Sanctuary’s Third Breakaway Recruit For 2023 Primarily Serves Professional Athletes, Business Owners And Executives With Equity And Deferred Compensation
Sanctuary Wealth announced its recruitment of Columbus, Ohio-based Iterhic Wealth Advisors, including its founder Matt Terwilliger, from Morgan Stanley’s The Edwards Group. Iterhic brings $170 million in assets under advisement and is the third wirehouse breakaway this year to join Sanctuary.
Terwilliger’s team focuses on professional athletes, first-generation business owners and executives with significant equity and deferred compensation, planning for the unique needs of these clients such as nonsequential compensation and tax strategy.
“Like many of the breakaway advisors we attract, Matt has a unique and sophisticated business,” said Adam Malamed, CEO of Sanctuary. “He is looking to grow his practice by bringing on both younger advisors eager to build their careers in an independent model and older advisors looking for a succession plan that lets them transition out of the business on their own terms. I’m excited about all that we can accomplish together in the coming years.”
The name “Iterhic” derives from the Latin for “journey to here.” The firm primarily serves clients between their mid-30s and mid-50s, at a stage in life when their focus is on college savings, caring for elderly parents and other concerns of younger families.
Vince Fertitta, President, Wealth Management at Sanctuary said, “We welcome Matt and his team to Sanctuary and look forward to providing them with the services, support and resources they need to scale their business and achieve their ambitious growth goals.”
Terwilliger has over a decade in wealth management experience, starting with Merrill Lynch in 2011, then moving to Morgan Stanley in 2014. Prior to Merrill, Terwilliger was himself an athlete, serving twice as basketball team captain at The Ohio State University, then playing professionally in Germany for three years.
“[Chief Growth Officer] Michael Longley and the rest of the Sanctuary team actively encouraged me to talk with multiple Sanctuary Partner Firms during our due diligence process. Without exception, each Partner Firm told me about the overwhelming support they received to ease their transition, combined with the freedom and flexibility that empowers them to succeed,” said Terwilliger.
Terwilliger continued, “Hearing firsthand from a broad cross section of individuals who have successfully moved from the wirehouse channel to independence made Sanctuary the obvious choice for our firm.”
James Miller, Contributing Editor and Research Analyst at Wealth Solutions Report, can be reached at ContributingEd@wealthsolutionsreport.com.