Dynasty Financial Partners has closed a minority capital raise supported by its employees, clients, resource partners and several long-standing investors and board members.
Investors include Schwab, BlackRock, J.P. Morgan Asset Management, Abry Partners, Glick Family Office and Harvey Golub, Dynasty's chair, as well as various clients. Fortress Investment Group LLC participated as a new investor. The announcement Thursday marks the sixth capital raise since Dynasty's founding in 2010.
Dynasty said it plans to use the proceeds to boost support its partner firm network, including growth in talent and artificial intelligence-driven technology, and to enhance the firm's investment platform with a focus on private investments and its outsourced chief investment officer services. The firm also expects to use the funds to drive network mergers and acquisitions, expand Dynasty Investment Bank and position Dynasty to seize future opportunities by strengthening its balance sheet.
"The future is bright for Dynasty and our network of independent advisors, thanks to the remarkable alignment within our ecosystem, as reflected in this investment round," said Shirl Penney, Dynasty's founder and CEO.
"As more advisors recognize the benefits of being independent RIA advisors, and more RIA advisors realize the power in outsourcing to grow their businesses, we are committed to ensuring they have every opportunity to build better businesses while delivering remarkable care for their clients," he said.
"We are investing in the best technology, talent and resources, while bolstering our fortress balance sheet to support our clients' growth ambitions, whether through M&A or succession planning. I am immensely grateful to our investors, team members, industry partners and clients who have supported us since Dynasty's early days, making today's announcement possible."
Dynasty's network mostly comprises clients who own and operate independent RIAs. Dynasty, which provides wealth management technology to its clients, has 58 network partner firms representing more than 500 advisors with over $125 billion in platform assets.
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