A team of advisors in Indianapolis has broken away from Stifel Financial to launch their own business with Sanctuary Wealth’s support. M&K Legacy Wealth, formerly the Tanner Wealth Management Group, has joined Sanctuary’s “partnered independence” model, bringing over $1 billion in client assets from Stifel.
The team is led by founders and managing partners J. Miller and Chad Keller, and they’re joined by L. Gene Tanner, a long-time advisor since 1958. Wealth advisors Christy Swindel and Suzanne Marshall, are also moving over, along with three associates and operations support staff.
M&K will be based out of Sanctuary’s Indianapolis corporate offices, and it represents the platform’s third $1 billion multi-generational partner firm in the Indianapolis area.
“We have been engaged in a multi-year process of evaluating the evolution of the industry to determine the best model in which to serve our clients and grow our business,” Miller said in a statement. “After a warm introduction from another of their Indianapolis-based, nationally recognized partner firms, we felt confident that Sanctuary’s approach and platform could deliver something well beyond what can be found in traditional banks and brokerage firms. The freedom, flexibility and innovative support provided by Sanctuary through its open architecture model made them the right partner at the right time for us and our clients.”
M&K serves business owners, pre-retirees and retired clients, providing them with comprehensive wealth management services.
Since launching five years ago, Sanctuary has grown into one of the nation’s largest pure RIA platforms, primarily through the recruitment of wirehouse breakaways. Today, the firm oversees around $30 billion in clients’ assets through partner firms in 27 states.
Last February, Sanctuary founder Jim Dickson was suddenly terminated, with the board of directors naming Adam Malamed, a member of the board, to replace him as CEO. At the MarketCounsel Summit in December, Dickson spoke out for the first time since his departure about his time at Sanctuary and lessons learned at the helm of the company.
Sanctuary is majority-owned by Azimut Group, a European-based asset management firm. In July 2022, Sanctuary announced it closed on a deal with New York-based Kennedy Lewis Investment Management, a credit manager, to receive $175 million in financing in the form of a convertible note.