Dynasty Monetary Companions introduced Thursday that the agency has agreed to amass one other advisor transition and enterprise administration consulting agency, TruClarity Administration Options, additionally primarily based in St. Petersburg, Fla.
TruClarity Wealth Advisors, the sister RIA of the administration options enterprise, is anticipated to be bought individually to OneSeven, a Service provider Funding Administration-backed agency that went impartial with TruClarity Administration Options.
Owned by TruClarity Holdings, TruClarity Administration Options presents transition options and subsequent observe administration experience to breakaway wirehouse advisors and different monetary advisors launching impartial practices.
The administration options observe, together with TruClarity President and CEO Pamela Stross, will be part of Dynasty, topic to circumstances. Stross will keep on as a guide and “choose” TruClarity group members are anticipated to be added to the Dynasty group by the combination.
“I’d name this an purchase/rent,” mentioned Dynasty CEO Shirl Penney, who has recognized Stross a very long time. “[Pam] is actually one of many extra seasoned and skilled feminine executives within the RIA ecosystem, and she or he brings great expertise in issues like teaching and consulting, RIA ideas on expertise technique, the way to develop their enterprise quicker and the way to be extra environment friendly.”
With 35 open positions to fill, Penney mentioned he expects to transition TruClarity workers into Dynasty’s advertising, operations, billing, observe administration and shopper service departments. TruClarity workers will proceed overlaying their current purchasers and have the chance to tackle extra at Dynasty. It’s too early to inform how these purchasers could be impacted, he mentioned, however he expects service ranges to stay unchanged and identified that Dynasty’s broader mannequin is effectively suited to companies in want of development capital or a succession plan.
“We’re not going to go away anybody hanging on the market that wants help,” Penney mentioned, “Particularly anybody who could be in transition.”
As a part of the transaction, Dynasty will even purchase the mental property of TruClarity, together with advertising collateral, the web site, transition processes and the agency’s lead pipeline.
In her new position, Stross will even play an integral half in serving to appeal to extra girls to finance— and the RIA area specifically—by the Dynasty Ladies’s Community. Launched in 2020, the ladies’s community is an advocacy group targeted on networking, skilled growth and elevating consciousness about the advantages and pitfalls of working in wealth administration as a lady.
“It’s a vital initiative for us,” mentioned Penney.
“[Dynasty has] been leaders in wealth know-how, platform companies, capital, and enterprise observe administration choices within the RIA area for over 12 years now,” Stross mentioned in a press release. “I stay up for working with them to proceed to assist energy the impartial motion, and specifically to assist encourage extra feminine advisors to search out their approach to the impartial aspect of our enterprise.”
Penney doesn’t anticipate this to be the final such acquisition Dynasty makes. In actual fact, he mentioned he would like to see extra competing corporations type and develop in order that he may need the chance to purchase these as effectively.
“We do hope that extra entrants come into the area,” he mentioned. “I’m not suggesting they might all promote to us, however actually that is a possibility set for us. Given our capital place and our stability sheet, we’re ready to benefit from these as they arrive alongside.”
When requested about scalability limitations imposed by the RIA platform enterprise mannequin, Penney mentioned he was not involved about that.
“We invented the built-in platform mannequin, so we’ve type of been out in entrance since we invented the class,” he mentioned. “Our know-how is constructed to scale, not solely so as to add new advisors however so as to add new advisors to pre-existing companies. We imagine that we’re going to have nationals ultimately which can be going to be Dynasty companies.”
When TruClarity turned out there, Penney mentioned it didn’t take lengthy to make that deal. “We nonetheless have to complete the diligence,” he mentioned, “however either side absolutely anticipate that we’ll get to some extent the place Pam will probably be becoming a member of our group.”
Negotiations with OneSeven are anticipated to conclude any day now, mentioned OneSeven President and Co-founder Todd Reznik.
“We’re simply type of going by remaining particulars and due diligence in relation to authorized and monetary,” he mentioned.
Reznik and Stross have recognized one another since earlier than the TruClarity-assisted launch of OneSeven in 2016, and Reznik mentioned he was excited when the chance to purchase the RIA introduced itself final yr.
“We have liked working with them,” he mentioned of the administration options enterprise. “Pam and her group have been simply so helpful in serving to us get off the bottom and be taught in regards to the RIA area.”
The identify TruClarity isn’t going wherever, Reznik mentioned. Per OneSeven’s acquisition mannequin, the RIA will retain its authentic branding.