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Jim Dickson, CEO of Sanctuary Wealth

Practice Management > Building Your Business > Recruiting

Sanctuary Wealth Adds Another Billion-Dollar Wirehouse Team

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What You Need to Know

  • A Los Angeles advisor team has broken away from Wells Fargo to join Sanctuary Wealth.
  • SLK Private Wealth previously practiced as The Strauss/Lewis/Kahn Wealth Management Group of Wells Fargo Advisors.
  • This is the fourth billion-dollar-plus team Sanctuary has added this year and the second in Southern California in the past week.

Sanctuary Wealth said Wednesday it added a Los Angeles-based team from Wells Fargo Advisors that advised on over $1.6 billion in client assets.

SLK Private Wealth, which previously practiced as The Strauss/Lewis/Kahn Wealth Management Group of Wells Fargo Advisors, is led by its founders and managing partners Glen Strauss, Jonathan Lewis and Edward “E.J.” Kahn.

Wells Fargo declined to comment on Thursday about losing the advisor team.

“This is the fourth billion dollar plus team that we’ve added this year and the second in Southern California in just the past week,” according to Jim Dickson, CEO and Founder of Sanctuary Wealth.

Sanctuary Wealth said Friday it added two advisor teams from Merrill Lynch with a combined $1 billion in client assets under management. Auric Capital Partners was formed by combining Mittman & Associates and McKelvy Schellenberg & Associates, with offices in Orange County, California, and Denver.

“It’s highly gratifying and validates what Sanctuary Wealth is all about, as a team of such outstanding caliber chooses our network and platform above all the other options out there,” Dickson said in a statement Tuesday about SLK.

Explaining why his team decided to break away from Wells Fargo, Strauss said: “Independence is the next logical evolution in our business. We chose to start our own firm in partnership with Sanctuary Wealth where we can control the client experience and truly act in their best interest without conflict or distraction.”

Strauss, who has over 35 years of financial advisory experience, added: “Sanctuary has built a robust platform for serving clients with an elite network of likeminded, successful advisors. The culture and capabilities are unmatched in the industry. We will have a much more robust selection of solutions available and the ability to determine which strategies make the most sense for each individual client.”

“We conducted extensive due diligence before arriving at such an important decision and it was obvious that for our team and our clients that Sanctuary was the way to go,” according to Lewis. “We really liked their business model and found the resources available to be far beyond what any other firm provides. Sanctuary offered us all the things that matter to us and our clients,” he said in a statement.

“Sanctuary Wealth has disrupted the industry and stands out as the ideal partner for top bank and brokerage teams with a client focused mission and an entrepreneurial spirit. We want to be part of that,” according to Kahn, who said that “played a big part in our decision.”

SLK also includes: partner and portfolio manager Hank Krakover, a financial advisor since 1995; Chief Investment Officer Razmig Der-Tavitian, a veteran of 15 years in institutional asset management; financial advisor Joseph Plutsky; investment analyst Eric Beatty; registered client associates Michi Lunde and Barbara Moreno; and client associates Evan Richardson, Derek Finch, Armen Kesian, and Kevin Ozbay.

The Sanctuary Wealth network now includes partner firms in 27 states across the U.S., with $25 billion in assets under advisement.

Pictured: Jim Dickson, CEO of Sanctuary Wealth