Carpion Private Wealth Joins Sanctuary Wealth As Partner Firm
Sanctuary Wealth (Sanctuary), home to the next generation of elite advisors, welcomes Texas-based Carpion Private Wealth (Carpion) as the latest wirehouse team to embrace Sanctuary’s vision of partnered independence. The Carpion team is led by Managing Director, Partner and Founder, Eric Cardenas, and includes advisors and partners Dan Croonquist and Amanda Madrigale, as well as Senior Registered Operations Manager Terri Thomas. With $800 million in client assets under advisement, Carpion is the third wirehouse breakaway and fifth new partner firm to join Sanctuary in Q1 2023, and the 15th partner firm in Texas.
“Carpion” was an ancient Greek architect, and the firm chose the name to reflect its mission of being their clients’ financial architects. Carpion provides complete wealth management services to high-net-worth families and individuals, including corporate executives, business owners and physicians. The firm specializes in managing multi-generational wealth for clients with more complex needs.
“Eric was heavily recruited, having built such an impressive business at an early age. I’m honored that after extensive due diligence, he chose Sanctuary to support him in launching Carpion,” said Vince Fertitta, President, Wealth Management, Sanctuary Wealth. “What struck me most during the process was Eric’s passion for ‘Showing Up’ for clients. I was also impressed by his commitment to making the best decision for his team, while honoring the legacy of mentors who have had such a profound impact on him. There are plenty of big producers out there. Sanctuary seeks out those like Eric and his team who will be additive to the culture we cherish.”
A mix of next gen and seasoned Morgan Stanley veterans
“Leaving the wirehouse world was a big decision for us, but we ultimately felt we could be even more successful by going independent,” said Eric Cardenas, founder of Carpion Private Wealth. “We wanted to find a place where we could enhance the service, resources and accessibility we offer our clients, that simultaneously could help our team members grow, both professionally and personally. Additionally, we needed a platform that could support our family office planning model. Sanctuary checked all the boxes and more. Their leadership, technology and multi-custodian options set them apart from everybody else in the independent space.”
Cardenas began his financial services career 20 years ago as an intern at The Legacy Group at Smith Barney, Morgan Stanley’s predecessor firm, in 2003. He became a Financial Advisor in 2005, and a Managing Director in 2022. Cardenas graduated cum laude from The University of Texas at Arlington with a B.B.A. in finance and is a member of The Institute for Preparing Heirs, an organization dedicated to coaching high net worth families through wealth transition.
Croonquist has over 30 years of experience in Wealth Management and as a tenured Portfolio Manager. He was a Branch Manager with Morgan Stanley for 20 years before joining The Legacy Group as a Financial Advisor where he delivered leading investment solutions to multi-generational families and business owners. In 2013 he became a First Vice President. Croonquist received a B.S. in finance from Arizona State University.
Madrigale joined the Legacy Group at Morgan Stanley as a Financial Advisor and Financial Planning Specialist in 2018. Before becoming an advisor, she held various roles in medical administration, education, and customer relations. Amanda graduated Magna Cum Laude with a B.B.A. in finance from Stevenson University in Maryland, while also employed full-time as a Financial Aid Advisor helping families plan for college education expenses.
“We’re excited to welcome Carpion to Sanctuary,” said Adam Malamed, CEO of Sanctuary Wealth. “They run a sophisticated family office style business, where their high-net-worth clients have complex investment management and financial planning needs. It is a testament to Sanctuary’s value proposition for breakaway teams that they chose to partner with us. Carpion’s mix of next gen and seasoned advisors and clients position them perfectly for ongoing success. We are thrilled to play a part in their future.”
Check out the Barons coverage as well (https://www.barrons.com/advisor/articles/morgan-stanley-advisor-eric-cardenas-joins-sanctuary-wealth-bc810368)
About Sanctuary Wealth
Sanctuary Wealth (sanctuarywealth.com/) is the advanced platform for the next generation of elite advisors, who have the entrepreneurial spirit to build and own their own practices and desire the freedom to deliver the tailored service their clients deserve. Sanctuary Wealth’s ecosystem of partnered independence provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses. Currently, the Sanctuary Wealth network includes partner firms in 28 states across the country with approximately $25 billion in assets under advisement. Sanctuary Wealth includes the fully owned subsidiaries; Sanctuary Advisors LLC, an SEC-registered investment adviser, Sanctuary Securities, Inc. a FINRA member broker-dealer as well as Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global, and Sanctuary Global Family Office.