May 8 Dynasty Financial Partners, a wealth
management start-up that has grown by attracting breakaway
brokers from major Wall Street firms, has added a veteran team
of advisers from Bank of America's Merrill Lynch in
Advisers Chad Clary and Dane Crunk, who had been with
Merrill for more than a decade each, left their old firm on
Friday to start a new independent advisory firm with Dynasty.
The advisers had managed more than $750 million in client assets
Clary and Crunk, who now run Syntal Capital Partners in
Midland, Texas, said they decided to make a move after worries
about the health of big banks in the financial crisis led them
to consider other options for running their business.
"We started exploring alternatives around the time of the
financial crisis," Crunk said on Tuesday. "Clients were
concerned about the safety of their assets, and we started to
think, is this the right way to do business... We decided we
should define a Plan B."
The advisers eventually chose to go independent, becoming
the 12th independent advisory firm to join Dynasty.
Dynasty, founded in December 2010 by former Citigroup
executive Shirl Penney, bills itself as a firm that offers
technological and administrative support for advisers that want
to go independent but lack the backing of a big firm.
In 2012, New York-based Dynasty has made several big hires
from top brokerages including Merrill Lynch, UBS Wealth
Management Americas and Morgan Stanley Smith Barney. Dynasty
targets advisers in the top 3 percent of the adviser population,
focusing on those with $300 million or more in assets under
Clary and Crunk, both sons of oil families, work primarily
with multi-generational families in the energy industry and
related fields. They had been with Merrill's Private Banking and
Investment Group, which caters to ultra-high-net-worth clients.
The advisers were joined by team members Cressinda Hyatt, Barry
Brauchi, Raquel Padilla and Clarissa Kuzmich, also formerly with
Penney told Reuters in February that he plans to bring on
board one adviser firm a month over the course of 2012, with the
long-term goal of adding 100 firms with $100 billion in assets
under management over the next five to six years.