| April 2
April 2 Dynasty Financial Partners, a wealth
management start-up that has grown by attracting top advisers
from the largest U.S. brokerages, has expanded in Missouri with
a veteran team from Bank of America Corp's Merrill
The adviser group, led by industry veteran James Maher,
managed $420 million in client assets at Merrill, where it had
been known as the Maher Group. The group left Merrill to form
Archford Capital Strategies, a private wealth management firm
based in St. Louis.
"We just felt this is a direction the industry is moving,"
Maher said in an interview, referring to the growing trend of
advisers seeking independence.
"From a fiduciary standard, we wanted to get into a position
that was easier for us to find solutions for our clients, and
the independent model seemed much more attractive in being able
to work across major banks and major wirehouses to find
solutions for our clients," he said.
Dynasty, founded by former Citigroup Inc executive
Shirl Penney in December 2010, offers technological and
administrative support for advisers who want to go independent
but lack the backing of a big firm. The firm has expanded by
partnering with veteran adviser teams like the Maher group.
Dynasty targets the top 3 percent of advisers, focusing on
those with $300 million or more in assets under management.
Penney said he has seen a lot of interest from both existing
independent advisory teams, as well as advisers looking for
independence from the larger U.S. brokerage firms.
"A lot of RIAs (registered investment advisers) are out
there on an island, and our network is a community," Penney said
in an interview. He said the firm has a "very healthy pipeline"
of advisers and teams expected to join in 2013.
Maher, a senior vice president of wealth management at
Merrill, had been with the firm for more than a decade. Also
joining Dynasty and Archford are advisers John Russo, Jerry West
and Robert Schlueter, all from Merrill.
Bank of America confirmed the departures, but declined to