Advisory M&A News – 5/6/24

Sanctuary Wealth Announces Acquires Tru Independence

Sanctuary Wealth announced the acquisition of tru Independence, a Portland, Oregon-based enterprise that supports 30 registered investment adviser firms managing $12.5 billion in client assets. The combined entity will support approximately 120 independent wealth management firms managing over $42 billion of client assets across 30 states.

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

Financial advisers at both organizations serve high-net-worth and ultra-high-net-worth clients. Upon completion of the transaction, the firms will operate as distinct entities, maintaining their established brands and leadership teams, while working together to provide each enterprise’s offerings. Craig Stuvland founded tru Independence in 2014 and is the firm’s CEO.

“Together, we are confident top-quintile advisors across the wealth management space will quickly appreciate everything our expanded enterprise represents and will be eager to take advantage of affiliation options that best suit their practices, staff and clients,” Stuvland said in a statement.

MAI Capital Management Adds Harbor Wealth Management

MAI Capital Management, an RIA specializing in serving high-net-worth individuals and families, announced the acquisition of Harbor Wealth Management. The firm had $321 million in client assets under management at the time of the acquisition.

With a presence in Boulder and Denver, CO, Harbor advises private individuals and families, businesses, company retirement plans and private foundations on all aspects of investment and wealth management. The firm was founded by Elyse Foster in 1988. As part of MAI, Foster and Megan Miller, principal, CIO and wealth manager, will both take on the title of senior wealth adviser, managing director.

“As we thought about the next phase of our business, we wanted a partner who could give us the resources that we need to bring our practice to the next level, while allowing us to focus on what we love the most: serving our clients,” Foster and Miller said in a statement.

Harbor will adopt MAI’s brand identity and receive the internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources. Harbor joined MAI effective May 3 as MAI’s 37th acquisition since 2018, and its fifth of 2024.

Avantax Acquires Integrated Tax & Wealth Strategies’ Wealth Management Business

Avantax, which specializes in tax-focused financial planning and wealth management, has acquired the wealth management business of Integrated Tax & Wealth Strategies, one of the largest businesses within the Avantax Community, with $760 million in total client assets as of December 31, 2023.

Integrated Tax & Wealth Strategies’ founder, Brian Stephens, will continue with the tax practice. The firm’s other financial advisers and wealth management team have become W-2 investment adviser representatives of Avantax Planning Partners.  

“I’ve seen several other advisers align with Avantax Planning Partners, and while I looked at various options even outside of Avantax, I realized that other broker-dealers don’t understand our business model where tax preparation is such a key component of the investment relationship,” Stephens said in a statement. “I feel Avantax is the right answer because they are 100% aligned with my belief that the best solution for clients is to keep investment and tax preparation tied together.”

Stephens’ wealth team, including Matt Murch, Joseph Webster, Sabrina Pledger, Amy Villarreal, Kyle Pledger and Cheryl Wright, have joined Avantax as employees and will continue to support the relationships the team has built over the past 25 years.