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Industry Spotlight > RIAs

Dynasty Adds Execs in Florida From UBS, TD Ameritrade

By Jeff Berman

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What You Need to Know

  • Dynasty Financial Partners has expanded rapidly in Florida over the past year.
  • The company also recently expanded its M&A and capital strategies department.
  • Dynasty is launching an M&A podcast mini-series this spring.

Dynasty Financial Partners on Thursday announced the addition of four executives from firms including UBS and TD Ameritrade that it said are part of its rapid expansion in Florida over the past year.

Dynasty has hired nine new employees overall so far in 2021, including the four new executives.

In October, Dynasty announced it would close its New York office as it moved to combine operations in St. Petersburg, Florida.

The executive additions include: Tony Biancarosa as senior vice president, relationship management, who was a director at UBS in Tampa and was with that company since 2013; and Jared Pestcoe as vice president, network development, Central Region, who had been at TD Ameritrade Institutional as a senior sales specialist in Texas and was with that firm since 2019.

The other two new executive additions are Chris Marsh, formerly of Evercore, as vice president of Dynasty Capital Strategies and M&A; and Fei Xue, formerly of CNL Financial Group, as vice president, relationship management.

“If you want to build a Dynasty, you need to continually upgrade your talent,” according to Mason Salit, chief talent officer of Dynasty Financial Partners. “We continue to add new talent to Dynasty and welcome diverse perspectives,” he said in the announcement.

“The industry’s movement toward independence is accelerating unabated,” according to Shirl Penney, CEO of Dynasty Financial Partners.

“Dynasty continues to evolve rapidly with new people, partnerships, technologies, and client solutions all designed with the advisor and end-client experience in mind,” he said in a statement. “We have the most comprehensive offering for independent advisors in the space and have recently expanded our professional team in anticipation of our continued growth.”

The firm expects to hire a minimum of 20 additional professionals in its St. Petersburg, Florida headquarters in 2021, the company said.

Dynasty now has 48 advisory firms in its network, $55 billion in assets on its platform and $27 billion on its TAMP, it said.

Expanded M&A Department

“To meet the growing demand of clients to have more M&A support,” Dynasty says, it recently expanded its M&A and capital strategies department.

“We expect the surge in M&A activity to be sustainable over the near future and have positioned our balance sheet, credit facilities and capital programs to be ready for that growth,” according to Harris Baltch, head of M&A and capital strategies for Dynasty Financial Partners and the Advisor Services Exchange (ASx) joint venture it launched last year with Envestnet.

“More clients are coming to us than ever before to get advice on deal structure, valuation and capital,” Baltch said in the announcement. “Through this strategic investment in resources, we are confident that we can support RIAs in closing and financing deals effectively and with confidence. Dynasty’s brand and leadership position in the marketplace has attracted a significant pool of talent from Wall Street that is passionate about the wealth management industry and in particular helping RIAs scale and grow through M&A.”

New Podcast Mini-Series

To complement that initiative, Dynasty says, it will roll out a new podcast mini-series this spring educating RIAs on M&A.

Called “Inside the Deal” and hosted by Baltch, the podcast is aimed at RIAs looking to learn more about the M&A process and will feature several prominent industry veterans and M&A experts sharing their own stories about dealmaking.

“So many RIAs want to do M&A but don’t have a game plan,” Baltch said. “We think the podcast will shine a light on what really happens inside the deal room and how an RIA that wants to be acquisitive can be successful in doing so.”

Dynasty expects to release more details about the podcast in the coming weeks.

Jeff Berman

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