Sanctuary Wealth announced the addition of Orange County, California-based Dial Square Private Wealth to its network. Led by Founders and Managing Partners Jim Chiate and Tony Guinane, who were formerly with UBS, the firm focuses on ultra-high net worth (UHNW) clients and has $1.2 billion in client assets.
“While we could have easily moved to another traditional wirehouse or private bank, once we understood the evolution of the independent space over the last decade, we couldn’t ignore the value independence would provide to our clients,” said Chiate.
“After having our eyes opened, Sanctuary became the obvious choice. They speak our language and truly understand our business, as well as where we want to take it. For the first time in years, we feel that we have a partner that will put our needs, and those of our clients, above their own.”
Chiate and Guinane originally partnered in 2003 at Merrill Lynch before moving to UBS in 2013. Joining the founders at Dial Square are Vice President, Registered Operations Manager Owen Galasso and Vice President, Wealth Associate Nazgol Nekoomaram.
“After building a remarkable practice in wirehouses, Jim and Tony, like many highly successful wealth managers limited by the employee model, decided to start their own firm, unlocking the valuable asset they have worked so hard to build while removing restrictions on what they can offer to their clients,” said Vince Fertitta, President of Wealth Management at Sanctuary.
Dial Square selected Charles Schwab and Goldman Sachs as custodians.
“We have intensely close relationships with our clients, and we made this move to elevate the overall experience we provide,” said Guinane. “With Sanctuary, Schwab and Goldman in our corner, we are independent, but not alone.”
Adam Malamed, CEO of Sanctuary, noted, “With Sanctuary’s support, Jim, Tony and the entire Dial Square team will enjoy all the benefits of independence, along with our award-winning, customized service and solutions. We are committed to providing the team with the tools and resources they need to accelerate their success and create substantial equity in their own business.”
Over the past 12 months, 16 firms with a total of more than $10 billion in client assets joined Sanctuary’s network. Sanctuary now has over 125 partner firms in 32 states, with over $55 billion in assets on and in transition to platform.
Michael Madden, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at michael.madden@wealthsolutionsreport.com.
