Dynasty Financial Partners announced Wednesday that Chevy Chase, Maryland-based independent RIA TritonPoint Wealth, with about $1.6 billion in assets under management (AUM), joined its advisor network.
The 16-person, ex-Goldman Sachs team also has offices in San Diego, California, and Scottsdale, Arizona, and selected Fidelity and Schwab as its custodians, according to Dynasty.
The TritonPoint team includes six advisors: Partners Andrew Schiff, Greg Blake and Will Sterling; Managing Director Gregory Powers; and Vice Presidents Jonathan Rosner and Peter Halbrook. Deatra Vailes is a Partner and Chief Operating Officer.
As part of Dynasty’s network, TritonPoint will “continue to grow organically … by welcoming additional business owners, professionals, and wealthy families as clients,” according to Dynasty.
The TritonPoint team also “intends to expand its platform inorganically by bringing on wealth advisory teams, firms, and individual advisors who similarly recognize and value the benefits of operating independently,” Dynasty said in a news release.
“We are honored the TritonPoint team chose to join Dynasty’s family of liberated, self-sufficient firms,” said Shirl Penney, CEO of Dynasty Financial Partners. “They understand the advantages of true independence and the pride that comes with working authentically with their clients,” he added.
The TritonPoint name is a reference to the Greek demigod who controlled waves and currents, and is “dedicated to helping its clients navigate turbulent seas toward calmer waters,” Dynasty noted.
“Being independent enables us to fully untap the investment acumen of our advisors and staff solely for the benefit of our clients,” Schiff said. “For the first time, we have the ability to explore alternative investments and design bespoke solutions – free of the constraints and commoditization of a large investment bank.”
On Tuesday, Dynasty announced that independent RIA SageSpring Wealth Partners ended its affiliation with Raymond James Financial Services and joined Dynasty’s advisor network.
SageSpring has over 45 advisor teams that manage about $6.4 billion for more than 10,000 clients, with nine offices across Alabama, Iowa, Nebraska, Tennessee and Texas, and plans to expand further, Dynasty said.
In December, Dynasty said it and Nasdaq Private Market partnered to offer private company shareholders access to private wealth management and advisory services.
Dynasty also recently hired Marc Hineman to serve as its new Chief Operating Officer. While making that announcement in the fall, Dynasty said there were 56 independent firms and 400 advisors overall in its network. Those firms had average AUM per firm of almost $1.8 billion and average assets per advisor of about $250 million, according to Dynasty.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
