July 31, 2023
By Andrew Welsch
Sanctuary Wealth, an independent broker-dealer, recruited a former UBS team that oversaw $600 million, the firm announced Friday.
Private wealth advisors Chris Glomb and his son Michael opened their new independent practice in Los Gatos, Calif., a suburb of San Jose. Moving with them are Jessica Regidor, chief operations officer, and Sara-Belle Guglielmino, client service associate.
Chris Glomb says they picked Sanctuary because of the firm’s corporate culture and the support it could offer them in their move to independence. “They are small enough to give us personal attention, while large enough to provide all the resources we need to scale our business as we look to expand,” he says.
Glomb started his career at Kidder, Peabody & Co. in 1981, according to BrokerCheck, a public database maintained by industry self-regulatory organization Finra. He later moved to UBS in 2002.
His son Michael joined UBS in 2012.
Sanctuary was launched by former Merrill Lynch executive Jim Dickson in 2018. The firm has been aggressively recruiting wirehouse advisors with larger AUMs. Sanctuary has partner firms, its term for the teams that join it, in 28 states. It has approximately $25 billion in assets under advisement.
Earlier this year, the firm replaced Dickson as CEO with Adam Malamed, a member of Sanctuary’s board of directors and a former Ladenburg Thalmann executive.
It has continued to pick up large teams. In June, Sanctuary recruited a group of former Merrill Lynch advisors who collectively managed $1.2 billion.