What You Need to Know
- Two advisor teams have broken away from wirehouse Merrill Lynch to join the growing Sanctuary Wealth network.
- The 11-person Auric Capital Partners team includes six partner advisors.
- Sanctuary now includes partner firms in 27 U.S. states with about $25 billion in AUA.
Sanctuary Wealth said Friday it added two advisor teams from Merrill Lynch with a combined $1 billion in client assets under management.
Sanctuary’s latest partner firm, Auric Capital Partners, was formed by combining Mittman & Associates, led by Michael J. Mittman, in Denver, and McKelvy Schellenberg & Associates, led by Luke R. McKelvy and William A. Schellenberg, with offices in Orange County, California, and Denver.
Merrill Lynch didn’t immediately respond to a request for comment.
The new eleven-person firm was created by the runaway advisor teams to “create a superior advisory experience for clients at any asset level,” according to Sanctuary Wealth.
“We’ve been working hard over the past couple of years to enhance our ultra-high net worth solutions for Sanctuary partner firms and their clients,” according to Jim Dickson, CEO and founder of Sanctuary Wealth.
“Auric’s decision to launch their new firm with Sanctuary is a testament to the breadth and depth of resources and capabilities that we’ve added on this front,” Dickson said in a statement.
“As an independent firm, we will now sit on the same side of the table with our clients and have the ability to provide truly objective advice, as our only goal is adding value to each client’s financial future,” according to Mittman, who is serving as partner and managing director of advisory at Auric.
“With Auric Capital Partners, we have assembled a team that has the scalability and expertise through the wealth management spectrum,” Mittman said in a news release. “Our firm has the ability to serve clients whether they have several hundred thousand dollars or several hundred million,” he added.