Sanctuary Wealth Grows with Fossil Rock Private Wealth Merger

Sanctuary Wealth Expands its Horizons with Fossil Rock Private Wealth

In a significant development in the financial advisory sector, Sanctuary Wealth has announced the addition of Fossil Rock Private Wealth to its growing network through its partner firm, mFORCE Capital. This collaboration enhances mFORCE Capital's total assets to an impressive $2.3 billion, highlighting Sanctuary Wealth’s commitment to providing elite financial advisors with considerable opportunities in a rapidly evolving industry.

Founded by Larry Milton, a former wealth advisor at Merrill Lynch, Fossil Rock Private Wealth is based in Fort Worth, Texas, and boasts total client assets of $400 million. Milton, with a remarkable 37-year career in wealth management, brings with him extensive expertise and credibility. His previous association with Truist Investment Services further underscores his reputation in the financial advisory landscape. He has expressed a desire to bring more scale and flexibility to his client relationships, making this partnership a pivotal moment for his firm's future.

Vince Fertitta, President of Wealth Management at Sanctuary Wealth, praised Milton's track record, noting, “Larry built a great business over 37 years in the wirehouse and continued to grow it at Truist,” emphasizing that Milton sought to elevate his practice, seeking the necessary resources and flexibility to serve high-net-worth clients more effectively. This partnership is a testament to the growing trend of independents seeking alliances with established firms to enhance client service and operational efficiency.

Bradley Bruce, CEO of mFORCE Capital, expressed enthusiasm about reuniting with Milton, highlighting their longstanding professional relationship that spans over three decades. He stated, “Larry and I enjoy a 35-year business and personal relationship that began way back in our Merrill days.” This trust and shared investment philosophy between the two leaders set a solid foundation for Fossil Rock to operate alongside mFORCE Capital while maintaining its distinctive identity as an independent entity.

The reorganization comes with an experienced team moving into Fossil Rock, including Senior Wealth Advisor Robert Brown and Client Service Associates Erin Smith and Linda Castle, transitioning from their previous positions at Truist. Milton remarked on the decision to go independent, stating, “We knew that the only way to take control of the client experience and our future was independence.” This sentiment resonates deeply across the industry as many advisors shift toward models that allow greater autonomy and the opportunity to deliver tailored services to their clients.

Sanctuary Wealth's expansive ecosystem aims to facilitate a smooth transition for Fossil Rock, providing comprehensive support and resources to elevate client experiences. The collaboration signals a future where elite practices have more opportunities to develop larger capacities for family office services and enhanced wealth management solutions.

Furthermore, Adam Malamed, CEO of Sanctuary Wealth, remarked on the importance of the mFORCE partnership in advancing Sanctuary's mission to enable partner firms to grow effectively. “Brad played an important role in the design of Sanctuary's Enterprise Partner Program,” he noted, underlining their focus on supporting partner firms seeking inorganic growth.

Fossil Rock's integration into the Sanctuary Wealth framework is set against a backdrop of a rapidly evolving financial services sector, characterized by a shift towards more bespoke, client-focused financial advising. As Sanctuary Wealth continues to expand, this partnership heralds an era of enhanced client relationship management and, ultimately, improved value proposition for clients.

In conclusion, the merger between Sanctuary Wealth and Fossil Rock Private Wealth through mFORCE Capital illustrates a significant milestone in the financial advisory arena, offering a roadmap for other advisory firms looking to carve a path to greater independence and service excellence. With this collaboration, both firms are poised for a promising and progressive future, enhancing their capabilities to service their clientele more effectively and comprehensively.