Dynasty Financial Partners, the St. Petersburg, Fla.-based support platform for registered investment advisors, has secured $125 million credit facility from a syndicate of financial services firms, which will be used to develop proprietary services and fund RIA investments through its Capital Strategies divisions.
The announcement represents Dynasty’s third commitment from UMB, second from J.P. Morgan and Goldman Sachs and first from Flagstar.
“This facility signifies the market’s continued belief in our disciplined approach to innovation and our commitment to equipping independent firms with the ability to achieve outsized growth and build client trust,” CFO Justin Weinkle said in a statement. “The dry powder that these top-tier institutions have provided will enable us to continue developing our competitive strengths and comprehensive offering for the better of the wealth management industry.”
The Dynasty network now comprises over 500 advisors across 55 partner firms and has more than $120 billion in platform assets.
This follows news last week that a Merrill Lynch team with $129 billion in assets left the wirehouse and launched OpenArc Corporate Advisory, a new RIA, with support and capital investment from Dynasty. Merrill immediately filed suit, accusing Dynasty, Charles Schwab and a host of former advisors of running a “premeditated corporate raid.”
In early 2022, Dynasty closed on a $50 million credit facility from RBC Capital Markets, UMB Bank, J.P. Morgan, Citibank and Goldman Sachs Bank. Also that year, Dynasty announced that Charles Schwab and private equity firm Abry Partners were taking a minority stake in the firm.
Dynasty also recently launched a new division aimed at applying artificial intelligence and advanced technology to the advisor experience. Dynasty Labs will build upon the proprietary data that the firm has invested in for years. The new arm will allow the firm to experiment, rapidly prototype and deploy AI tools.
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