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January 11, 2021 at 02:39 PM
RIA, broker-dealer and platform provider Sanctuary Wealth has added another advisor team from Merrill Lynch — this time Alluvial Private Wealth, a three-advisor team based in Marion, Ohio with about $435 million in client assets under management.
Indianapolis-based Sanctuary Wealth added the $530 million, eight-member Longo Group from Merrill Lynch last year. It now has 42 partner advisor firms with over $12 billion in assets under advisement. Its operations include RIA Sanctuary Advisors, BD Sanctuary Securities, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Capital Markets and Sanctuary Global Family Office.
Alluvial, the first Ohio team to join Sanctuary Wealth, is led by partners Lars Olson, its president and lead advisor, Manoj Sharma and Lisa Bush. The three of them worked at the Olson Vincent Sharma Group within Merrill Lynch’s Marion office.
The Alluvial team also includes wealth associates Brooke Olson, Julie Webster and David Olson, Lars’ father and a Merrill Lynch veteran who came out of retirement to work with the team.
Alluvial has broken away from Merrill in a city where the wirehouse is closing its offices and consolidating advisors in the region to one large office in Columbus, according to Sanctuary Wealth. Merrill did not immediately respond to a request for comment Monday.
Alluvial decided to leave Merrill so it could remain invested in the community of Marion — a city of about 36,000, about 50 miles north of Columbus — and continue to offer financial advice to the team’s clients there, Olson told ThinkAdvisor on Monday.
