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Thursday, February 29, 2024

Mindy Diamond on Independence: Sanctuary Wealth’s Origin Story


Seven years in the past, Chris and Brian Cooke made headlines for breaking away from Wells Fargo Advisors to affix the “underneath the radar” Indianapolis dealer vendor Noyes & Co.

Definitely, it was large information for a $1.6B crew to go away the wirehouse world—notably in 2016.

However right here’s what makes it even greater information at the moment—particularly should you’re a wirehouse advisor.

It demonstrates the “pushes and pulls” that motivated their determination to go away Wells, which we discover are frequent amongst many prime advisors like them:

  • The emotions of being restricted by their agency.
  • The administration adjustments that gave them pause to contemplate whether or not the place they had been was certainly the very best place to serve their purchasers and develop their enterprise.
  • The necessity for better freedom and management.
  • The need to be entrepreneurs.
  • The power to be part of one thing greater than themselves, with fairness for the long-term.
  • And to create a legacy that they might proceed for generations to return.

John Cooke began the enterprise in 1969 as a part of Prudential Securities, with Chris and Brian becoming a member of in 1992. Taking their father’s lead, they maintained the household really feel—creating sturdy relationships with their purchasers by authenticity and empathy. And in doing so, they grew to over $1.6B in property underneath administration.

But issues had been altering at Prudential. In 2003, the brokerage unit was bought to Wachovia, which later bought to Wells Fargo.

So, like a lot of their friends within the wealth administration business, the Cookes uninterested in the altering of the company guards—and operating the enterprise and serving purchasers the best way they wished to grew to become more and more troublesome.

But, as a billion-dollar crew, they’d different large companies knocking on their doorways. However Chris and Brian knew they wished to be entrepreneurs, have better management, and had been keen on fairness in one thing greater than themselves.

So, in 2016, the $1.6B crew left Wells for Noyes. And in 2018, with the assistance of Jim Dickson, Noyes was relaunched as Sanctuary Wealth with the Cooke Monetary Group as founding members.

Louis Diamond talks with Chris and Brian in certainly one of our closing episodes of the 2023 season. They discuss:

  • Their transition to Noyes—and the delivery of Sanctuary Wealth.
  • The selection to go for what would grow to be “supported independence”—and never constructing an impartial agency themselves.
  • Going impartial—and why they didn’t take into account a transition deal from one other agency.
  • The motivations round their determination—and what anticipated adjustments in wealth administration formed their determination to go away the wirehouse world.
  • The facility of a household enterprise now welcoming the third technology of Cookes—and the way they developed into the $2.4B enterprise it’s at the moment.

It’s a really particular episode for a lot of causes—one which represents the evolution of people and the companies they in-built a altering wealth administration panorama.

And even our personal enterprise and this sequence are evolving on account of these adjustments—representing the expansion of the business and our steadfast aim to maintain listeners knowledgeable and empowered.

So pay attention in and keep tuned for some thrilling updates together with our new calling card.

Chris Cooke

Chris Cooke has been an integral a part of the evolution of the Cooke Monetary Group. He joined the agency in 1992 as Managing Director of Investments and in 2016 he organized the merger that launched Sanctuary Wealth, now one of many fastest-growing hybrid RIAs within the nation. Cooke Monetary Group grew to become the inaugural crew on Sanctuary’s unique Partnered Independence℠ platform in 2018.

Previous to becoming a member of Cooke Monetary Group, Chris was an accountant at a nationwide monetary providers agency. His expertise in auditing and efficiency monitoring was instrumental because the crew constantly developed their service capabilities. As one of many house owners of the Cooke Monetary Group, Chris’ experience is concentrated in wealth administration, retirement planning, and property planning.

A non-practicing CPA and lawyer, Chris is a member of the Indiana Bar Affiliation. He additionally holds the skilled designation Licensed Funding Administration Analyst (CIMA®), a bachelor’s diploma in accounting from the College of Notre Dame, and a Juris Doctorate with a deal with tax legislation from the Indiana College Legislation Faculty in Indianapolis.

All through his 30+ yr profession, Chris is persistently acknowledged by main monetary publications as one of many highest within the nation, and in Indiana, for complete funding consulting and wealth administration. A few of his current accolades embody:

  • #1 Finest-in-State Wealth Advisor – 2018-2023, Forbes/SHOOK Analysis
  • High 250 Wealth Advisors – 2018-2023, Forbes/SHOOK Analysis
  • High 1200 Monetary Advisors – 2018-2023, Barron’s
  • High 400 Advisors in America – 2013-2019, Monetary Instances

He’s additionally a sought-after subject material skilled. He’s spoken earlier than the Barron’s High 100 Monetary Advisors, at Pershing’s INSITE Convention, and on the Forbes/SHOOK High Advisor Summit. Chris has been quoted in The Wall Avenue Journal and the Indianapolis Enterprise Journal together with many different nationwide publications.

Chris is a historical past buff and for over 20 years has been actively concerned with Conner Prairie, an interactive historical past museum affiliated with the Smithsonian. He’s at the moment Chairman of the Conner Prairie Basis Board of Administrators and, in his local people of Fishers, Indiana, he’s a board member for the Ascension North Area Hospitals (Fishers, Carmel, Kokomo, Anderson). He’s additionally a Finance Committee member for Elevate Ventures. Chris enjoys waterskiing, tennis, and the household horse farm. He and his spouse Elizabeth have three grown youngsters, two of whom have joined the Cooke Monetary Group.

Brian Cooke

Brian Cooke joined the Cooke Monetary Group in 1992 and earned the skilled designation of Licensed Funding Administration Analyst (CIMA®) in 1995. He’s a seasoned Wealth Advisor with over 30 years of business expertise in helping people, households, and establishments in securing their monetary future. As one of many house owners of the Cooke Monetary Group, Brian makes a speciality of asset allocation evaluation, skilled cash administration consulting, and shopper communications.

Brian is persistently acknowledged by main monetary publications as one of many highest within the nation, and in Indiana, for complete funding consulting and wealth administration. A few of his accolades embody:

  • #1 Finest-in-State Wealth Advisor – 2018-2023, Forbes/SHOOK Analysis
  • High 250 Wealth Advisors – 2018-2023, Forbes/SHOOK Analysis
  • High 1200 Monetary Advisors – 2018-2023, Barron’s
  • High 400 Advisors in America – 2013-2019, Monetary Instances
  • Advisors Underneath the Age of 40 – 2007, On Wall Avenue Journal
  • Forty Underneath 40– 2006, Indianapolis Enterprise Journal

Brian and his brother, Chris, are co-founders of Sanctuary Wealth. With a shared imaginative and prescient of partnered independence, the Cooke Monetary Group was the primary crew to affix Sanctuary in 2018. Sanctuary is now one of many fastest-growing hybrid RIAs within the nation. Right now there are over 80 associate companies in 20 states with complete property underneath administration of over $25 billion.

He has a bachelor’s diploma in enterprise/advertising from the Kelley Faculty of Enterprise at Indiana College. Brian is a member of the Penrod Society and St. Simon the Apostle Church. He’s a member of the Skilled Advisor Management Council on the Central Indiana Neighborhood Basis. Brian is a member of the finance committee for the Cathedral Basis. He’s additionally a volunteer for Houses of Hope and Youth With a Mission (YWAM).

Brian and his spouse, Amy, reside in Indianapolis and have two youngsters: Anna and David.

Obtain a transcript of this episode…

Hearken to extra episodes of Mindy Diamond on Independence: A Podcast for Monetary Advisors Contemplating Change

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