Sanctuary Wealth, an Indianapolis-based independent broker-dealer, has acquired tru Independence, a Portland, OR-based IRA platform that supports 30 RIA firms managing $12.5 billion in client assets.

The combination creates a platform for financial advisors, offering a wide range of independent business model options for different types of advisors. The deal will support about 120 independent wealth management firms managing over $42 billion of client assets across 30 states.

The firms, each supporting financial advisors who serve high-net-worth and ultra-high-net-worth clients, will operate as distinct entities, maintaining their existing brands and leadership teams.

“Sanctuary and tru have built their businesses on partnered independence, where being independent does not mean going it alone,” said Adam Malamed, CEO of Sanctuary Wealth. “tru is a pioneer in independent wealth management and an innovator in supporting elite advisors who wish to own their own RIAs.”

Tru Independence was founded in 2014 by CEO Craig Stuvland, the former president and COO of Common Sense Investment Management, a fund of hedge funds. The RIA service provider’s offerings include supporting current RIAs, assisting breakaway advisors in establishing RIA businesses, and allowing breakaway advisors and existing independent broker-dealers to join its Form ADV.

“Sanctuary is the undisputed leader in helping top wirehouse advisors establish their independence with their multi-custody, corporate RIA model,” said Stuvland. “Rooted in our shared commitment to providing advisors ultimate choice, the combination of Sanctuary and tru will fundamentally transform the RIA ecosystem.”

Launched in 2019, Sanctuary operates a multi-custodial, hybrid model that often recruits former wirehouse advisors who are looking to go independent without regulatory responsibilities.