By Garrett Keyes of Financial Advisor IQ – June 12, 2019

The financial advice team of Ensconce Wealth Partners, responsible for $275 million in client assets, has left Merrill Lynch for independence through Sanctuary Wealth’s network of financial advisories, according to a Sanctuary press release.

Ensconce advisor Terry Murray says in the release that technology and business solution offerings were among the reasons the team made the switch.

“We have access to technology and business solutions that were not available to us before and that will only augment our clients’ overall experience,” Murray says.

Joining Murray for Ensconce’s move to Sanctuary are advisor Brian Westcoat and client service specialist Lynn Muzio.

“An expanded range of investment options, operational support, and client services through Sanctuary will enable us to maintain our client focus” and “grow successfully,” Westcoat says in the release.

Terry Murray

Terry Murray

Brian Westcoat

Brian Westcoat

Murray and Westcoat will help Sanctuary expand its advisor network in California, according to Sanctuary CEO and founder Jim Dickson.

The pair’s “strong client-centric approach” makes them an “ideal” fit for the Sanctuary network, Dickson says.

David A. Noyes & Co., the 110-year-old financial advisory firm, launched hybrid RIA and broker-dealer network Sanctuary in May last year, touting it as a new type of independence model.

Sanctuary is open to both advisors and brokers who want to go independent.

Sanctuary aims to provide its partners with operational, compliance and clearing support; access to a range of wealth management solutions and products; and the economies of scale that can help bring down business costs. Most of the brokers or advisors joining Sanctuary will get either some equity or a profit interest in the group.