A team of advisors in Indianapolis has spun off from Stifel Financial to launch their own business with the backing of Sanctuary Wealth. M&K Legacy Wealth, formerly Tanner Wealth Management Group, has joined Sanctuary's “partnership independence” model, bringing over $1 billion in client assets from Stifel.
The team is led by founders and managing partners J. Miller and Chad Keller, and they are joined by L. Gene Tanner, a longtime advisor since 1958. Wealth advisors Christy Swindel and Suzanne Marshall are also moving, along with three associates and operations support staff.
M&K will be based in Sanctuary's Indianapolis corporate offices and represents the $1 billion multi-generational platform's third partner firm in the Indianapolis area.
“We have been engaged in a multi-year process of evaluating the evolution of the industry to determine the best model in which to serve our customers and grow our business,” Miller said in a statement. “After a warm introduction from another of their Indianapolis-based, nationally known partner firms, we felt confident that Sanctuary's approach and platform could offer something much greater than what could be found in traditional banks and brokerage firms. The freedom, flexibility and innovative support offered by Sanctuary through the open architecture model made them the right partner at the right time for us and our customers.”
M&K serves business owners, pre-retirees and retired clients, providing them with comprehensive wealth management services.
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 $30 billion in client assets through partner firms in 27 countries.
Last February, Sanctuary founder Jim Dickson was abruptly terminated, with the board of directors appointing Adam Malamed, a board member, to replace him as CEO. At the Market Council Summit in December, Dixon spoke for the first time since leaving about his time at Sanctuary and the lessons learned at the helm of the company.
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.