Sanctuary Wealth recruited 1280 Financial Partners, with $2 billion in assets, to its network from UBS. Founded in 2021, the 1280 Financial team is based in Miami and Fort Myers, Florida; Sandusky, Ohio; and Augusta, South Carolina. The team is launching as an independent firm through Sanctuary’s Strategic Capital Partnership program.
The Strategic Capital Partnership program provides network members and other wealth management firms a way to raise strategic capital for growth and succession planning.
The team includes Managing Partners and Senior Portfolio Managers Tom Burt, Duane Ohly, Charlie Todd and John McGee, as well as Senior Vice Presidents and Senior Portfolio Managers Brett Kinzel, John Petracco and Carol Powell, and Vice President and Wealth Advisor Richard Allen Flippo.
“As a fast-growing, multi-generational team with complex platform needs and a passion for delivering a superior client experience, my partners and I were extremely thorough and deliberate when making the decision to launch our own firm,” said Burt. “Finding a partner who could satisfy our collective requirements was not easy. We explored the gamut and kept returning to Sanctuary.”
Named for the 1,280 miles between its first two offices in Fort Myers and Sandusky, 1280 Financial’s private clients include high and ultra-high net worth individuals, families, athletes, entertainers, entrepreneurs and corporate executives. It also serves insurance, corporate, government, non-profit and endowment clients.
Insurance companies, captive insurers and reinsurance firms are a focus for 1280 Financial expertise, which offers customized asset allocations for captive insurers’ operating pledge and trust accounts.
“1280 Financial conducted deep due diligence over several years before selecting Sanctuary as their strategic partner,” said Vince Fertitta, President of Sanctuary Wealth. “They wanted a proven and vested partner with deep experience in transitioning top-performing wirehouse teams to independence. They required the most cutting-edge technology available and a partner with both the will and the wherewithal to address complex client opportunities.”
“Elite practices are drawn to our approach because it rewards those with the confidence to bet on themselves—building equity and autonomy without interference or competing agendas—and with 1280 Financial, we didn’t just admire their conviction, we matched it with our own capital, taking a minority stake in the firm,” added Adam Malamed, CEO of Sanctuary Wealth.
With more than 120 partner firms and $50 billion on its platform, Sanctuary recruited the first firm under its Strategic Capital Partnership program, Alluvial Private Wealth, in February.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
