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Industry Spotlight > RIAs

Dynasty to Close New York Office

By Janet Levaux

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Dynasty Financial Partners says it will soon close up shop in New York as it moves to combine its operations in St. Petersburg, Florida.

About 25 staffers — mainly in operations, technology and sales — have been based in New York, where Dynasty had its headquarters before moving them to the Sunshine State last year. 

“We expect some New York staffers to continue working from home, while others will eventually move down to the St. Petersburg area,” Dynasty said in a statement, shortly after the news was reported by CityWire.

The coronavirus pandemic “played a major role in the firm’s decision to exit New York” and “accelerated a move that was already underway,” it explained. 

Dynasty, which is led by Shirl Penney, says 50 employees are working in St. Petersburg and that it has hired 35 employees in the city over the past 18 months. 

The firm has 50 independent advisory firms on its platform with roughly $50 billion in client assets. In addition to RIAs, Dynasty works with institutional and enterprise clients.

Many of its affiliated RIAs are considering moves out of the New York area. “They have told us that they’d like to find ways to get to Florida or Texas or low-tax states themselves,” according to a statement.

The news comes a week after Dynasty hired Joseph D’Agostino to serve as its head of strategic development. He joined Dynasty from WestEnd Advisors, where he was chief operating officer. Before that, he was a senior vice president at American Century Investments and a managing director at Morgan Stanley Smith Barney.

D’Agostino will be based in St. Petersburg and will report directly to Dynasty President and CEO Shirl Penney. He also will focus on Dynasty’s Advisor-to-CEO program, which provides network advisors with tools and training to develop as leaders and CEOs of their growing businesses, according to the firm.

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Janet Levaux

@Think_JanetL

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