Dynasty Financial Partners has snagged its 10th RIA in as many months.
Pittsburgh-based D. B. Root & Co., which had been affiliated with Commonwealth Financial Network since 1997, is hopping on New York-based Dynasty's bandwagon to use its wealth management services and technology platform, following similar moves by newely independent firms in San Francisco, Newport Beach, Calif. and Harrisburg, Penn.
Leaving Commonwealth after 18 years was not a matter of "any issues, problems or frustrations," says D.B. Root chief executive David Root. Rather, the move was driven by "a desire to grow" and achieve a "higher fiduciary standard," Root says, as well as wanting to "go fully independent" after spending eight years as part of Commonwealth's Corporate RIA division.
Growth is now the 21-year old RIA's "primary priority," Root says. The firm, which does not have an active Form ADV filing, says it has more than $650 million in client assets. It has until now been focused on organic growth in the Pittsburgh market, targeting physicians in the city's booming medical field, as well as corporate executives, entrepreneurs and business owners.
CPA FIRM ON RADAR
D.B. Root is currently negotiating to buy a CPA firm in Philadelphia and is also considering RIA acquisitions and tuck-ins, according to Root. The firm may also be eying opening offices in warmer states like Arizona, Florida and the Carolinas, which, Root notes, has attracted many of the firms' retired clients.
Root has also emphasized mentoring and training programs for young advisors, using immersive learning and techniques not unlike a teaching hospital, Root explains. All five of the firms' advisory teams have gone through the program and are now themselves mentoring a new generation of advisors, Root says.
Joining Root in moving to the newly independent firm from Commonwealth are Charles Stout, senior advisor; David Hoffmann, vice president; Steve Kohler, senior financial advisor; Michael Aroesty, financial advisor, and Lynn Hoffay, CPA, along with nine members of the support staff.
- Merrill Advisors With $3.3B Go Indy With Dynasty
- How Wealth Managers Succeed in a Tech-Heavy Market
- Billion-Dollar Summer: All-Star Recruits
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access