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Sanctuary Wealth Acquires Tru Independence; Adds $12.5 Billion in Client Assets

Sanctuary Wealth has acquired tru Independence, a Portland, Ore.-based enterprise that supports 30 registered investment adviser firms managing $12.5 billion in client assets. The combination of Sanctuary and tru within the fast-growing RIA channel offers a broad range of independent business model affiliation options and capabilities across the industry landscape.

“With a well-earned reputation for authenticity and transparency, tru’s core values align with Sanctuary’s. Together, the firms have an unprecedented opportunity to collectively redefine what it means to be a full-service, multi-channel independent wealth management enterprise that specializes in supporting only the most successful financial advisers with sophisticated businesses and accomplished clients,” said Adam Malamed, chief executive officer of Sanctuary Wealth.

Upon completion of the transaction, the firms – each supporting financial advisers who serve high-net-worth and ultra-high-net-worth clients – will operate as distinct entities, maintaining their existing brands and leadership teams but working together to provide the best of each enterprise’s offerings. The combined entity will support approximately 120 independent wealth management firms managing over $42 billion of client assets across 30 states.

“Rooted in our shared commitment to providing advisers ultimate choice, the combination of Sanctuary and tru will fundamentally transform the RIA ecosystem,” Stuvland said.

Craig Stuvland founded tru Independence in 2014 and is the firm’s CEO. tru empowers investment advisers – whether starting their journey toward independence, transitioning to the next phase of their business or seeking greater ongoing operational efficiency. tru’s platform provides the full suite of services for independent advisers to manage and grow their practices.

Sanctuary operates a multi-custodial, hybrid model that attracts advisers, often former wirehouse advisers, who want to enjoy the benefits of owning an independent wealth management firm while entrusting the regulatory responsibilities associated with running an RIA to someone else. Last month, it appointed two wirehouse veterans to senior executive positions. This latest combination of Sanctuary and tru creates an enterprise with the expertise and objectivity to offer unbiased guidance on which independent model is best for each adviser’s business based on their preferences and goals.

“This transformative acquisition significantly enhances our support for the industry’s most elite advisers everywhere, from wirehouse breakaways to already independent advisers. Moreover, consistent with Sanctuary’s guiding vision, this transaction reinforces our commitment to providing partner firms with unequaled freedom, flexibility, control and now adds even greater levels of choice,” Malamed said.

“Separately, both firms have successfully attracted top-tier advisers and practices, albeit using slightly different approaches. Together, we are confident top-quintile advisers 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,” added Stuvland.

“We look forward to utilizing the unique offerings and expertise tru brings to the table, and we are excited to work closely with Craig, Amit Dogra and the entire tru management team as we lead the way forward in our industry’s ongoing evolution,” concluded Malamed.

Sanctuary Wealth supports advisers to build and own their own practices and deliver tailored service to clients. Currently, the network includes partner firms in 27 states across the country with approximately $30 billion in assets under advisement. Sanctuary Wealth includes the fully owned subsidiaries: Sanctuary Advisors LLC, an SEC-registered investment adviser; Sanctuary Securities Inc., a FINRA member broker-dealer; as well as SanctuaryAlternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global, and Sanctuary Global Family Office.

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