Sanctuary Wealth Launches Pierstone Wealth Management, Adding $350 Million Wirehouse Breakaway

Sanctuary Wealth has expanded its network with the launch of Pierstone Wealth Management, bringing aboard a former wirehouse advisor managing $350 million in client assets. The new firm will operate under Sanctuary's partnered independence model, a structure that allows advisors to own a stake in their practices while drawing on a centralized platform. The announcement, dated June 18, 2026, adds to a sustained pattern of structured departures from traditional brokerage channels as experienced advisors reassess ownership economics.

Partnered Independence as a Competitive Draw

Sanctuary Wealth, which describes itself as a hybrid registered investment adviser, has built its expansion strategy around what it calls the partnered independence model. Under this structure, advisors who leave large brokerage firms retain meaningful control over client relationships while gaining access to the operational infrastructure of a larger enterprise. The firm positions itself as a destination for elite financial advisors—practitioners with substantial books of business willing to trade institutional affiliation for greater autonomy and economic participation.

$350 Million Practice Anchors the New Firm

The founding of Pierstone Wealth Management centers on an advisor carrying $350 million in client assets who previously worked at a wirehouse—the industry term for large, full-service brokerage firms. Sanctuary's announcement frames the move as an opportunity for the advisor to expand the business, suggesting the transition is as much about growth trajectory as structural preference. The advisor's name and previous employer were not disclosed in the initial release.

The Macro Backdrop: Sustained Outflow from Wirehouse Platforms

The Pierstone launch arrives as the registered investment adviser channel has drawn a steady stream of senior brokers seeking equity stakes in their practices and flexibility over how they serve clients. Sanctuary's hybrid RIA model—positioned between a fully captive brokerage and a purely independent firm—has emerged as one vehicle for managing that transition. By pairing scale infrastructure with ownership economics, platforms of its type compete for advisors at the higher end of the asset spectrum, where the cost of departure for wirehouse employers is most acute. The $350 million threshold at which Pierstone enters the market places it squarely in that contested tier.