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Yet Another Merrill Lynch Team Opts for Independence with Sanctuary

By Alex Padalka July 2, 2019

Sanctuary Wealth’s network of financial advice practices appears to be a destination of choice for Merrill Lynch advisors opting for independence. A total of five teams from the wirehouse chose to affiliate with Sanctuary in June alone, according to Sanctuary.

Four-person Houston-based G Squared Private Wealth is led by George Georgiades and Victoria Greene, who previously oversaw more than $455 million at Merrill Lynch, Sanctuary says in a press release.

“A driving factor in our decision to go independent was our team’s unrelenting commitment to acting in the best interests of our clients. After looking at many models and partners, I am thrilled to say we will be empowered to serve our clients and achieve our goals at Sanctuary. Its Partnered Independence model is exactly what we were looking for in a strategic partner,” Georgiades, G Squared’s managing director, says in the press release.

Earlier in June, Sanctuary brought on four other Merrill Lynch breakaway teams, including a $220 million practice in Raleigh, N.C., a $310 million team in in Nashville, Tenn., an $800 million team in Indianapolis and a $275 million team in Walnut Creek, Calif.

In one month, Sanctuary added a total of $3 billion in new assets to its network of independent advisors, bringing the firm’s total assets under management to close to $11 billion, according to the press release.

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David A. Noyes & Co., a 110-year-old financial advice firm, launched hybrid RIA and broker-dealer network Sanctuary in May last year, for both advisors and brokers who want to go independent.