Industry Moves

$1.5B Merrill FA Team Goes Indie

Quorum Private Wealth has joined Sanctuary Wealth’s network of independent advisors.

Another team of Merrill Lynch financial advisors have gone independent with the help of Sanctuary Wealth.

The latest addition to Sanctuary Wealth’s network of independent advisors is Quorum Private Wealth, an eight-person team overseeing more than $1.5 billion in client assets, Sanctuary Wealth says.

The Walnut Creek, Calif.-based team is led by managing partners Mike Barry and Kelly Milligan and also includes partners Sue Mazzetti and Melissa Yue, according to Sanctuary Wealth. The team operated at Merrill as the Barry & Milligan Group, catering to executives at publicly traded companies, business owners and entrepreneurs, and professionals such as certified public accountants, doctors, dentists, lawyers and investment bankers, Sanctuary Wealth says.

“Early in our internal discussions we considered signing with another employee model, but realized that would have just been a lateral, or even a downward step,” Barry, who had been with Merrill for more than 31 years, says in a statement. “It became very obvious that the right decision was not only to go independent, but to do it alongside Sanctuary. We can look every client in the eye and say, ’we think it’s going to be a better place for you, and for us.’"

Milligan had been at the wirehouse for more than two decades, while Mazzetti joined the Barry & Milligan Group 10 years ago, while Yue joined the team seven years ago, according to Sanctuary.

Sanctuary has helped several other Merrill advisor teams go independent this year.

Earlier this month, Sanctuary announced that it assisted a Merrill team managing around $400 million go independent in San Antonio and another team of Merrill advisors managing $350 million go independent in Connecticut.

Sanctuary also assisted a team of Merrill advisors in North Carolina and another group in Texas go independent in March.

Sanctuary’s network of independent partner firms has also lured advisors from Ameriprise, UBS and Morgan Stanley.

In 2021, Sanctuary says it has so far added eight advisor teams with $2.8 billion in assets. The firm says its network now includes 49 partner firms in 19 states representing more than $16 billion in assets under advisement.

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UBS Broker Jumps Ship for LPL's New Independent Channel

Chad Taylor and his team manage $215 million.

LPL Financial says it has lured an experienced UBS financial advisor to its Strategic Wealth Services Channel, the firm’s affiliation model for wirehouse breakaways.

Chad Taylor has formed Seapoint Wealth Advisors by affiliating with the new channel, LPL says. He’s joined by Sarah Izidoro, director of client services, and his wife, Elizabeth Taylor, who serves as the team’s office manager, according to LPL. The team manages around $215 million in advisory, brokerage and retirement plan assets, LPL says.

Taylor has been in the financial services industry since 1998 and had stints at Merrill Lynch, Morgan Stanley and several other firms before joining UBS in 2013, according to his BrokerCheck record. He opted for independence so he could “run a business on his own terms,” according to LPL.

“The independent model offers more freedom and flexibility, and also makes it easier to work with my clients. I’m going from being a W2 employee to the owner of a company where I have more control on how we manage clients and accounts,” Taylor says in a statement.

LPL had a “soft launch” of its Strategic Wealth Services channel in 2019 and added its first advisor practice to it on Apr. 1, 2020, LPL managing director and divisional president of business development Rich Steinmeier previously told FA-IQ. The new channel offers support to advisors starting independent practices, including finding real estate, managing payroll and brand development.

LPL added several Wells Fargo advisors to its affiliation model in 2020. And earlier this month, LPL lured a team of four Merrill Lynch financing advisors to the new channel.

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Contact the reporter: apadalka@money-media.com