Miami-based Sanctuary Wealth said its growth over the past 12 months hit record levels as advisors continue to exit wirehouses to launch their own practices.
The hybrid RIA said it recruited advisors representing $12.7 billion in client assets, the most ever for the company over a trailing 12-month period, with over $5.9 billion in assets joining its platform from January to June.
“Sanctuary’s momentum reflects the strength of the platform we are building and the increasing demand from elite advisor teams for a more flexible, entrepreneurial model,” said Adam Malamed, CEO of Sanctuary Wealth. “Independence means different things to different firms, and our role is to support each firm’s vision for its business.”
Last year, 26.4% of wirehouse advisors who changed firms moved to the RIA channel, according to AdvizorPro. By contrast, 22.5% changed firms but remained at another wirehouse.
Hybrid models like Sanctuary have particularly prospered. Over the past decade, hybrid RIAs, which offer both investment advice and broker-dealer services, have grown their assets under management (AUM) at an annualized rate of 12.2%, compared with 10.9% for independent RIAs, according to Cerulli.
Since 2023, Sanctuary’s client assets have more than doubled to $65.7 billion from $27.8 billion, while the number of partner firms has grown to 125 from 68.
“The quality of the teams choosing Sanctuary is what makes this growth especially meaningful,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth. “These are highly entrepreneurial, growth-minded firms that strengthen our community and raise the bar for everyone around them. When you bring together advisors who are committed to building better businesses, sharing ideas and pushing each other, that culture becomes an operating advantage.”
Thomas Lee, Senior Editor and Staff Writer with Wealth Solutions Report, can be reached at thomas.lee@wealthsolutionsreport.com.
