When Dynasty Financial Partners landed Michael C. Brown as a partner and director of wealth management, the firm was determined to create a wealth management business where elite financial advisors could run their practices.
Then came the lawsuit from Brown’s old firm, U.S. Trust, Bank of America/Merrill Lynch. There, he was a managing director and wealth advisor in its wealth management division. Bank of America filed the lawsuit in New York Supreme Court last week, and accused Brown and his team of improperly taking client account information with them as they left the company for Dynasty Financial Partners, according to press reports.
Nevertheless, Dynasty is still focused on being a home for top-flight wealth managers. The New York City-based company got started two years ago providing investment and technology support services to wealth management firms. The company uses an open-architecture approach and has partnered with top-tier vendors in the industry for areas involving reporting, investment research, trusts and estate planning, insurance, capital markets and custodial facilities.
Officials at Dynasty view Brown’s team as integral to putting together a strong wealth management business, and remain committed to them.
“Michael has one of the more sophisticated practices we’ve ever had the opportunity to be around,” Shirl Penney, president and chief executive officer of Dynasty Financial Partners said in a phone interview on Wednesday. “They have significant pools of corporate executives, entrepreneurs. It is a very sophisticated book of business, and it makes us ensure that our platform is comprehensive and cutting edge.”
Brown’s team exemplifies the type of advisors that Dynasty wants to attract. In 2009, Barron’s magazine ranked Brown’s team number 28 among its Top 100 Financial Advisors. Charles Britton, a key member of Brown’s team, also joined Dynasty Financial Partners as a partner of wealth management.
Penney said the firm hopes to bring on advisors who manage at least $250 million in client assets, regardless of the practice’s business model. Officials at Dynasty Financial Partners hope that in the next five years, they will be home to 100 to 150 top financial advisors in the country, and have about $150 billion in assets under management.
“Our job is to be their partner, enhance their business and help them take better care of their clients,” Penney said.
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Also on the move this week:
Barclays Wealth appointed John Cregan director, and regional manager of it Palm Beach, Fla., area. Cregan, who has 24 years of experience in the business, joined Barclays Wealth from Hotchkiss Associates, a Chicago wealth management firm. He had also held several senior roles in the bond markets, including heading up fixed income sales for the Midwest at the former Chase Securities.
FundQuest has made several key hires to drive growth via several U.S. regions. They are: Robert Vines, who will head up FundQuest’s Northeast, Midwest and Southwest territories; Andrew Simonetti, who will help drive growth in the Mid-Atlantic, Southeast and West territories; Jessica Zall takes over FundQuest’s marketing department; Carla Portelli, who was appointed vice president of national accounts and Melissa Peterson, who joined as a senior analyst in its investment management and research team.