$900M Merrill Lynch Team Goes Independent with Stake from Elevation Point
Elevation Point has purchased a minority stake in a wealth management team, which has left Merrill Lynch to launch as an independent registered investment advisor firm.
The Indianapolis-based team, which previously functioned as The Turner Group within Merrill Lynch Wealth Management, manages $900 million in total assets under supervision.
Following the six-person team’s transition to Elevation Point, the firm will operate as Forta Wealth Partners.
The team is led by principals and wealth advisors Will Turner, Jon Shurtz, and Harrison “Taylor” McDougal. The firm is also joined by associate of client services Brandon Marvel, client services manager Holly Hynes, and financial advisor Madeline Armstrong.
“For us, independence is about the freedom to deliver a truly differentiated client experience,” Turner said. “Launching an independent firm in partnership with Elevation Point provides access to best-in-class resources and support to enhance what we do best, while ensuring we remain in full control of our business and true to the values that have earned our clients’ trust.”
Forta Wealth Partners, which has clients across 26 states, including Indiana, provides retirement plan advisory services to companies that sponsor 401(k) plans, as well as business owners, wealthy multi-generational families, physicians, endowments, non-profit organizations, and professional athletes.
The team has selected Goldman Sachs to serve as its primary custodian, Elevation Point said. Forta Wealth Partners marks the latest independent RIA to custody its assets with Goldman Sachs, following Atlanta-based Harbor View Wealth Partners, a wealth management firm with $1.3 billion in assets under management.
In September, Elevation Point expanded its existing partnership with Goldman Sachs to provide advisors with access to Goldman’s banking, lending, trading, asset management, and capital markets services.
Following the RIA’s recent breakaway addition, the firm has invested in 10 firms representing about $11.9 billion in total client assets.
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Pictured: Forta Wealth Partners