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Sanctuary Wealth Scores ‘Biggest Win to Date’ in Recruiting $1.5B Merrill Team

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What You Need to Know

  • This is yet another advisor team that Sanctuary Wealth has recruited from Merrill Lynch.
  • Sanctuary Wealth has welcomed eight advisor teams with $2.8 billion in combined assets this year so far.
  • In April, Sanctuary said it added Claybourn Frakes Wealth Advisory Services, led by ex-UBS reps.

RIA Sanctuary Wealth has added another advisor team from Merrill Lynch — this time Walnut Creek, California-based Quorum Private Wealth, an eight-person team that had operated as the Barry & Milligan Group at Merrill and manages more than $1.5 billion in client assets.

Indianapolis-based Sanctuary, which called the addition its “biggest win to date,” said early this year it added the ex-Merrill team Alluvial Private Wealth, based in Marion, Ohio with about $435 million in client assets under management. In early April, Sanctuary announced it had added Claybourn Frakes Wealth Advisory Services, led by ex-UBS-registered reps and its first sanctuary partner firm in the San Antonio, Texas, market.

Quorum is led by managing partners Mike Barry, who was with Merrill since 1989, and Kelly Milligan, who joined Merrill in 2000, according to their reports on the Financial Industry Regulatory Authority’s BrokerCheck website. The team also includes partners Sue Mazzetti, who was with Merrill since 2011, and Melissa Yue, who was with Merrill since 2014.

Merrill Lynch didn’t immediately respond to a request for comment on Monday about losing the team to Sanctuary Wealth.

Calling Quorum an “outstanding” team, Jim Dickson, CEO and founder of Sanctuary Wealth, said in a statement: “I know there were a lot of firms attempting to recruit them, not just because of their clients’ assets, but because of who they are as advisors.”

Milligan, for example, was “not only chosen as one of 13 out of what was then more than 15,000 advisors named to the FA Advisory Council to Management at Merrill Lynch, but he was also the group’s Chairman,” Dickson pointed out.

Barry, meanwhile, is “one of the most respected advisors at the firm and together with their team they have built their own brand within Merrill and we look forward to helping them take it even further,” according to Dickson.