Independent network Sanctuary Wealth has added a Merrill Lynch breakaway team with $275 million in client assets.
Advisors Terry Murray (pictured above, right) and Brian Westcoat (pictured above, left) have formed Walnut Creek, California-based Enclave Wealth Advisors. The two join after 17 and 13 years with Merrill Lynch, respectively, according to Finra’s Brokercheck.
Lynn Muzio (pictured center) joins Murray and Westcoat in the role of client service specialist.
Indianapolis-based Sanctuary said that the team will be the first of many breakaway advisory teams to join its network of advisors in June.
Sanctuary Wealth offers its network transition support, technology, products, operations and back office support, help with capital and M&A strategy as well as other services. As of April 12, the firm had 50 RIAs in its network and $8 billion in assets under management.
‘Doing what is best for our clients and acting as fiduciaries has always been our top priority. Sanctuary was the right strategic partner to guide us on our path to independence,’ Westcoat said. ‘We believe that we’ll be able to grow successfully with access to an expanded range of investment options, operational support, and client services through Sanctuary, which will enable us to maintain our client focus and continue to deliver best-in-class advice.’
Sanctuary chief executive Jim Dickson said: ‘Both Terry and Brian have significant investment expertise and operate with a fiduciary mindset, making them invaluable to their clients and to the Sanctuary community. We very much look forward to working with them, helping them grow their business, and having them expand our network into California.’