Dynasty Financial Partners says seven financial advisors, led by Jason Fertitta, have left Morgan Stanley to form an independent firm affiliated with the wealth services provider in Texas.
With the formation of Americana Partners, Dynasty’s platform has a total of 47 RIAs with $30 billion in client assets.
“Morgan Stanley just lost a $6 billion advisor team to @DynastyFP – I think this might be the largest breakaway broker turned RIA in history. Shirl is crushing it,” tweeted Josh Brown, CEO of Ritholtz Wealth Management, in reference to Dynasty President & CEO Shirl Penney.
According to Penney, “We are extremely proud to partner with a high-caliber advisor like Jason and his remarkable team, and we welcome them to our network of independent advisors.” He called the move the “largest breakaway this year.”
Fertitta has been with Morgan Stanley since 2008; he started his career at Lehman in 2001 and is based in Houston.