Dynasty Financial Files for IPO

Dynasty Financial Partners has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering that aims to raise $100 million for the RIA aggregator, asset management platform and service provider. 

It plans to list on the Nasdaq under the symbol DSTY.

Goldman Sachs, JPMorgan, Citigroup and RBC Capital Markets are set to serve as the IPO’s underwriters, and no pricing terms were disclosed.

The firm, led by Shirl Penney and based in St. Petersburg, Florida, was founded in 2010 and has about $63 million in revenue for the 12 months ended Sept. 30, 2021, according to Renaissance Capital. 

Its network currently includes about 45 RIAs with close to 300 financial advisors and $65 billion in client assets. 

“It’s a bull market for financial advice at a time when more Americans need financial advice than ever, given the big wealth transfer, and there are fewer financial advisors. We are also seeing a rapid professionalization of the RIA space with the advisor-to-CEO trend,” Penney said in a recent interview with ThinkAdvisor.

“It’s undeniable: the firms with the best leaders are the ones who will be more successful,” Penney said in the interview. “That is why Dynasty partnered with MIT to launch the Advisor to CEO Executive training program.”  

According to its filing, the firm added four new partner firms with 22 advisors and $1.7 billion in assets in the first three quarters of 2020. Over the past three years, it has brought on 17 RIA with 100 advisors and $15.4 billion in assets. 

Current investors in Dynasty include Envestnet (since January 2020), as well as Mariner Wealth Advisors CEO Marty Bicknell and 1248 Holdings, which is a Bicknell family office. In April 2020, Dynasty formed a partnership with Mariner to launch a national wealth management platform for advisors called Mariner Platform Solutions; Bicknell and 1248′s investments in Dynasty were announced at that time.

Pictured: Dynasty CEO Shirl Penney