A six-person workforce in Florham Park, N.J., has departed Merrill Lynch to construct an unbiased registered funding advisory agency with help from Dynasty Monetary Companions.
Led by CEO and Founding Accomplice Michael Lehman, Dynasty introduced the launch of Premier Path Wealth Companions on Tuesday. On the similar time, Lehman introduced two new hires.
“We have been desirous about doing this for a number of years,” Lehman mentioned. “We’re planners and we did our due diligence and checked out every thing from making a lateral transfer to a different wirehouse, which we shortly dismissed, to quasi independence to full independence, which turned our solely alternative.”
The workforce—together with Accomplice and COO Derek Wittjohann; Accomplice Patrick York; Chief Administrative and Compliance Officer Linda Kalata; and Relationship Managers Rebecca Garcia and Patrick Regan—managed $875 million at Merrill Lynch.
Lehman mentioned he expects to deliver a great chunk of these belongings over to Premier Path.
“We’re very optimistic,” he mentioned. “Clearly, these are decades-long relationships we had however the response has been extremely enthusiastic after they hear about it too. It aligns our curiosity with their curiosity, and it aligns our values with their values—significantly with the enterprise homeowners, company executives and households we work with.
“Their solely query on the finish was, why did not you do that 10 years in the past?” he mentioned.
Premier is leveraging Dynasty’s experience round know-how, funding analysis and M&A, whereas taking full benefit of the platform’s back-office, compliance and advertising help companies. The agency has chosen Constancy as its first dealer and custodian, with plans to turn out to be multi-custodial down the highway. It’s utilizing eMoney for monetary planning and Black Diamond for portfolio administration.
“We’re now not topic to 1 platform—and that is not towards Merrill Lynch, however any wirehouse,” Lehman mentioned. “We’re a purchaser of the Avenue and have entry to analysis and merchandise and know-how, frankly. We’re additionally capable of put collectively a workforce custom-made to the purchasers’ wants, and I believe we’re making that assertion proper off the bat with the brand new hires we’ve made.”
Brian Glenn has joined Premier as director of investments and Invoice Ehrhardt is the agency’s new head of enterprise advisory companies. With a long time of business experience in advisory companies, apply administration, succession planning, funding technique and mergers and acquisitions, Lehman mentioned including the pair establishes a basis for Premier’s progress because it seeks to serve UHNW households and enterprise homeowners.
Lehman mentioned the agency will make use of M&A alongside an natural progress technique after the transition is compete, with a deal with discovering like-minded advisors with comparable purchasers.
“There isn’t any query that I believe that we might quadruple [in size] inside of 5 years, however our focus is on the quick time period, to construct out our infrastructure in the correct approach, care for our present purchasers proper now,” mentioned Lehman. “So, I am laser targeted on our present purchasers proper now, and I believe this unbiased apply will appeal to quite a lot of like-minded advisors and groups.”
“Mike Lehman and his spectacular workforce are a fantastic match for the unbiased wealth area,” Dynasty CEO Shirl Penney mentioned in an announcement. “Due to their dedication to staying on the chopping fringe of know-how and investing, they’ll flourish with entry to the total market of methods, analysis and instruments.”
Along with serving to launch two model new companies in 2023, the other from 40-year-old RIA Linscomb & Williams, Dynasty additionally assisted with the transition of two groups to present accomplice companies—one from Wells Fargo and one other from Morgan Stanley.
On Monday, Dynasty announced the launch of Dynasty Funding Financial institution and the extension of M&A advisory companies to companies outdoors the Dynasty community for the primary time.
