Tapping a relationship that was around 15 years strong, Sanctuary won a legacy Merrill Lynch team in the competitive market for independent advisors. Here's how it happened, Sanctuary president Vince Fertitta told FP.
Although the bank's wealth businesses logged strong organic growth for the quarter, revenue fell and hiring languished after two strong quarters of headcount gains under then-president Andy Sieg's leadership.
Morgan Stanley Wealth boasted $110 billion in net new assets in Q1, while Bank of America Merrill Lynch said it hit a record high of net new relationships.