What You Need to Know
- Burnham Harbor Private Wealth has joined Sanctuary Wealth.
- The team focuses on helping multi-generational families achieve and maintain their wealth and lifestyle goals.
- The Sanctuary Wealth network now has about $25 billion in assets under advisement, Sanctuary said.
Hybrid RIA Sanctuary Wealth picked up a Chicago-based advisory team from Merrill Lynch with $1 billion in client assets, Sanctuary said Friday.
Burnham Harbor Private Wealth includes managing partners James M. Corrigan, David Holtkamp, Sean M. Jucas and Kenneth Shay, as well as wealth associates Basel Alwawi and Cindy Hehr.
Corrigan has been a wealth advisor with Merrill for more than 17 years, serving private and institutional clients. Holtkamp joined Merrill in 2006 and has been a wealth advisor for 17 years. Jucas has been a wealth advisor at Merrill for the past 16 years and earned the Sports & Entertainment Accredited Wealth Management Advisor designation. All three are certified financial planners.
Shay started his career in the securities business in 1966 and has been a securities analyst, institutional portfolio manager, institutional equity salesperson and, since 1985, a financial advisor with Morgan Stanley and then Merrill.
Merrill did not immediately respond to a request for comment about losing the advisor team.
The team has “run an incredible business for years by catering to the unique needs of the multi-generational clients they serve,” according to Adam Malamed, Sanctuary CEO. “Their mix of next generation and veteran advisors is exactly what’s needed to succeed in the wealth management space going forward,” he said in a statement.
He added: “We look forward to giving them the freedom and flexibility, along with the support they need to meet their goals of growing their business organically and through acquisitions.”
Burnham has been providing complete wealth management solutions to high-net-worth families, business owners, entrepreneurs, executives, doctors, professional athletes and philanthropists, according to Sanctuary.
The team “focuses on helping multi-generational families achieve and maintain their wealth and lifestyle goals through their expertise in financial guidance, legacy implementation, estate coordination, risk management strategies, retirement lifestyle continuation, tax minimization and transition counseling,” Sanctuary added.