NEW YORK Aug 4 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
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)