A 20-year Merrill Lynch veteran got Sanctuary Wealth to $10 billion in AUA in 15 months with no outside capital and no time in bed
Louis Diamond Quoted
By Olsin Breen
Using a quasi-contrarian philosophy, his own money, a discarded brand name and a willingness to postpone sleep, CEO Jim Dickson just got Sanctuary Wealth to $10 billion in the 15 months since its founding in 2018.
The 20-year Merrill Lynch veteran has convinced 25 breakaways to join his firm based on a model that fueled HighTower’s early growth before it was jettisoned in favor of rolling up RIAs.
But it’s about more than numbers, says Amit Dogra, Sanctuary’s new chief experience officer (CXO), who left HighTower in 2018 after four years.
Now that most of the firms that used to tuck-in breakaway reps under their ADVs have “shifted to acquisition,” there’s a roaring opportunity, he explains.
In the last quarter alone, five separate teams jumped from Merrill to Indianapolis-based Sanctuary, a subsidiary of century-old Noyes & Company in Chicago.
Consider that it took United Capital 14 years to reach $23 billion of AUM, largely by aggregating ex-stockbrokers.
“In a year’s time, they have become one of the larger RIAs in the country, and have done it far faster than firms that have been in operation for years.”