A team of four Chicago-based financial advisors has announced the launch of an independent firm on the Dynasty Financial Partners platform, dubbed XXI Wealth.
Three of the advisors were formerly with CIBC, and one was with a multi-family office RIA. Collectively, they oversaw more than $900 million in combined client assets.
The XXI Wealth team consists of CIBC veterans Kurt Newsom, managing partner and wealth advisor; Kathleen Merkle, senior vice president and client service manager; and Elizabeth Sadler, also senior vice president and client service manager. They are joined by Matt Cavanaugh, managing partner and director of investments.
“We are thrilled to launch XXI Wealth,” Cavanaugh said in a statement. “With our newfound independence, we will be able to offer our clients innovative investment solutions on a more efficient technology platform, allowing us to expand our level of service and offerings to fit their exact needs.”
According to Cavanaugh, the team chose to name the firm “XXI Wealth” as “a nod to the concepts of independence and greatness associated with the number 21.”
“Throughout history, the number 21 symbolizes positivity, transformative change, and expanded horizons — qualities we aim to embody for the benefit of our team and clients in the years ahead,” he added.
Shirl Penney, founder and CEO of Dynasty Financial Partners, said his firm will provide the technology and processes that are needed to improve efficiency and ultimately the client experience.
“We are proud to partner with them and provide them with the right infrastructure that allows them to focus 100% on their clients from Day 1,” Penney said.
XXI Wealth has selected Schwab and Fidelity as its custodians. In addition, the firm will partner with Pontera to support its 401(k) management offering.
Pictured: Shirl Penney
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