Wirehouse Merrill Lynch has lost another team of financial advisors to independence through Sanctuary Wealth’s network of financial advice practices, according to Sanctuary.
The Indianapolis-based Evans May Wealth is led by Elizabeth Evans, Brooke May and Ian Flanagan, according to a press release from Sanctuary.
Evans and May managed more than $800 million for 225 families while at Merrill Lynch, generating $5.2 million in revenue, Sanctuary says. Flanagan previously served as a financial services industry managing director, with experience managing alternative asset classes, according to the press release. He was previously registered with KPMG Corporate Finance, according to his BrokerCheck profile.
“The concept of partnered independence espoused by Sanctuary Wealth really appealed to Lizzie, Ian and me, as we share an unrelenting commitment to being fiduciaries and putting our clients’ best interests first, no matter what,” May says in the press release. “We are confident Sanctuary provides the foundation necessary for Evans May Wealth to not only get a head-start in the independent space, but to also continually improve upon our original vision for our new firm.”
Evans May Wealth is the second Merrill Lynch breakaway team to affiliate with Sanctuary this month. Earlier, the wirehouse lost Enclave Wealth Advisors to Sanctuary’s network. Enclave oversaw $275 million.
The 110-year-old financial advice firm David A. Noyes & Co. launched hybrid RIA and broker-dealer network Sanctuary in May last year. It’s open to both advisors and brokers who want to go independent.