Merit Buys $1.6B Sanctuary Wealth and ESOP Affiliate
Merit Financial Advisors has made a significant move by acquiring Sanctuary Wealth Management, LLC and its affiliate Fiduciary Services, LLC (FS). This deal marks Merit’s entry into Idaho, expanding its footprint beyond its more than 40 existing U.S. offices, and boosts its assets under management by $1.6 billion.
Based in Atlanta, Merit already managed $12.27 billion in assets as of December 31, 2024—including $9.9 billion in advisory, $2.05 billion in brokerage, and $332 million under advisement—making this acquisition a notable step in its growth trajectory.
Sanctuary, headquartered in Pocatello, ID, brings expertise in investment advisory and portfolio management for private clients, alongside retirement and investment solutions like 401(k) plans for corporate clients. Its subsidiary, Fiduciary Services, specializes in employee stock ownership plans (ESOPs), acting as both transactional and ongoing trustees.
The acquisition aligns with Merit’s strategy of partnering with firms that enhance its service offerings and regional presence, a pattern seen in its 34 acquisitions since 2020, when it took investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
The three owners of Sanctuary—Brett Robison, Gene Clay Esplin, and Joel Phillips—will transition into roles as wealth managers at Merit following the acquisition, bringing their entire team along with them.
The acquisition of Sanctuary and FS is Merit’s second-largest deal to date. In February, Merit acquired Hershey Wealth Advisors, LLC, a move that added $233 million in assets and established its fifth office in Pennsylvania.
The merger was finalized on March 14, 2025. Alaris Acquisitions acted as the advisor for this transaction. Financial and legal terms of the deal were not disclosed.
In January, Merit acquired Pillar Wealth Management Co., adding two new offices in Wisconsin. Additionally, the firm acquired Zimmermann Investment Management & Planning, an advisory firm with $739 million in client assets, which was Merit’s fourth office in Pennsylvania.