Dynasty Financial continued its red hot recruiting streak by scooping up its 12th advisory firm so far this year.
Dynasty is adding independent RIA Schmidt Financial, which manages $300 million in client assets, to its advisory network.
“As an independent firm for 25 years, we have deep experience working with clients in the tech space and have developed a distinctive business model that has successfully supported our clients’ high net worth lifestyles,” Schmidt Financial founder Glenda Schmidt said in a statement.
Dynasty Financial has added more than $10.5 billion in assets to date, and is looking to further expand its community of RIAs across the country.
“We are seeing increased activity on the West Coast – both with advisory teams seeking to become independent and with already independent, well established RIAs, such as Schmidt Financial, as they look to accelerate growth and outsource many responsibilities where they can get leverage,” said Jason Pinkham, Dynasty director of relationship management and transition services.
Dynasty has scored some of the largest moves in the industry this year as it has engaged in a heated rivalry with HighTower Advisors, which is also aggressively recruiting RIAs seeking outsourcing services.
A Merrill Lynch team that oversaw $600 million in client assets left the wirehouse late this summer to join a Dynasty-affiliated RIA. Earlier this summer, Dynasty added Procyon Partners to its growing roster from UBS, but the Procyon team was hit with a temporary restraining order and a preliminary injunction. However, a judge has since thrown the restraining order out.