Jersey City-Based Crescent Harbor Private Wealth Is 32nd Merrill Lynch Breakaway Team To Join Sanctuary Wealth
Crescent Harbor Private Wealth, a Jersey City, New Jersey-based practice, has become the 32nd Merrill Lynch breakaway team to become independent by joining Sanctuary Wealth.
The team consists of CEO and Founder John Araneo and Managing Partner Jason Greenfield, who oversee $200 million in client assets. Araneo has 25 years of wealth management experience, and worked at UBS and Morgan Stanley in addition to Merrill Lynch. Greenfield entered the field with Merrill Lynch in 2019.
“Going independent allows us to get back to why we became wealth managers in the first place – to put our clients’ needs first,” Araneo said. “During our due diligence process, it became clear that Sanctuary was the best place for us. They have a truly open architecture approach, with great support and a multi-custodial option that we really appreciated. They know what we are trying to do and are committed to our success.”
Crescent Harbor’s next-generation practice serves a select group of high net worth individuals, families, corporate executives and business owners. Its clients often face life transitions such as selling a business, retirement, managing an inheritance or divorce. The team also manages and diversifies concentrated stock risk for corporate executives.
“We have a clear vision of where we want to be in five years and are looking to grow by acquiring books of business and bringing in advisors to manage these new relationships, as well as inviting existing teams to join us,” Greenfield said. “We are also looking to expand geographically into the fast growing South Carolina and Florida markets. Moving to Sanctuary is the catalyst we needed to jump-start our growth strategy.”
Sanctuary Wealth’s independent partnership model provides a technology and operations platform to a network of firms in 28 states nationwide, and has approximately $25 billion in total assets under advisement. Its subsidiaries include the RIA Sanctuary Advisors, the broker-dealer Sanctuary Securities, Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global and Sanctuary Global Family Office.
“On behalf of the entire leadership team, I’m very pleased to welcome John and Jason to Sanctuary,” said Adam Malamed, CEO of Sanctuary Wealth. “They bring a clear vision of what they want to achieve for their growing business and we look forward to providing them the freedom and flexibility, as well as the support they need to reach these goals.”
Last month, Sanctuary announced the appointment of Kevin J. Miller as Chief Legal Officer and the reappointment of Kevin P. Chase as Chief Compliance Officer. Miller arrives from Carson Group, where he spent almost three years as General Counsel and Corporate Secretary. Chase returns to the position of Chief Compliance Officer after serving as the firm’s Regulatory and Risk Director. In March, the firm hired David Vaughan, who accumulated over 25 years’ experience at Securities America and Axos, as its CFO.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at firstname.lastname@example.org.