Dynasty Financial Partners secures growth capital from BlackRock, JPMorgan in latest funding raise

Dynasty Financial Partners secures growth capital from BlackRock, JPMorgan in latest funding raise
Dynasty Financial Partners CEO and founder Shirl Penney.
The RIA platform has obtained a fresh financial vote of confidence from a consortium that includes existing investors like Schwab corporation.
OCT 08, 2024

Dynasty Financial Partners revealed it has successfully closed a minority capital raise aimed at fueling its continued growth.

Along with several long-term investors and board members, notably the Charles Schwab Corporation, the latest funding round includes new strategic stakes from BlackRock, and JPMorgan Asset Management, which is certainly a high roller at the table with $3.3 trillion in AUM as of June 30. 

The announcement from Dynasty is silent on the terms, but an earlier report by CityWire, citing an unnamed source, says it places the mammoth RIA growth and support platform at an $800-million valuation.

The proceeds from this investment, which highlights the increasing prominence of the RIA space, will go towards enhancing Dynasty’s platform, which provides integrated technology, services, and capital solutions to independent RIA firms.

Dynasty CEO and founder Shirl Penney emphasized the impact this will have on its clients. “I could not be more excited for our clients as we continue to make significant investments in technology, talent, and capabilities to serve them better,” said Penney.

He added that the strengthened balance sheet will provide more capital to support clients’ broader strategic goals, such as M&A or succession planning.

Harvey Golub, chairman of Dynasty’s board, remarked on the importance of having major financial institutions involved.

“To have backing and support from a roster that includes one of the largest custodians, asset managers, and banks in the world is fantastic,” Golub said, adding that it underscores Dynasty’s role in shaping the future of the industry for independent advisors. "I feel it speaks to the remarkable growth of the RIA space and innovative companies like Dynasty who are driving positive change in the industry for financial advisors and their clients."

It's difficult to understate the scope of Dynasty’s platform, which currently supports 58 Network Partner firms with over 400 advisors, collectively managing more than $100 billion in assets.

Fresh from a shakeup in its leadership just last month that includes a new COO hire, the company also benefits from a $50 million credit facility from a cohort of bankers that includes Citibank, Goldman Sachs, and JPMorgan, further bolstering its growth opportunities.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.