million in client assets at Merrill Lynch prior to launching OPT.
“Kyle built an impressive business over 15 years in the wirehouse channel, but he also understood the limitations that come with that model,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth. “After more than two years of careful due diligence, he chose Sanctuary’s partnered independence platform as the best path to the flexibility, ownership and freedom he was seeking.”
“OPT” represents the areas Vasel believes are necessary for financial planning: organization, profits and taxes. The firm focuses on high net worth individuals and families nearing retirement, and includes financial services executives among its clientele.
“I feel strongly that to provide meaningful advice to my clients, I need the flexibility to discuss a full range of options and strategies to help them achieve their goals,” Vasel said. “With Sanctuary, I’ve found the technology, support systems and investment solutions to help me enhance my offering, along with a culture that supports my approach to service. Our shared wirehouse background meant there was immediate alignment in how we think about serving clients and building a business.”
Vasel began his career at Merrill Lynch in 2011, where he rose through the ranks to Senior Vice President and Senior Financial Advisor.
“Like many wirehouse advisors today, Kyle reached a point where the employee model could no longer support the business he wanted to build,” said Adam Malamed, CEO of Sanctuary Wealth. “Supporting that transformation has always been at the core of Sanctuary’s business and continues to be a primary focus for our firm.”
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