Dynasty Financial Partners network partner firm Procyon Advisors announced Monday that it acquired OLV Investment Group, a wealth management firm with about $500 million in assets under management (AUM) and multiple locations in Michigan and Texas.
The acquisition, Procyon’s largest to date, expands its physical presence into the Midwest and South, and adds seven advisors and 13 team members, it said.
The addition of OLV boosts Procyon’s total AUM to nearly $9 billion and its total headcount to almost 80, Procyon said.
“Our goal has always been to build a firm that delivers comprehensive solutions through a team-based, client-first approach,” Phil Fiore, CEO of Procyon, said in a news release. “By joining forces with OLV, we are extending the reach of our platform to new regions and clients with evolving financial needs.”
He added, “This is about applying what we’ve built to serve a wider audience, without ever losing the personal touch that defines us.”
For individual investors and families, Procyon provides investment management, financial planning, tax strategy, estate planning coordination and business-owner advisory services, it said. On the institutional front, Procyon said it helps companies design and manage retirement and health plans while educating plan participants.
OLV emphasizes planning, transparency and education, according to Procyon.
“We’re proud of the business we’ve built and the trust we’ve earned from clients over the years,” Tim Tenneriello, CEO of OLV Group, said in the news release. “In Procyon, we’ve found a partner that shares our values and enhances our ability to grow alongside our clients.”
In July, Procyon announced that it acquired Wooster Corthell Wealth Management, a Glastonbury, Connecticut-based boutique advisory firm managing about $600 million in client assets at the time. That deal boosted Procyon’s AUM to about $8 billion at the time.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
