Sanctuary Wealth Adds $800 Million Merrill Lynch Breakaway Team

Josh Erickson and Rob Montierth, a Walnut Creek, Calif.-based advisory team that managed $800 million in client assets at Merrill Lynch, have joined Sanctuary Wealth through its partnered independence model under the name Soteris Private Wealth.

The move marks another wirehouse breakaway for Sanctuary, a hybrid registered investment adviser that offers independent advisers access to institutional resources while allowing them to retain equity in their practices.

For Erickson and Montierth – who are brothers-in-law and have built their practice more than 15 years – the shift to Sanctuary was motivated by a desire to move beyond the limitations of a single financial institution.

“In recent years, it became clear that being beholden to a single financial institution no longer aligned with our values or allowed us to deliver the full range of services our clients deserve,” said Erickson.

By joining Sanctuary, Soteris gains access to a multi-custodial platform and tax, estate planning, and investment resources. The model also allows the founders to build long-term enterprise value by owning the equity in their own business.

Erickson joined Merrill Lynch in 2012 after a background in corporate finance. Montierth joined the firm in 2010, where he previously focused on 401(k) and defined benefit plan administration. Both earned degrees from Brigham Young University.

The recruitment was facilitated in part by a referral from existing Sanctuary partners, according to the firm.

Adam Malamed, chief executive officer of Sanctuary Wealth, said the firm was built to serve wirehouse breakaways but is increasingly attracting teams from across the broader wealth management landscape.

“Our platform continues to evolve to support firms like Soteris, giving them the resources and confidence to serve clients at the highest level while building meaningful equity in their own businesses,” said Malamed.

Visit the AltsWire directory page.