Two advisors in Greensboro, N.C., have broken away from Merrill Lynch to launch their own business with Sanctuary Wealth’s support. Vincita Investment Partners, run by partners JJ Marus and Lauren Norris, joined Sanctuary’s “partnered independence” model, bringing $700 million in client assets from Merrill.
The two leave Merrill's KM & Associates after about a decade with the firm. The majority of the KM team remains at Merrill.
"They believe Merrill is the best place for their clients and the best place for them as advisors to serve their clients and manage their business," said a source close to Merrill in a statement.
Vincita serves business owners, C-suite executives and the “millionaire next door.” Both advisors are former athletes; Marus participated in the U.S. Olympic trials as a swimmer, and Norris is a former all-American lacrosse player and coach.
Marus said the team chose Sanctuary after extensive due diligence and speaking with other partner firms.
“[Sanctuary] clearly understands what it takes for transitioning wirehouse advisors like us to succeed, having built a unique model that prioritizes client service and helps their partners enjoy meaningful growth,” he said in a statement. “What’s more, they’ve developed an alternative investment platform that far exceeds anything we’ve seen before and have cutting-edge technology, which will enable us to manage the wealth of families with unique needs, wherever their assets are held.”
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