Sanctuary Wealth said it has lured another team of Merrill Lynch advisors to its network of partnered independent firms.
The latest addition — the ninth team from Merrill to make the move with Sanctuary — is Jackson, Missouri-based Cape Rock Private Wealth, according to Sanctuary. Led by managing director and senior wealth advisor Justin Martini, Cape Rock has $150 million in client assets, Sanctuary said.
Martini had been a Merrill wealth management advisor and senior portfolio manager since 2005, according to Sanctuary. He started his financial services industry career in 1998, the company said.
“I’ve wanted to work on my own for a long time because it gives me a lot more flexibility in terms of what I'm able to do for clients," Martini said in a statement. "Sanctuary's hybrid platform gives me a lot in terms of oversight, compliance, technology and a broad range of solutions that I wouldn't have if I went completely independent.”
Sanctuary also helped a $500 million Merrill advisor team in New Jersey break away earlier this month.
Sanctuary's network has also lured advisors from Wells Fargo, Ameriprise, UBS and Morgan Stanley.
Sanctuary’s network of independent partner firms now includes companies across 20 states representing more than $17 billion in assets under advisement, the company said.