$1.7-Mln Merrill Team Shifts to Sanctuary in North Carolina
Sanctuary Wealth, an independent firm founded in 2018 and led by former Merrill Lynch Manager Jim Dickson, has hired another team from Dickson’s alma mater, this time in North Carolina.
They are the fifth team this year to join the Indianapolis, Indiana-based firm, which recapitalized in November with a $50 million investment from Italian asset manager Azimut Group. Sanctuary overall has 46 teams, according to the announcement.
All three brokers who moved Friday are relative industry newcomers, according to BrokerCheck. Rumsey started his career at Merrill in 2010. Hartinger first registered at Merrill a year later and Abbott in 2016.
Rumsey said they were encouraged to move because they were looking for a place where they can use “any service we would like for planning, investment management, client communications or whatever else our clients need.”
“We have the freedom to run our business in a way that’s best for our clients and the opportunity to build something that will stand the test of time,” Abbott added in a statement. “That’s the primary motivation behind this move. It’s not just for the clients we’re serving today, but for where we see this firm headed in the future.”
Separately, another smaller Merrill broker, Steven T. Otten, Jr., left along with a client associate to join Seventy2 Capital, a Wells Fargo Financial Network affiliate founded in 2016 by former Morgan Stanley emigres in Bethesda, Maryland.
Otten, who began his career at Merrill in 2008, had been managing around $60 million in client assets, according to Seventy2 co-founder Thomas Fautrel. Overall, the indie firm has $1.5 billion in client assets and 17 advisors, he said.
A spokesperson for Merrill Lynch did not immediately return a request for comment.
The wirehouse, which halted veteran broker recruiting in 2017, has been focusing on home-growing its brokerage force with a newly updated, blended bank training program and hiring brokers with between two and 10 years of experience.