May 17, 2018

INDIANAPOLIS — (BUSINESS WIRE) — May 17, 2018 — Jim Dickson, one of the most admired and successful leaders in the financial advisory industry, has announced the launch of Sanctuary Wealth, a new division of 110-year-old Noyes Group, LLC. Sanctuary, established as a compelling alternative to the traditional independent RIA model, offers accomplished Advisor teams the freedom to grow their practices free of wirehouse mandates, in control of their own success, and solely in the best interests of their clients. Presenting a distinct brand of partnered independence, Sanctuary offers Advisors comprehensive best-in-breed operational support, an expansive range of wealth management solutions for their high-net-worth clients, and a unique ownership opportunity with equity in Sanctuary and 100 percent ownership of their own practices.

Dickson’s extensive background in wealth management, and most recent experience managing a field force of thousands of brokers at Merrill Lynch, has equipped him with the insight and expertise to lead the country’s most successful Advisors serving the most sophisticated clientele, and to do so in a way that will shape the industry for decades to come. It has also equipped him to recognize the significance and potential that Sanctuary represents within the investment advisory arena. Dickson has joined as Sanctuary’s President and has taken a significant equity stake in Noyes. He has also agreed to assume the mantle of President of Noyes, overseeing all its affiliates, and has been appointed to the Board of Directors.

“Sanctuary Wealth will be shaped by Advisors for Advisors, providing a bespoke client experience,” says Dickson, President and Founder of Sanctuary. “Our select network of Advisors enjoys the advantages of ownership and autonomy while availing themselves of top notch resources that enable them to serve clients the way they’ve always dreamed: in their absolute best interest and with a comprehensive platform of world-class resources.”

Chris and Brian Cooke of Cooke Financial Group, Forbes’ 2018 Best-in-State Wealth Advisors for Indiana, also recent members of the Financial Times’ Top 400 Financial Advisors, and managers of more than $1.7 billion in assets under management, have also joined Sanctuary Wealth. After becoming affiliated with Noyes from Wells Fargo, the Cooke brothers have thrived in the partnered independence model.

“Joining Sanctuary is an incredible opportunity to take our practice even further,” says Chris Cooke. “Sanctuary offers us the freedom to run our practice in the way it’s already made us successful, while providing outstanding resources that will enable us to do even more for our valued clients in the future. As partners in Sanctuary, we are not only owners, we are also decision-makers with a true ‘seat at the table.’”

Partner-run and partner-led, Noyes’s Board of Directors includes client-facing Advisors whose collective voice helps shape the business. According to L.H. Bayley, Noyes’s Chairman of the Board, “When you join Sanctuary Wealth, you can be confident you are joining an exclusive firm of the most forward-thinking Advisors in the business.”

In full agreement, Dickson adds, “We are thrilled to open the doors to Sanctuary and its model of partnered independence. Our vision is to enable our elite network of Advisors to build the careers they’ve dreamed of with a true sense of entrepreneurship, transparency, and the highest levels of client service. We invite seasoned Advisors who might share our vision to learn more.”

About Sanctuary Wealth

Sanctuary Wealth brings together an elite group of wealth Advisors, selected for their experience, impressive compliance and performance records. These talented, highly experienced Advisors operate as fiduciaries, maintaining their clients’ best interests as their primary focus. Partnered independence ensures them comprehensive support in all aspects of serving clients and growing their businesses through affiliation with Noyes Group, LLC, a full-service investment firm headquartered in Chicago, with branches throughout the Midwest. Noyes, founded in 1908, is one of the oldest securities firms in Chicago. Through its subsidiaries, David A. Noyes & Company and Noyes Advisors, LLC, this employee-owned firm offers a comprehensive menu of products and services to individual and institutional clients.

Sanctuary Wealth
250 W 96th Street, Suite 300
Indianapolis, IN 46260

(833) 608-5514
(317) 975-7729

[email protected]

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Sanctuary Wealth snaps up Winthrop Capital Management

Sanctuary Wealth, part of Noyes Group, has acquired Indianapolis-based investment advisor Winthrop Capital Management.

Winthrop Capital Management was founded in 2007 by Greg Hahn and is currently said to have nearly $1bn in assets under management (AUM).

It offers management services of model portfolios, equity, high-grade and high yield fixed income portfolios for private clients and institutions.

It also provides income-oriented strategies, managing taxable and tax-exempt strategies to its clients.

Sanctuary president and founder Jim Dickson said: “Winthrop’s exceptional portfolio management capabilities, proprietary research, and model portfolio track record advance our platform for our current and future financial advisors.

“Adding Winthrop signals our commitment to our advisors to deliver a client-centric, best-in-class platform with a deep bench of experience.

