Mother joins daughter at $28B firm

investmentnews.com:

It’s not always about what you know, but rather who you know.

Marianne Carter, president and founder of Chadwick Bay Investments, has teamed up with her daughter, Rachel Carter, at Sanctuary Wealth, a $28 billion RIA that recruits wirehouse and brokerage breakaways.

Carter’s motivation for the move is mainly about having a succession plan. The Carters will work together as part of North Carolina-based Chadwick Bay.

“I have clients that I have had for 30 years and as we are all aging, and the advisor population is aging, succession plans have become increasingly important,” said Marianne Carter, who is joining Sanctuary from Osaic. “My practice is predicated on retirement planning and financial planning, and, therefore, once a client has invested 10 or 15 years in a retirement plan, to turn it over without a succession plan would mean an entirely new road map, if you will, versus what clients have come to rely on as their retirement scenario.”

Carter added if something were to happen to her, that “that would necessitate a transition, and this way, there can be an active transition. A lot of clients knew Rachel when she worked with me when she was in college.”

One of the other reasons for the move to Sanctuary, Marianne Carter said, was the technological innovation that Sanctuary offers.

“Rachel had worked for me for so long and knew about the fact that I do financial planning. She knew the independent space was very, very important to me and she knew that technology is the way of the future. It is where we can give clients efficiency and more timely information,” she said.

Carter noted that none of her clients – most of whom are military service members, their families, and defense contractors – would be leaving, but that