$800M Merrill Lynch Team Breaks Away to Sanctuary Wealth

Sanctuary Wealth has nabbed a breakaway advisory team from Merrill Lynch, where the group had managed $800 million in assets under management. 

The team, Walnut Creek, CA-based Soteris Private Wealth, which is led by co-founders and managing partners Joshua Erickson and Rob Montierth, joins Sanctuary’s “partnered independence model,” the firm said. 

At Merrill Lynch, the duo provided “comprehensive” financial planning and retirement strategies to high-net-worth clients, including business owners, senior executives, and multigenerational families. 

As an independent firm, Soteris Private Wealth offers wealth management services, including financial and retirement planning, investment management, tax planning and strategies, risk and insurance solutions, estate and trust planning, and philanthropic services. 

Additionally, Soteris Private Wealth has chosen BNY Pershing as its primary custodian, Sanctuary said. 

“In recent years, it became clear that being beholden to a single financial institution no longer aligned with our values or allowed us to deliver the full range of services our clients deserve,” Erickson said. “Once we concluded that independence was the right path for our business and the future of our practice, it quickly became clear that Sanctuary was the right partner to help us make that move.” 

Earlier this month, Sanctuary Wealth also added advisor Kyle Vasel, from Merrill Lynch, where he managed $250 million in total client assets, to launch Chicago-based OPT Wealth Management. 

Sanctuary Wealth oversees more than $58 billion in assets under management, with more than 125 partner firms across 32 states, the firm said.

Pictured: Josh Erickson (Left) and Rob Montierth (Right)