May 8 (Reuters) - 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 Texas.
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 at Merrill.
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 management.
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 Merrill.
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.