Dynasty Financial Partners and Diamond Consultants have announced a joint initiative for top-tier wirehouse and broker-dealer teams.
Called the Breakaway Investment Banking Initiative, the offering is intended to help teams that manage $1 billion or more in assets that are exploring transitioning to independence and raising growth capital; moving to a different wirehouse or employee model; or merging with or selling to an established RIA.
The concept combines advice from Diamond, a recruiting firm, with Dynasty Investment Bank’s capital raising and M&A advisory capabilities.
Although the initiative is complementary to Dynasty’s core platform and services, it is a distinct solution for complex advisor teams, the announcement said.
The firms noted that top advisor teams are faced with a wide array of transition options. For the first time, many have the opportunity to unlock the full value of their businesses at the moment of transition by transacting with private equity sponsors, private equity-backed RIAs or a growing universe of sophisticated capital partners.
These options, in turn, have created complexity and uncertainty as teams weigh whether to accept a lucrative W-2 recruiting package, launch an independent enterprise or pursue a liquidity event through a sale or strategic partnership.
“We built this offering because we saw a major gap in the market," Louis Diamond, CEO of Diamond Consultants, said in a statement. "Boutique investment banks are adept at helping RIAs with transactions, but no one was guiding elite advisor teams through the more fundamental decision of what they actually want to do next.
"Whether that’s transitioning to another W-2 firm, launching an independent enterprise, or exploring a sale or recapitalization, our mission is to deliver objective, strategic advice across all paths — not just one," Diamond explained. "Together with Dynasty, we will help the industry’s elite advisors find the right place for their business and their clients to thrive.”
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