A Wilmington, NC-based team of advisors led by Katie Medina has left Merrill Lynch to form TOVA Wealth on the Sanctuary Wealth platform. At the same time, RBC Wealth Management has added John Terrion, a $438 million AUM advisor from Merrill, to its Boulder, Colo., office.
TOVA starts with more than $400 million in client assets, and includes advisors Michael Tunney and Eric Starkey and Client Associate Amy Kepler.
Medina, who will serve as founder and managing partner of TOVA, was with Merrill for 16 years. Tunney was on the wire for 10 years, while Starkey was there for the past seven years.
According to a statement, Vince Fertitta, Sanctuary's president of wealth management, said the team wanted more autonomy to run their business as they saw fit.
“They believed that remaining employees of a large bank was no longer the best environment, so they sought a platform that offered everything they used at their previous firm and much more,” said Fertitta. “After full reflection and due diligence, they chose Sanctuary Wealth's hybrid, multi-custodian and shared ADV model, where they are not only empowered to increase the value of the service they provide to clients, but are also joining a culture of like-minded ex-wires. advisors who have also decided to unlock the asset they have worked so hard to build.”
In a statement, Medina said her team was attracted to Sanctuary because of its multi-custody platform and the firm's experience in transitioning other wire teams to independence.
“After enjoying years of hard work building our practice at our previous company, I barely recognize the institution it has become and we needed to make a difference for our team and clients,” she said in a statement. “Sanctuary speaks our language and is highly recommended by others who have left Merrill to start their own in-network business.
Before starting at Merrill, Medina was a Peace Corps volunteer. She now volunteers with the CFP Board and is on the Exam Council, where she makes recommendations on the exam and certification process.
Since launching five years ago, Sanctuary has grown into one of the country's largest pure-play RIA platforms, primarily through the recruitment of wiretaps. Today, the firm oversees approximately $42 billion in client assets through 120 partner firms in 30 countries.
in may Sanctuary really gained Independencea Portland, Ore.-based RIA support platform. that works with 30 firms managing $12.5 billion in client assets. Tru now operates as a separate entity from Sanctuary, retaining its brand and management team.
Last February, Sanctuary founder Jim Dickson was abruptly terminatedand the board of directors named Adam Malamed, a board member, to replace him as CEO.
Dickson Elevation Point has recently launchedan investment firm he says will take minority stakes in RIAs with $200 million to $3 billion in client assets and help those firms grow. He has partnered with Mark Penske, founder and chairman of United Atlantic Capital, a privately held financial services company, on the new venture.
Sanctuary is majority owned by Azimut Group, a European-based asset management firm. In July 2022, Sanctuary announced it closed a deal with New York-based Kennedy Lewis Investment Management, a credit manager, to obtain $175 million in financing in the form of a convertible note.
Separately, RBC also added a Merrill Lynch adviser, with Terrion joining its Boulder office. He has 26 years of industry experience (almost all with Merrill, according to SEC data). He will be joined by investment associate Meagan Belford.
RBC Rocky Mountain Complex Director Dan Ball called Terrion's move “a significant win” for the firm's Boulder branch, saying an adviser like him would increase the firm's visibility in the city.
last month, RBC attracted a $640 million team in Paramus, NJ to join the firm from Merrill Lynch. The Callot Wealth Management Group is led by David Callot, an advisor and managing director with more than 30 years of industry experience. In May, RBC added The Barnes Group and Pollard Team, two Maryland-based teams coming from Merrill that collectively manage about $900 million in assets.