Sanctuary Wealth said Wednesday it added a Los Angeles-based team from Wells Fargo Advisors that advised on over $1.6 billion in client assets.
SLK Private Wealth, which previously practiced as The Strauss/Lewis/Kahn Wealth Management Group of Wells Fargo Advisors, is led by its founders and managing partners Glen Strauss, Jonathan Lewis and Edward "E.J." Kahn.
Wells Fargo declined to comment on Thursday about losing the advisor team.
"This is the fourth billion dollar plus team that we've added this year and the second in Southern California in just the past week," according to Jim Dickson, CEO and Founder of Sanctuary Wealth.
Sanctuary Wealth said Friday it added two advisor teams from Merrill Lynch with a combined $1 billion in client assets under management. Auric Capital Partners was formed by combining Mittman & Associates and McKelvy Schellenberg & Associates, with offices in Orange County, California, and Denver.
"It's highly gratifying and validates what Sanctuary Wealth is all about, as a team of such outstanding caliber chooses our network and platform above all the other options out there," Dickson said in a statement Tuesday about SLK.
Explaining why his team decided to break away from Wells Fargo, Strauss said: "Independence is the next logical evolution in our business. We chose to start our own firm in partnership with Sanctuary Wealth where we can control the client experience and truly act in their best interest without conflict or distraction."