Oisin’s Bits: Sanctuary adds breakway No. 26 to $10 billion haul, reeling in Morgan Stanley firm eager to shed ‘old mindset’
Louis Diamond Quoted
By Oisin Breen
Sanctuary Wealth just poached yet another breakaway, its 26th in the sixteen months since its founding in 2018.
The addition of Des Moines, Iowa-based PrairieFire Wealth Planning adds $100 million to Sanctuary’s sizeable asset haul, bringing the total to $10.1 billion.
Some 42% of the advisory practices that have joined Sanctuary come from Merrill.
It’s grown from zero to over $10 billion at lightning speed, so Sanctuary certainly has pull, says Louis Diamond, principal of New York-based consultancy, Diamond Consultants, via email.
“The model has proven to be interesting … and I also expect existing RIA firms who are fed up with running their own operation to gravitate to Sanctuary.”