ON THE MOVE-Dynasty adds new practice in Michigan

NEW YORK Mon Aug 4, 2014 3:58pm EDT

NEW YORK Aug 4 (Reuters) - New York-based Dynasty Financial Partners said on Monday it had added a team of four advisers from United Bank & Trust to start an independent advisory practice affiliated with Dynasty.

Financial advisers Charles Waterhouse, James Winslow, Carol Sewell and Gary Haapala, who collectively managed $350 million in assets at United Bank & Trust, launched Arbor Trust Wealth Advisors on Monday.

Dynasty is a wealth management group founded in 2010 by former Smith Barney and Citigroup executives that designs technology and investment products for independent advisers.

Arbor Trust Wealth Advisors, located outside of Ann Arbor, Michigan, pays Dynasty a "partnering" fee to access its investment technology, research and analytics.

Arbor Trust's managing partner, Gary Haapala, said that over the seven years his team has worked together, it gradually warmed to the idea of starting its own independent practice.

"We've all worked at large organizations and each of us have found smaller organizations to be more entrepreneurial," Haapala said.

United Bank & Trust, a subsidiary of Old National Bancorp , did not immediately respond to requests for comment. (Reporting by Elizabeth Dilts; Editing by Steve Orlofsky)