Mittman has 24 years of investment management experience, the past 14 with Merrill Private Wealth Management, where he worked with a small number of UHNW families, institutions and private foundations.
Before creating Auric, McKelvy and Schellenberg each spent 25 years with Merrill Lynch Wealth Management and each held the dual titles of wealth management advisor and senior vice president.
“We made the decision to partner with Sanctuary Wealth rather than set up our own RIA because after decades in the wirehouse environment, we had a tremendous experience in serving clients, but did not want to have to take on the responsibility of things like compliance and technology that were outside of our comfort zones,” according to McKelvy, who is serving as Auric partner and managing director of operations.
“Sanctuary offered us the type of support we were used to getting, but with the freedom to manage our business as we saw fit,” McKelvy said in a statement. “We can own the client relationship and their information, and yet we have a strong partner to assist us on the aspects of the business that never touch the client. It’s really the best of both worlds.”
“When we met with the team at Sanctuary, we were instantly comfortable with their culture and how they have constructed their business model,” added Schellenberg, Auric partner and managing director, advisory. ”It was a refreshing change from what we had experienced in the past and definitely got us excited.”
Sanctuary Wealth’s network now includes partner firms in 27 states across the U.S. with about $25 billion in assets under advisement. The firm includes the fully owned subsidiaries Sanctuary Advisors, a registered investment advisor; Sanctuary Securities, a broker-dealer; Sanctuary Alternative Holdings; Sanctuary Asset Management; Sanctuary Insurance Solutions; Sanctuary Global; and Sanctuary Global Family Office.
(Pictured: A Merrill Lynch branch office; Image: Shutterstock)