Wealth of the Sanctuary said EverNest Financial Advisors joined his network and also took a minority stake in the registered Indianapolis-based investment advisory firm.
EverNest has more than $390 million in client assets and provides financial planning and investment advisory services to high-net-worth individuals and families as well as nonprofits, according to Sanctuary. EverNest’s specialties include helping business owners and executives diversify their assets and prepare for a transition, says Sanctuary.
EverNest is a team of two managing partners Frank Esposito and Niki Woodworth, Sanctuary said. Esposito worked at JPMorgan Private Bank and UBS Financial Services before going independent, says Sanctuary.
In 2015, Esposito merged his practice with Windsor Wealth Management, which led to the creation of EverNest, according to Sanctuary. Woodworth, meanwhile, began her career in financial services in Windsor in 2017, according to Sanctuary.
The scale and improved services attracted EverNest to Sanctuary, according to Esposito.
“We joined Sanctuary because of their demonstrated commitment to enabling independent businesses like ours to uniquely serve our customers and also because of the tremendous breadth and expertise that Sanctuary brings in terms of operational support, compliance, technology and investment research,” he said in a statement. “We also saw the opportunity to further improve the services we provide to our customers with the resources of Sanctuary.”
Sanctuary Growth Director Michael Longley states that Sanctuary can help EverNest grow its business.
“Our platform and all that Sanctuary has to offer was what drew Frank and Niki to Sanctuary, but it was our commitment to their company’s M&A growth that really sealed it. agreement,” he said in a statement. “We are extremely excited to have them join Sanctuary as true partners and look forward to providing the resources and support that will help make EverNest Financial Advisors the substantial business they envision.”
Chairman and CEO and founder of Sanctuaire Jim Dickson said the EverNest deal is an example of his company’s interest in becoming dominant in mergers and acquisitions.
“Sanctuary’s initial growth came from advisers who broke away from the wire house model, and they remain an important constituency for us, but going forward we are also committed to being a major player in the area of mergers and acquisitions, as our investment in EverNest Financial Advisors and some of them our other recent initiatives demonstrate,” he said in a statement.
“EverNest is somewhat different from our usual partners in that they had been operating independently for seven years. The fact that they have chosen to affiliate with Sanctuary rather than continuing to try to do everything on their own speaks volumes about what the Sanctuary platform has to offer Independent Advisors who want to take advantage of our scale and our vast resources,” he added.
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