Independence answered this pair’s requirement to gain freedom, control and ownership over their business with the benefit of a turnkey start-up and support—allowing them to focus on serving their high net worth clients, including professional athletes and coaches.
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.
Terry Heinrichs, CFP®, CIMA®, CPFA®
Founder and Managing Partner
18Forty8 Private Wealth
Terry Heinrichs and Ryan Behling made quite a team at Merrill. Terry, a 26-year Merrill veteran and Ryan who joined the firm as an intern 16 years ago, found their niche in serving high net worth clients, including professional athletes and coaches.
While Terry always kicked around the idea of independence, it had become more serious as they started to recognize how much being employees hindered their growth and ability to serve as advocates and true fiduciaries to their clients.
As they looked more closely from a business perspective, it became apparent that they needed a level of flexibility and customization to best serve their clients which wasn’t possible in their current environment—managing to the lowest common denominator via ever-changing rules and policies and heavy-handedness with compliance notwithstanding.
In over a year of due diligence with Diamond Consultants they realized that much of the frustration they were experiencing would not exist outside their current model.
Ultimately, they saw independence as something they needed to do for their clients—a notion that Terry said he woke up thinking about every day. That is, what he would do if they could build an independent firm based on their vision.
It was that mindset that drove them away from W-2 options and the alignment on culture and values they felt existed with Sanctuary Wealth.
The team launched 18Forty8 Private Wealth in Madison, Wisconsin – Sanctuary’s first team in the state – bringing with them over $400mm in assets under advisement.
“As an independent firm, we have more control over how we run our practice and what we can offer to our clients. As Sanctuary Wealth partners, we have access to a cutting-edge open architecture platform, the latest technology, and outstanding support for compliance and other back-office functions.” Terry said in a recent press release.
“Terry and Ryan have spent their entire careers with Merrill Lynch, but like many wirehouse advisors, they wanted more than that environment had to offer—more for their clients and more for themselves,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth.
Diamond Consultants is pleased to have represented Terry and Ryan and looks forward to hearing more about their journey in the future.