Sanctuary Wealth, an independent broker-dealer, recently announced that it has recruited a former UBS team that previously oversaw $600 million in assets. This team, led by private wealth advisors Chris Glomb and his son Michael, has now opened their own independent practice in Los Gatos, Calif., a suburb of San Jose. Joining them in their new venture are Jessica Regidor, chief operations officer, and Sara-Belle Guglielmino, client service associate.
Chris Glomb explains that the decision to join Sanctuary was driven by the firm’s corporate culture and the level of support it could provide for their transition into independence. He praises Sanctuary for being a firm that is small enough to offer personal attention, yet large enough to provide the necessary resources for scaling their business as they seek to expand.
Glomb’s career in the industry began at Kidder, Peabody & Co. in 1981, before moving on to UBS in 2002. His son, Michael, joined UBS in 2012.
Sanctuary Wealth, founded by former Merrill Lynch executive Jim Dickson in 2018, has been actively recruiting wirehouse advisors with substantial assets under management (AUM). With partner firms across 28 states and approximately $25 billion in assets under advisement, Sanctuary is positioning itself as a strong player in the independent broker-dealer space.
Earlier this year, Adam Malamed replaced Jim Dickson as CEO of Sanctuary. Malamed, a member of the firm’s board of directors and a former executive at Ladenburg Thalmann, brings a wealth of experience to his new role.
Sanctuary continues to attract large teams, and just last month, it successfully recruited a group of former Merrill Lynch advisors who collectively managed $1.2 billion.