Octagon Financial Services, a Virginia-based independent advisory firm focused on wealth preservation for professional athletes, said on Monday it joined New York-based Dynasty Financial Partners as the firm looks to expand its client offerings.
Dynasty, which caters to independent adviser teams seeking the backing of a larger firm, has grown since its founding in December 2010 by partnering with veteran adviser teams, like Octagon.
"Our client base has grown," along with the salaries of the professional athletes Octagon works with, said Octagon Senior Vice President Frank Zecca in an interview, adding that the expansion of the firm was one reason they chose to join Dynasty.
"We wanted to have more hands-on consulting with how to put the portfolios together to help maintain the wealth of our clients," he said.
Dynasty, founded by former Citigroup executive Shirl Penney, offers technological and administrative support for both newly independent and already existing independent teams. The firm targets the top 3 percent of advisers, focusing on those with $300 million or more in assets under management.
"The senior management at Dynasty had the same vision we did in understanding the needs of our clients," Zecca said.
Octagon, based in McLean, counts a number of professional athletes and entertainers among its clients, including Olympic gold medalists and those in national baseball, basketball, football and hockey leagues. The firm works with many of its clients from their first contract signing through retirement and beyond.
(Reporting by Ashley Lau in New York; Editing by Tim Dobbyn)