Sanctuary Wealth said early Wednesday that it is acquiring tru Independence, an enterprise advisory platform that supports 30 registered investment advisor firms managing some $12.5 billion in client assets.

The goal of the deal, according to the firms’ joint announcement, is to create an “unparalleled platform for highly sophisticated financial advisors.” Firm leaders said the combined enterprise will strive to offer the broadest possible range of independent business model affiliation options and capabilities.

Upon completion of the transaction, the firms will operate as distinct entities, maintaining their existing brands and leadership teams. Behind the scenes, however, the firms will work together to share the best of each enterprise’s offerings, and the combined entity will support about 120 independent wealth firms managing over $42 billion of client assets across 30 states.

Echoing comments made during a recent interview with ThinkAdvisor, Adam Malamed, CEO of Sanctuary Wealth, emphasized that the firm’s overarching goal with its acquisition strategy is to support financial advisors who serve high-net-worth and ultra-high-net-worth clients.

“Sanctuary and tru have built their businesses on partnered independence, where being independent does not mean going it alone,” Malamed said.

“Together, the firms have an unprecedented opportunity to collectively redefine what it means to be a full-service, multi-channel independent wealth management enterprise that specializes in supporting only the most successful financial advisors with sophisticated businesses and accomplished clients,” he explained.

Craig Stuvland, the founder and CEO of tru Independence, echoed that sentiment, noting that his firm has taken great pride in empowering independent advisors across the business development lifecycle — whether starting their journey toward independence, transitioning to the next phase of their business or seeking greater ongoing operational efficiency.

As Malamed and Stuvland observed, Sanctuary operates a multi-custodial, hybrid model that has successfully attracted big-ticket wirehouse breakaway practices seeking the benefits of owning an independent wealth management firm while entrusting the regulatory responsibilities of running an RIA to a trusted home office.

At the same time, tru Independence has catered to top advisors who wish to have their own independent regulated entity with the support of experienced professionals.

“Rooted in our shared commitment to providing advisors ultimate choice, the combination of Sanctuary and tru will fundamentally transform the RIA ecosystem,” Stuvland said.

“Together, we are confident top-quintile advisors across the wealth management space will quickly appreciate everything our expanded enterprise represents and will be eager to take advantage of affiliation options that best suit their practices, staff and clients,” he added.

Pictured: Sanctuary Wealth CEO Adam Malamed