Sanctuary Wealth announced the recruitment of Indianapolis-based Velorum Wealth Management as a partner firm under its Partnered Independence model. Founded by Bernard Reed, who serves as Managing Partner, the firm oversees $580 million in assets for high net worth clients.
Velorum focuses on individual and family business owners with companies valued between $10 million and $100 million. The firm offers financial planning services, with a focus on tax and estate planning for entrepreneurs looking to sell their businesses.
Before founding Velorum, Reed was a Private Wealth Advisor and Director at Bank of Montreal Wealth Management. Prior to that, he was Vice President, Private Wealth Advisor at Key Corporate & Commercial Bank and Vice President, Private Wealth Advisor at Regions Bank.
Reed said, “I see myself as a problem solver for my clients, but to be effective, I needed to have the right tools. Sanctuary gives me those tools. These resources are immediately catapulting my capabilities past where I was and are setting me up for ongoing success.”
Reed will leverage Sanctuary’s relationships with trust departments, business owner consultants and family office services providers to support client needs.
Adam Malamed, CEO of Sanctuary, added, “As the industry continues to evolve, the move to independence is starting to reach private bankers. Those with deep client relationships have a tremendous opportunity to expand their offering and take ownership of their life’s work. I think we’ll see more moves like Bernard’s in the months and years to come.”
Sanctuary is a hybrid RIA with more than 125 partner firms in 32 states, serving over $50 billion in assets. In June, Sanctuary onboarded CopperSky Wealth in Elk City, Oklahoma, with $225 million in assets, and recruited Merrill Lynch advisor Mitch Benedon to its Eclipse Private Wealth Management affiliate.
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.
