Soteris Launches as $800M Merrill Team Joins Independent Wave

WALNUT CREEK, CA – April 20, 2026 – In a significant move highlighting a persistent industry trend, a former Merrill Lynch team managing approximately $800 million in assets has broken away to launch its own independent advisory firm, Soteris Private Wealth. The new firm, headquartered in this affluent East Bay city, is founded by veteran advisors and managing partners Joshua Erickson and Rob Montierth.

The launch represents one of the larger breakaway moves from a major wirehouse this year, underscoring the powerful currents pulling experienced advisors toward independence. The firm’s name, Soteris, is derived from an ancient Greek word for “preservation,” a nod to its stated mission of helping over 100 client families safeguard their wealth and build lasting financial legacies. The transition marks a pivotal moment for the founders, their clients, and the competitive wealth management landscape in the San Francisco Bay Area.

The Great Wirehouse Exodus

The launch of Soteris Private Wealth is not an isolated event but rather a prime example of the “breakaway broker” phenomenon that continues to reshape the financial advisory industry. For years, a steady stream of advisors has been leaving the confines of large, traditional brokerage firms—often called wirehouses—to establish or join independent Registered Investment Advisor (RIA) firms. The RIA channel has consistently been the fastest-growing segment of the wealth management industry, fueled by advisors seeking greater autonomy and a different way of serving clients.

The motivations behind this exodus are multifaceted. A primary driver is the desire for greater control over their practice. As independent business owners, advisors can make their own decisions regarding technology, marketing, service offerings, and firm culture, free from the corporate mandates and sales quotas that can exist at larger institutions. This independence allows them to build a business that reflects their own values and vision for client service.

“Our purpose as advisors has always been to make a meaningful difference in the lives and outcomes of clients,” said Joshua Erickson, Co-founder and Managing Partner of Soteris. “As an independent firm, we now have the freedom to fully deliver on that purpose – helping clients reduce complexity, make thoughtful decisions, and ensure their wealth supports what matters most.”

This sentiment reflects a core tenet of the independent movement: a commitment to a fiduciary standard of care. As fiduciaries, independent advisors are legally obligated to act in their clients' best interests at all times, a higher standard than the suitability rule that has traditionally governed brokerage relationships. This often translates to more objective advice and a conflict-free approach to selecting investments and strategies. Furthermore, independence offers the potential for superior economics through higher payouts and the opportunity to build equity in a business they own, creating a valuable asset for succession planning.

A New Power Player in the Bay Area's Wealth Market

Soteris Private Wealth enters a crowded and highly competitive wealth management landscape in Walnut Creek and the broader San Francisco Bay Area. The region is home to some of the nation's largest and most established independent advisory firms, including giants like Edelman Financial Engines and numerous multi-billion dollar RIAs such as Sierra Investment Partners and Destination Wealth Management.

With approximately $800 million in assets under management from the outset, Soteris immediately establishes itself as a formidable player in this market. The firm's size places it among the more significant independent launches in the region, signaling a notable shift of capital and client trust away from the wirehouse model. This move is poised to intensify competition among local wealth management firms for the area's affluent clientele, which includes a high concentration of business owners, senior executives, and multi-generational families.

The presence of a successful team like Erickson and Montierth—who collectively bring over 35 years of experience—choosing the independent path serves as a powerful validation of the model's viability and appeal. It may also act as a catalyst, encouraging other wirehouse advisors in the region to consider a similar transition, further accelerating the growth of the independent advisory sector in the Bay Area.

The Engine of Independence: Partner Platforms

A move of this magnitude is not made in a vacuum. The rise of the independent advisor has been enabled and accelerated by a sophisticated ecosystem of support platforms designed to help breakaways launch and run their own firms. Soteris Private Wealth has partnered with Sanctuary Wealth, an industry-leading platform that provides the infrastructure, technology, and resources necessary for advisors to thrive outside the wirehouse system.

Sanctuary Wealth operates on a “partnered independence” model, offering advisors the benefits of owning their own business while providing access to the kind of robust support typically associated with a large corporation. This includes a multi-custodial platform, a curated selection of investment vehicles, compliance oversight, and advanced technology solutions. With a network of over 125 partner firms and more than $55 billion in assets on its platform, Sanctuary has become a premier destination for elite advisors seeking independence.

To ensure the security of client assets, Soteris has selected BNY Pershing as its custodian. As one of the world's largest and most respected custodians, BNY Pershing provides the critical function of holding and safeguarding client securities. This choice reinforces the firm's commitment to providing institutional-grade security and transparency, addressing a key client concern during any advisory transition.

Redefining the Client Relationship

For the more than 100 families served by Erickson and Montierth, the transition to Soteris Private Wealth represents a shift in structure, but one the founders argue is designed for their ultimate benefit. While the move involves administrative steps like opening new accounts and transferring assets through established systems like the Automated Customer Account Transfer Service (ACATS), the goal is a more aligned and comprehensive advisory experience.

As an independent firm, Soteris can offer a full suite of wealth management services—from financial and retirement planning to complex estate and tax strategies—with the freedom to select from the best available solutions on the market, rather than being limited to proprietary products. This open-architecture approach is a hallmark of the independent model, allowing for truly customized and objective financial plans.

“We believe wealth should be protected, nurtured, and aligned with each client’s values and goals,” stated Co-founder and Managing Partner Rob Montierth. “By serving as a central advisor, we take a disciplined and intentional approach – coordinating all aspects of a client’s financial life so everything works together more effectively.” This holistic approach, unencumbered by corporate cross-selling pressures, is ultimately what Soteris and the broader independent movement promise to deliver.