Sanctuary Wealth, an Indianapolis-based partnership of registered investment advisors, has tacked on another $250 million in assets under management after facilitating the merger of Mackie & Waller Wealth Management Group in St. Louis and Cape Rock Private Wealth, a partner firm based roughly half an hour away in Jackson, Mo.
Formerly affiliated with Wells Fargo Advisors, the firm’s partners are Peter F. Mackie and Paul P. Waller IV. They have joined Sanctuary Wealth as an affiliate of Cape Rock, which manages $107 million in client assets.
“Peter and Paul felt more comfortable sharing resources with one of our local partners, and we think that’s great. We want advisors to find the flavor of independence that’s right for them,” said Sanctuary President Vince Fertitta in a statement. “Justin Martini at Cape Rock Private Wealth has a thriving practice and has been an outstanding partner. He is extremely interested in growing his firm inorganically through affiliations, tuck-ins and acquisitions.”
Mackie spent decades as an investment portfolio manager at Wells Fargo in St. Louis as well as with the former Bankers Trust in New York, London and Palm Beach, Fla. Waller began at Wells Fargo in 2008 and founded Mackie & Waller Wealth Management Group with Mackie in 2014.
“Before making the move to independence we wanted to be sure that our clients would not be giving anything up,” said Waller. “By affiliating with Cape Rock and Sanctuary, we can be assured that we have a team behind us to handle things like oversight, compliance, and the other parts of running the business that take our attention away from clients.”
“We know we’ll have access to a much wider array of solutions and other tools as well as up-to-date technology,” added Mackie. “Paul and I have wanted to build something of our own for a long time and now we’re able to do it in a way that will really benefit our clients.”
The Sanctuary platform was launched just four years ago by Merrill Lynch expatriate Jim Dickson as a destination for advisors interested in leaving the wirehouse channel. Currently, the Sanctuary network includes 79 partner firms in 27 states across the country with approximately $25 billion in assets under advisement. The rapidly growing RIA aggregator has done 16 deals in 2022 and expects to complete more in coming months.
Sanctuary Wealth comprises seven fully owned subsidiaries: Sanctuary Advisors, an SEC-registered investment advisor, and Sanctuary Securities, a FINRA member broker/dealer, as well as Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global and Sanctuary Global Family Office.