November 4, 2022
By AdvisorHub Staff
Indianapolis-based independent broker-dealer Sanctuary Wealth has added its first team in Wisconsin with the hire of a Merrill Lynch team that had managed around $400 million in assets.
The group is led by two Merrill lifers, Terry J. Heinrichs and Ryan E. Behling, who had generated $2.4 million in annual revenue, according to a spokesperson for their new firm. They joined Sanctuary in Madison on Friday after 26 and 16 years, respectively, with Merrill, according to registration records.
The duo, who had called their practice Heinrichs, Behling & Associates at Merrill, are calling their new firm 18Forty8. Their practice also includes client associates Regina McGinn and Rebecca Reller and focuses on collegiate football coaches, professional football players and family business owners, according to Sanctuary.
Behling, who started at Merrill as an intern in 2005, said the group spent over a year evaluating a new home.
“The primary impetus for us to move to the independent model was to own our business and be able to offer the best solutions available to our clients rather than having to choose from a limited menu aimed at the lowest common denominator,” Heinrichs said in a statement.
A Merrill spokesperson did not immediately return a request for comment.