Sanctuary Wealth introduced Wednesday morning the acquisition of tru Independence, an enterprise advisory platform that helps 30 registered funding advisor corporations managing some $12.5 billion in consumer belongings.
The aim of the deal, in response to the corporations’ joint announcement, is to create an “unparalleled platform for extremely refined monetary advisors.” Agency leaders mentioned the mixed enterprise will try to supply the broadest potential vary of impartial enterprise mannequin affiliation choices and capabilities.
Upon completion of the transaction, the corporations will function as distinct entities, sustaining their present manufacturers and management groups. Behind the scenes, nevertheless, the corporations will work collectively to share the very best of every enterprise’s choices, and the mixed entity will help roughly 120 impartial wealth corporations managing over $42 billion of consumer belongings throughout 30 states.
Echoing feedback made throughout a latest interview with ThinkAdvisor, Adam Malamed, CEO of Sanctuary Wealth, emphasised that the agency’s overarching aim with its acquisition technique is to help monetary advisors who serve high-net-worth and ultra-high-net-worth shoppers.
“Sanctuary and tru have constructed their companies on partnered independence, the place being impartial doesn’t imply going it alone,” Malamed mentioned. “Collectively, the corporations have an unprecedented alternative to collectively redefine what it means to be a full-service, multi-channel impartial wealth administration enterprise that makes a speciality of supporting solely essentially the most profitable monetary advisors with refined companies and completed shoppers.”