“This addition represents the necessary next step in the evolution of our brand as a premier landing spot for wirehouse advisors looking to enhance and customise their client experience.”

Following the acquisition, Hahn will head the Investment Solutions Division for Sanctuary Wealth.

Also, he has been appointed as the chief investment officer for Noyes Group and will join the Sanctuary Wealth Board of Directors.

Noyes COO Matthew Reynolds said: “Adding Winthrop Capital Management enhances our advisors’ access to both outstanding investment management and a highly-respected Chief Investment Officer.

“Our advisors needed a first-rate platform, and Greg’s gifted and technologically adept team helps us deliver that.”

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The Risks and Rewards of High-Yield Municipal Bonds

Amid low interest rates, clients looking for a tax break and more income may be tempted to consider high-yield municipal bonds.

The yield for a 10-year muni bond rated BAA was 3.27% as of Aug. 10, and yields for 10-year-plus BBB-rated munis were well past 4%. The bonds are exempt from federal, local and state taxes, pushing the effective yield higher for investors in upper tax brackets.

Although high-yield munis may be the right move for some clients, advisors should help them carefully weigh the benefits and risks before taking the plunge.

“High-yield munis can play a role in a diversified portfolio for those investors who are in higher tax brackets,” says Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

Gregory Hahn, CIO and president at Winthrop Capital Management in Indianapolis, agrees, but cautions that advisory clients look before they leap.

“Municipal bonds are one of the safest fixed-income investments you can make, but when a bond trades cheap, it trades cheap for a reason,” he says. “So, it’s important to understand what that reason is.”

Advisory clients should know where the revenue from a high-yield muni bond is coming from, bond experts say.

“Is the tax revenue going to be enough to support the project?” Hahn asks.

Bonds backed by a dedicated revenue stream, such as bridge tolls, parking authorities, sewers or water are often viewed more favorably than general obligation bonds coming from municipalities relying on anticipated revenue from budgets, he says.

“Tax revenue from multiple sources is a red flag,” Hahn says.

What’s more, municipalities may not get the revenue they intended, and budgets may not get approved or renewed annually, bond experts say.

Advisors should also make sure that clients considering high-yield munis carefully research bonds backed by projects such as hotels, nursing homes or sports stadiums.

Factors to consider include demand for the service, local demographics, management’s track record and whether the project is part of a national chain or a local one-off, bond experts say.

Another caveat: high-yield muni bonds are unlikely to be insured. And even if they are, the underlying risk is not completely mitigated, Hahn says.

Zaccarelli cautions advisors to be wary of private-activity bonds, which are subject to the alternative minimum tax.

“These bonds may be federal- and state tax-free, assuming you are taxed in the state that issued the bonds, but they are still counted as taxable income for AMT purposes,” he says. “While this only applies to those taxpayers in higher tax brackets who are subject to the AMT, they are the ones most often looking for municipal-bond income.”

The high-yield muni market was jolted by the Puerto Rico debt crisis this year, when ripple effects from the biggest muni bankruptcy in U. S. history shook investor confidence in lower-rated bonds.

Especially upsetting was a judicial ruling that issuers of several Puerto Rican special revenue bonds under Chapter 9 bankruptcy protection were not required to continue paying bond holders.

In a report issued by Franklin Templeton Investments, “Fundamental Changes That No Muni Investor Should Ignore,” the company said that as a result of Puerto Rico’s default, it would not purchase “general fund appropriation debt from cities, counties or states that in our view are facing unsustainable structural budget situations.”

Specifically, Franklin Templeton said that it divested its holdings in bonds from Chicago public schools, the city of Chicago and the state of Illinois.

The market has since recovered, but a number of investors, including Zaccarelli, remain wary of Puerto Rican bonds.

“Personally, I would avoid Puerto Rico, as that is more of a distressed situation and not just a notch or two below investment-grade,” he says. “However, other high-yield municipal bond opportunities, such as those from Illinois or Connecticut, are likely to work out better.”

Hahn is bullish on a taxable high-yield bond issued by the Casino Reinvestment Development District of Atlantic City (New Jersey), backed by the Hard Rock Casino. Rated BB by Standard & Poor’s, the bond yields 5.46% and is due in 2025.

“Because of the downturn in Atlantic City gaming over the past 10 years, revenue, including sales tax, liquor and gaming are down sharply, and the city was close to bankruptcy,” Hahn says.

“The Hard Rock Casino just opened in the old Taj Mahal, and Atlantic City is going through a resurgence,” he says. “This issue is backed by parking revenue and trades around par, offering a good relative value for investors.”

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