Sanctuary Wealth has added Texas-based The Alteri Group, a six-person team, to its network of independent advisors.

Previously part of Merrill Lynch, The Alteri Group is led by certified investment management analyst Max Alvis.

Alteri Group, which has $460m in assets under management, will join Sanctuary Wealth’s partner company 6 Degrees Wealth, which is a joint venture between G Squared Private Wealth and Concenture Wealth Advisors.

The addition represents the second deal made by Sanctuary Wealth through 6 Degrees Wealth this year.

Sanctuary Wealth CEO and founder Jim Dickson said: “There are many flavours of independence and several avenues through which advisors can choose to join Sanctuary.

“In this case, the team chose to do so by tucking in to 6 Degrees Wealth, one of our rapidly growing partner firms.

“As a company, Sanctuary is committed to helping our partner firms grow organically by constantly expanding the offerings on our platform and inorganically through co-investment that facilitates M&A activity.”

After becoming a part of 6 Degrees Wealth, Max Alvis, along with other members of The Alteri Group, such as wealth advisors Will Alvis and Alexis Hudson Pigg as well as registered client associate Jennifer Hansard and client associates Elisabeth Alvis Kennedy and Viridiana Cruz will join the firm.

The Alteri Group at 6 Degrees Wealth managing director Max Alvis said: “The impetus behind the decision to leave Merrill Lynch after 31 years is that we feel working with an independent firm is what will be best for our clients over the long term.

“It also made sense at this point in my career, although I’m not planning to retire, to think about a succession plan.”

Last month, Sanctuary Wealth announced that it had received $175m investment from Kennedy Lewis, US-based private credit manager. Sanctuary Wealth intends to use the fund to support its future growth and business plan.