Tru Independence (tru), a Portland, Oregon-based company that assists 30 RIA companies in managing $12.5bn in client assets, has been acquired by Sanctuary Wealth.
Sanctuary and tru, both firms with a transformational impact on the evolving RIA channel, have joined forces to reshape independence in wealth management.
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The merged enterprise creates a unique platform for advanced financial advisers by providing the widest range of independent business model affiliation options and capabilities throughout the industry spectrum.
Following the merger, the firms – each supporting financial advisers who serve high-net-worth and ultra-high-net-worth clients, will operate as separate entities, retaining their existing established companies and management groups while collaborating to provide the most effective of each enterprise’s services.
The unified group will help around 120 independent wealth management firms handle over $42bn in client assets across 30 states.
Craig Stuvland, CEO of tru Independence, provides investment advisers with a platform to manage and expand their firms. Since its inception, the firm has been an innovator in RIA.
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By GlobalDataSanctuary and Tru are a hybrid wealth management firm that caters to expert advisers looking for a hybrid model.
Moreover, they provide regulatory obligations as well as guidance on the appropriate independent model for their business, integrating experience and objectivity.
Stuvland said: “Separately, both firms have successfully attracted top-tier advisers and practices, albeit using slightly different approaches. Together, we are confident top-quintile advisers across the wealth management space will quickly appreciate everything our expanded enterprise represents and will be eager to take advantage of affiliation options that best suit their practices, staff, and clients.”
Sanctuary’s presidents, Vince Fertitta, and Robert Walter have made important contributions to the company’s prosperity and development as essential members of the senior leadership team.
In a joint statement, Fertitta and Walter added: “It has been a privilege to shape Sanctuary’s strategy, commitment to our Partner Firms and unique value proposition from the outset. We look forward to working closely with tru to build further on our shared industry leadership when it comes to delivering an exceptional service experience and growth results to the financial advisers we support.”
Adam Malamed, CEO of Sanctuary Wealth concluded: “Our industry has reached a unique inflection point where there are exponentially greater growth opportunities than ever for elite financial advisers who aspire to be independent wealth management business owners. Through Sanctuary’s comprehensive ecosystem of solutions and capabilities, our expanded community of Partner Firms will be well-positioned to maximise these opportunities. We look forward to utilising the unique offerings and expertise tru brings to the table, and we are excited to work closely with Craig, Amit Dogra and the entire tru management team as we lead the way forward in our industry’s ongoing evolution.”
