Sanctuary Hires $5-Million Merrill Lynch Team in Walnut Creek
Sanctuary Wealth, a hybrid independent broker-dealer launched in 2018 by a former Merrill Lynch divisional manager, on Friday reached back into his alma mater for its largest recruit since its founding.
Dickson, who was a Midwest regional director at Merrill before leaving in 2017, said that he had known Milligan, who spent his entire 21-year career at Merrill, and Barry, who worked at Merrill for 30 of his 31 years in the industry, through their shared time at the wirehouse. He had reached back out to them “some time” ago about moving, he said.
“It’s a big win for Sanctuary,” Dickson said. “It was a very competitive situation. Everyone wanted these guys and courted them, and we’re very happy they chose Sanctuary.”
Dickson declined to comment on Sanctuary’s recruiting packages, which have included equity, but said that the team joined because they had more flexibility in running their practice as independent brokers. They also stand to take home about 15 to 20 basis points of additional payout compared to what they would earn under a traditional production-based wirehouse grid, he said.
The group is the 49th team to join Indianapolis-based Sanctuary and its fifth in Walnut Creek. The largest Sanctuary team is the Cooke Financial Group, a $2.5 billion group with $11 million in production. The Cooke team left Wells Fargo Advisors in 2016 to join Dickson in the purchase of the regional brokerage David A. Noyes, which was converted into Sanctuary.
Milligan and Barry could not immediately be reached for comment on their move. The group, which calls itself Quorum Private Wealth, also includes client associates Amanda Miller, Jennifer Van Til, Rica Tanod and Courtney Rapa.
Milligan and Barry have been ranked as Forbes “Best-in-State” wealth advisors for the last four years, according to their Merrill biography. Milligan ranked #69 and Barry, #78, both in California this year, according to Forbes, which said their team has a minimum account size of $1 million.
Sanctuary touted Milligan’s Merrill bona fides, noting that he had been a former chair of Merrill’s Advisory Council to Management, a group of around 13 of the firm’s roughly 14,000 brokers who are chosen to provide broker feedback to the wirehouse’s senior leadership.
Yue was also listed as a Forbes “Best-in-State” next-generation advisor in 2017, 2018 and 2019, according to the bio. She joined Merrill in 2014 after seven years at UBS and a rookie stint at The Shemano Group, according to BrokerCheck. Mazzetti started her brokerage career at Merrill in 2011, according to the database.
A spokeswoman for Merrill confirmed the departures.
Sanctuary, whose President Vince Feritta is a former Merrill manager in Texas, last week hired a $2.1 million Merrill team in San Antonio.
Around 60% of Sanctuary’s advisor hires have come from Merrill, although that figure has shrunk as the company has grown, Dickson said. Sanctuary, which serves $16 billion in assets under management, aims to add a couple hundred teams in the next five to 10 years as it puts to use a $50 million investment it received in November from European asset manager Azimut Group, he said.