Sanctuary Wealth says Velorum Wealth Management, an Indianapolis, Indiana practice with $580 million in client assets, has joined the hybrid RIA. Velorum is led by Bernard Reed, formerly of Bank of Montreal Private Wealth.
The news comes about two months after Sanctuary added a $2.2 billion group from UBS: 1280 Financial Partners, which has offices in Fort Myers, Florida; Sandusky, Ohio; Augusta, South Carolina; and Miami.
Sanctuary, a hybrid RIA, has roughly 125 partner firms in its network in 32 states, with over $50 billion in assets on its platform.
“Coming from the confines of a bank, Bernard gravitated to the freedom, flexibility, control and choice we've built into our platform," Sanctuary CEO Adam Malamed said in a statement. "He is looking to expand his capabilities by bringing on additional advisors, and we are here to help him achieve that goal.”
Velorum works mainly with owners of companies valued between $10 million and $100 million, some of whom are in the process of selling their businesses. Before forming Velorum, Reed was a private wealth advisor and director at Bank of Montreal Wealth Management.
“The scope of what I can now do for clients is incredibly powerful — transformative, in fact,” Reed said in the statement. ”I see myself as a problem solver for my clients, but to be effective, I [need] to have the right tools. Sanctuary gives me those tools. These resources are immediately catapulting my capabilities past where I was and are setting me up for ongoing success.”
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