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Pamela Stross

Industry Spotlight > Mergers and Acquisitions

Dynasty Financial Partners to Buy Breakaway Consultant TruClarity

By Jeff Berman

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What You Need to Know

  • Dynasty Financial Partners entered into an exclusive non-binding letter of intent to acquire TruClarity, a breakaway advisor consultant.
  • Dynasty didn’t say how much it agreed to pay for TruClarity or when it expects the transaction to be completed.
  • Pamela Stross, TruClarity CEO and president, will join Dynasty as a consultant.

Dynasty Financial Partners said Thursday it entered into an exclusive non-binding letter of intent to acquire TruClarity Management Solutions, a breakaway advisor consultant based in St. Petersburg, Florida.

TruClarity was founded in 2015 and has served as an “incubator” for U.S. advisors seeking independence from wirehouses and other large advisory firms, Dynasty noted. TruClarity has “guided dozens of financial advisors to successful breakaway outcomes” since it started, according to Dynasty.

Dynasty didn’t say how much it agreed to pay for TruClarity or when it expects the transaction to be completed by and didn’t immediately respond to a request for comment.

After the transaction is completed, Pamela Stross, TruClarity CEO and president, plans to join Dynasty as a consultant. In addition to adding Stross, Dynasty “intends to acquire TruClarity’s intellectual property and add select team members to the Dynasty team” but didn’t specify how many.

TruClarity Wealth Advisors, TruClarity’s RIA business, is expected to be sold separately to One Seven, a firm that broke away with the help of TruClarity Management Solutions, according to Dynasty.

TruClarity has “unique capabilities in the independent space, impressive team members, and are deeply committed to servicing their RIA clients,” Sam Anderson, head of corporate development at Dynasty, said in a statement.

“Dynasty is proud to be an advocate for female advisors becoming independent business owners and CEOs,” the firm also said. “As a senior leader in space, Ms. Stross will assist in these efforts. In early February 2023, the Dynasty Women’s Network hosted over 100 women from the Dynasty Network in St. Petersburg, [Florida] for two days of networking, professional development, and fun to help raise awareness around the RIA space being a wonderful place for women in finance.”

Stross said she looked forward to working with Dynasty to “continue to help power the independent movement, and in particular to help inspire more female advisors to find their way to the independent side of our business.”

Dynasty, meanwhile, “will continue to selectively look at acquisition opportunities with an eye towards providing better service to our RIA clients, helping them better care for their clients, and assisting them in building better businesses while continuing to grow our network of RIAs,” Dynasty CFO Justin Weinkle said.

 (Pictured: Pamela Stross)

Jeff Berman

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