Dynasty Financial President and CEO Shirl Penney Dynasty Financial President and CEO Shirl Penney

Dynasty Financial Partners says it is relocating its base out of the Big Apple. The firm, which works with more than 45 RIAs that have placed about $30 billion on its core platform and $15 billion on its asset-management platform, will keep an office in New York.

Just where is the firm going? Dynasty is set to move to sunny St. Petersburg, Florida, in the second quarter. Its new base will be in downtown St. Pete, about 12 miles south of Raymond James Financial’s headquarters.

“We have spent a year looking for an ideal location … in the heart of a thriving and growing financial services market — and St. Petersburg was a standout on all fronts,” according to President and CEO Shirl Penney.

The new location, he adds, “will now allow us to invest more aggressively in people, resources and tools to better serve our growing client base.” This includes hiring staff to work on business development, relationship management, technology, operations, client service, investments, human resources, legal and compliance work.

In addition to maintaining an office in Midtown Manhattan, Dynasty will keep client service sites in Chicago and San Francisco.

“There is a rising group of talented financial services professionals in Florida as a result of other financial firms based there,” Penney explained in a statement. In its new base, the firm plans to “hire professionals from various backgrounds at various levels of the firm to integrate them into our client-first culture.”

This news comes about three weeks after the firm said it is getting out of the business-to-consumer marketplace and closing its Private Wealth Management unit.

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