October 28, 2013

2 Merrill Reps Go Indie, Join Dynasty Financial

This brings the TRUE Group to about $500 million in assets, with plans to top that level by a wide margin over the next few years

A group of former Merrill Lynch (BAC) advisors has attracted two more members of the Thundering Herd to its independent practice. TRUE Private Wealth Advisors said Monday that Joseph Opsahl and Chris Hatfield moved to the Oregon-based firm, which is affiliated with Dynasty Financial Partners.

With the latest additions, TRUE expects to have some $500 million in client assets — up about $140 million thanks to the addition of the latest team.

“Our hope is that we can build a multibillion-dollar advisory firm within the next five years," said Steve Altman, a founding partner and senior wealth advisor at TRUE, in a statement.

“We are delighted to welcome the quality, experience and expertise of Mr. Opsahl and his team into the TRUE partnership.  This expansion demonstrates our focus on growth in the Pacific Northwest and ongoing commitment to provide the highest quality resources to high net worth families," Altman explained.

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Opsahl, a CPA, has nearly 30 years of experience in the financial industry. He spent the past four years with Merrill Lynch in Portland after working for Smith Barney for 21 years. Prior to that, he worked as a CPA with an international accounting firm.   

"I did extensive due diligence in the independent space and reviewed the business models available. When I met the team at TRUE Private Wealth Advisors, it was an immediate fit,” Opsahl said in a press release. “Through their strategic partnership with Dynasty Financial Partners, they have the infrastructure in place to both remain dynamic and to serve complex client needs long-term.”

Like Opsahl, Hatfield also previously worked for Merrill’s office in Portland.

“We are excited about this significant addition to the TRUE team. Dynasty remains committed to being their transition and growth partner, as they continue to add clients and advisors on the path to becoming one of the premier wealth management brands in the region,” said Dynasty President & CEO Shirl Penney in a statement.

New York-based Dynasty currently has 18 affiliated advisor teams with $17 billion in client assets in its network.

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