Sanctuary Wealth Secures $580M Velorum Team from BMO 

Sanctuary Wealth announced the addition of Velorum Wealth Management, an Indianapolis-based private wealth team managing approximately $580 million in assets, marking a significant lift-out from Bank of Montreal (BMO) Wealth Management.  

The nine-member Velorum team, led by veteran advisor Bernard Reed, will operate as an independent partner firm under Sanctuary’s hybrid RIA platform. Velorum works primarily with individual and family business owners who control companies valued between $10 million and $100 million. 

This move expands Sanctuary’s presence in the Midwest and underscores its momentum as a destination for established advisors seeking independence with institutional-level infrastructure and scale. Reed and his colleagues cited Sanctuary’s comprehensive platform—including advanced trust capabilities, family office services, and customized consulting for business owners—as a major factor in their decision to make the transition.  

Before forming Velorum, Reed was a private wealth advisor and director at BMO Wealth Management, where he served as a lead advisor and relationship manager to high-net-worth individuals, families, and organizations, including closely held and family-owned businesses. Prior to his time at BMO, he was VP, private wealth advisor at Key Corporate & Commercial Bank and VP, private wealth advisor at Regions Bank.   

“After spending most of his career building and servicing his client base in the bank channel, Bernard knew he needed to become independent to meet his clients’ needs and to take his business to the next level,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth. 

For Sanctuary, which now supports more than $50 billion in client assets across over 125 partner firms, this latest addition follows recent wins from Edward Jones, Merrill Lynch, and UBS, further demonstrating its appeal to sophisticated advisors leaving wirehouses and bank-owned wealth platforms.  

The deal highlights the continued trend of experienced teams opting for hybrid RIA models that allow them to maintain deep client relationships and personalized service while accessing cutting-edge tools, operational support, and practice management resources to fuel growth.