Private Wealth Adviser With $580M Assets Leaves Bank Channel for Sanctuary Wealth
Sanctuary Wealth has added Velorum Wealth Management to its expanding network of partner firms.
Previously with Bank of Montreal Private Wealth, founder and managing partner Bernard Reed decided to start his own firm by leaving the bank channel and moving his practice to Sanctuary’s partnered independence model to expand his offerings and services to high-net-worth clients.
Velorum is based in Indianapolis and reports $580 million in client assets.
“After spending most of his career building and servicing his client base in the bank channel, Bernard knew he needed to become independent to meet his clients’ needs and to take his business to the next level,” said Vince Fertitta, president, wealth management, at Sanctuary Wealth.
“Conducting due diligence with several firms before selecting Sanctuary, Bernard appreciated that we would provide him the platform, the people, and the partnership he needed to launch confidently, along with the independence and control he craves,” added Fertitta.
Velorum works primarily with individual and family business owners who control companies valued between $10 million and $100 million. For entrepreneurs in the process of selling their businesses, Velorum offers full financial planning services, with a focus on tax mitigation and estate considerations, to ensure the creation of lasting legacies and multi-generational wealth. The firm develops deep relationships with its select group of clients and provides them with personalized, flexible, and actionable financial strategies tailored to their needs.
“Coming from an extremely large institution and starting an independent practice can be a major leap of faith, said Reed. “With Sanctuary, however, I’ve been able to make the transition with confidence. The scope of what I can now do for clients is incredibly powerful – transformative, in fact. I see myself as a problem solver for my clients, but to be effective, I needed to have the right tools. Sanctuary gives me those tools.”
Before forming Velorum, Reed was a private wealth adviser and director at Bank of Montreal Wealth Management, where he served as a lead adviser and relationship manager to high-net-worth individuals, families, and organizations, including closely held and family-owned businesses. Prior to his time at Bank of Montreal, he was vice president, private wealth adviser at Key Corporate & Commercial Bank and vice president, private wealth adviser at Regions Bank.
Adam Malamed, chief executive officer of Sanctuary Wealth, said: “I’m thrilled to welcome Bernard and Velorum Wealth Management as our latest partner firm. We continue to attract high-quality advisers with impressive practices from across the wealth management space. … [Bernard] is looking to expand his capabilities by bringing on additional advisers, and we are here to help him achieve that goal.”
Sanctuary is a hybrid registered investment adviser, delivering comprehensive wealth management solutions, platform partnerships, and strategic capital investments to sophisticated independent wealth management firms. Sanctuary Wealth expanded its affiliation options by acquiring tru Independence in 2024, offering partner firms multiple models to best serve their unique needs.
More recently, Sanctuary Wealth added 1280 Financial Partners, a former UBS-affiliated wirehouse which, at the time, managed approximately $2 billion in total client assets.
The Sanctuary Wealth network currently includes more than 125 partner firms in 32 states nationwide, with over $50 billion in assets on platform. Sanctuary Wealth consists of the wholly owned subsidiaries: Sanctuary Advisors LLC, SEC-RIAs; and Sanctuary Securities Inc., a FINRA member broker-dealer; as well as Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global, Sanctuary Global Family Office, and tru.
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