Two veteran advisors from Scottsdale, Ariz.-headquartered CorePath Wealth Partners have received initial Securities and Exchange Commission approval to start a registered investment advisor, Salus Financial Partners.

Richard Schultenover and Jesse Karich will operate Salus Financial's main office in Colorado Springs, Colo., and a second office in Minneapolis, mirroring the setup they’ve had at CorePath since 2019, according to Salus’s Form ADV and BrokerCheck.

The SEC approved Salus Financial late last month under its 120-day rule, which gives applicants four months to meet all of the agency's requirements, including attaining $100 million in assets. Salus Financial has no assets listed on its first ADV. Schultenover and Karich were among five advisors at CorePath, according to CorePath’s latest ADV filed a year ago, which also noted the firm had $274 million in AUM and 546 clients.

Neither Schultenover nor officials at CorePath responded to requests for comment.

Salus Financial will offer financial planning and portfolio management for individuals and small businesses, along with pension consulting and the selection of external advisors, according to the firm’s brochure. It will construct client investment portfolios primarily through the use of exchange-traded funds, and wealth management fees will range from 0.50% to 1.25%.

According to BrokerCheck, the paths of Shultenover, Karich and Mark Bonnett, the founder of CorePath, crossed in various ways between 2002 and 2019. All three worked for advisor Securian Financial Services and brokerage CRI Securities in the Denver, Minneapolis and Scottsdale offices, respectively. Karich and Bonnett also worked at Marathon Advisors in Minneapolis simultaneously in 2007.

All three followed a similar path of starting off as brokers, then becoming dually registered, and finally dropping their brokerage registrations, according to BrokerCheck.

In December 2018, Bonnett founded CorePath as a new RIA. Schultenover joined as a part-owner and chief compliance officer in January 2019. Karich joined later that year.