Dynasty Financial Partners, the fast-growing outsourcing provider for high-end wealth managers and breakaway brokers, is expanding its reach in the Midwest.

Archford Capital Strategies, a Merrill Lynch breakaway team in the St. Louis suburbs, has signed on to use the Dynasty platform, according to a company announcement. Headed by 12-year Merrill veteran James Maher, the new firm, formerly known as The Maher Group, has approximately $420 million in assets under advisement and specializes in working with closely held companies and business transitions.

“I like the St. Louis market a lot,” Dynasty president and chief executive Shirl Penney told Financial Planning, calling it a “beachhead” in the lower Midwest. Other than RPg Family Wealth Advisory in Chicago, Dynasty has had no affiliates in the Midwest.


Archford is the 17th firm to partner with Dynasty, bringing the total assets on the firms’ platform to approximately $16.5 billion, according to Penney. Dynasty, just over 2 years old, is on track to add more than $15 billion in assets this year as more firms get on the platform, Penney said: “The pipeline is very robust right now.”

Archford’s specialization in client financial transitions, ranging from divorces to the sale of companies, is “very significant,” Penney said. “It puts [the firm] in a great position to service the client and be there for them after the transition event.”

Maher said he left Merrill to become an independent RIA because “this is where the industry is going from a fiduciary standpoint.” In addition to Dynasty’s products and services, Maher said he was attracted to the New York-based outsourcer because “ working with closely held businesses we need access to credit.” Dynasty, he said, was “uniquely positioned to help us.”

Joining Maher as principals at Archford are John Russo, chief operating officer; Jerry West, chief investment officer and Robert Schlueter, director of operations.

Archford will use Pershing’s clearing and custody services; Envestnet’s reporting services and Wilshire Associates and Callan Associates for institutional investment research and access to alternative investments, according to the Dynasty announcement.

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