Dynasty Financial Partners assisted a $250 million team in going independent, this time from Merrill Lynch.
The Mechanicsburg, Pennsylvania-based firm is the 11th Dynasty has helped to launch this year, according to a company spokesperson, including a monster $8 billion team in June.
Cofounding partner Frank Collins Jr. says Avantra Family Wealth provides traditional RIA services, but also broker dealer products through a partnership with Purshe Kaplan Sterling Investment.
“The wealth management landscape is changing rapidly,” Collins says. “By setting out on our own, we have a chance to do more for our clients with multiple providers ― not just one institution ― and use some of the skills we were not able to use as advisors in the larger institutional world.”
Collins worked for Merrill for almost 40 years, most recently as a market executive in central Pennsylvania. While there, he met cofounder Kim Lee Kenawell-Hoffecker, who spent 20 years at the institution, he says.
Quote“The wealth management landscape is changing rapidly,” says cofounder Frank Collins, Jr.
A Merrill spokeswomen declined to comment on the departures.
Collins says the eight-member team has a strategic focus on young families and includes one advisor in his 20s.
“The name says it all,” Collins says. “We want to meet families, who are just starting to save and have the prospect of becoming top clients.”
Emerging families ― that will likely become wealthy in the near future ― position the firm upmarket, he says.
Dynasty has landed some of the biggest moves of the year by far, including four of the top teams that made the move to the independent channel.